DUBLIN--(BUSINESS WIRE)--The "Concentrated Nitric Acid Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The market for concentrated nitric acid is expected to grow at a CAGR of more than 3% globally during the forecast period.
The growing demand from ammonium nitrate and rising consumption from automotive applications have been driving market growth. However, the toxicity of concentrated nitric acid and the unfavorable conditions arising due to the COVID-19 outbreak across the globe are likely to hinder the growth of the studied market.
The technological and scientific advancement in mono and dual-pressure technology for the production of nitric acid designed to cope with the latest environmental regulations and to maximize the amount of steam exported are likely to provide opportunities for the concentrated nitric acid market over the next five years.
Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Ammonium Nitrate to Dominate the Market
- Ammonium nitrate stands to be the dominating segment owing to extensive utilization in agricultural fertilizers, explosives, and aviation fuels.
- Ammonium nitrate is used as a fertilizer and can be used as intermediate for making other fertilizers containing high amounts of nitrates such as calcium and urea ammonium nitrate.
- Rise in demand for fertilizers to cater to the ever-increasing requirement for food is fueling the ammonium nitrate segment. This, in turn, is propelling the concentrated nitric acid market.
- Ammonium nitrate is also used as intermediate for explosives and agrochemicals. The explosives industry shares a noteworthy interest in the item in the mining of coal and metals. Production of explosives uses ammonium nitrate which requires a lot of nitric corrosive as an antecedent which legitimately impacts the interest for nitric corrosive.
- Ammonium nitrate is utilized in ANFO which is widely used as bulk industrial explosives. Increasing demand for Ammonium Nitrate Fuel Oil (ANFO) for manufacturing civil explosives is projected to drive ammonium nitrate application segment during forecast period.
- All the aforementioned factors are expected to drive the concentrated nitric acid market during the forecast period.
Asia-Pacific to Dominate the Industry
- Asia-Pacific region stands to be the largest and fastest-growing market for concentrated nitric acid. Asia-Pacific region is the industrial base with established manufactureinf facilities of agrochemicals, fertilizers, explosives, polyurethane foams etc.
- Factors, such as various industrial applications such as automotive, building & construction, and agrochemicals is the prominent factor projected to boost the market in the Asia Pacific.
- Adipic acid is used in a small amount in food ingredients as a flavoring agent and production of nylons and polymers. Increase in the use of nylon and polyurethane is estimated to drive the demand for adipic acid. This, in turn, is likely to propel the concentrated nitric acid market during the forecast period.
- In the automotive industry, the trend of replacing metal parts by a lightweight and strong materials, such as synthetic rubbers, nylon, and elastomers drives the demand for nitrobenzene & and adipic acid. Rising demand for synthetic rubbers, elastomers and polyurethane foams in the automotive industry is anticipated to drive the product demand.
- Adipic acid is also used in the coatings used for automotive exterior and the increasing use of flexible PU foams in automotive interiors and cushions drives the demand for TDI. These factors are estimated to fuel the demand for concentrated nitric acid during the forecast period.
- Strong application in chemicals industry owing to its usage in manufacturing of various polymers including, polyurethane and polyamides is anticipated to drive concentrated nitric acid market.
- Hence, all such market trends are expected to drive the demand for concentrated nitric acid market in the region during the forecast period.
Key Topics Covered
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand from Ammoniumm Nitrate
4.1.2 Increasing demand from Numerous Automotive Applications
4.2.1 Toxicity of Nitric Acid
4.2.2 Unfavorable Conditions Arising due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION
5.2.1 Ammonium Nitrate
5.2.2 Adipic Acid
5.2.4 Toluene Diisocyanate
5.3 End-user Industry
5.4.2 North America
5.4.4 South America
5.4.5 Middle-East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 CF Fertilisers
6.4.3 LSB Industries
6.4.5 Orica Limited.
6.4.6 PVS Chemicals
6.4.7 Seya Industries Ltd.
6.4.8 The Chemical Company
6.4.9 The Chemours Company
6.4.10 Trammo, Inc.
6.4.11 UBE Industries Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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