Nitric Acid Market Size, Industry Trends And Forecast, 2015 To 2022

Hexa Research
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Nitric Acid Market Share, Size, Analysis, Growth, Trends and
Forecasts, 2015 to 2022 | Hexa Research
According to the research study by Hexa research, Global Nitric Acid industry is estimated
to see significant growth in the forecast period. Due to large scale use of chemicals and
fertilizers this industry is expected to boom rapidly in the global market. With the growing
demand of Ammonium nitrate fertilizers for agricultural use, it has become the key factor
for industrial growth. Growth of chemical making industries, especially in emerging regions
like China and India, it is further expected to increase more demand of nitric acid market in
next five years. Asia Pacific was the largest market for nitric acid in 2012 -2013 with strong
and impactful presence of fertilizers industries in that region. North America and Europe
are estimated to witness loss of market share by over 2.1% in the forecast period. Asia
Pacific is likely to experience high growth with CAGR of 2.8% from 2015 to 2022.
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Hexa Research
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Ammonium nitrate contributes being the largest application segment over the years and
also in upcoming years owing the increasing demand in agricultural field and lack of rule
and regulations of the use of nitrate fertilizer in India and China. Central and Eastern
Europe has dominated the Nitric acid industry globally with market demand over 20 million
tons in 2014.
Hexa Research also stated that, Adipic acid, key application of Nitric acid is contributing for
2,280 Kilo tons in global market. Nitric acid consumed for ammonium nitrate production is
used as a intermediate for manufacturing of fertilizers or 80% of it is used a fertilizer. Nitric
acid industry is stated by its major Players including Dow Chemical Company and BASF SE.
Koch Nitrogen Company and Agrium are involved in manufacturing ammonium nitrate and
ammonia which is nitrogen based fertilizers. Automobile, construction, furniture and
chemical industries being the key factor involving nitric acid Market growth.
Browse Related Category Market Reports @ https://www.hexaresearch.com/researchcategory/bulk-chemicals-industry
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Nitric acid market has seen a significant rise in recent times, due to the increasing demand for ammonium nitrate as a fertilizer in the agricultural industry.