Industrial Nitric Acid Market By Product And Application – Global Industry Analysis And Forecast To 2023
Industry Outlook and Trend Analysis
The Industrial Nitric Acid Market has encountered significant development in the recent years and is anticipated to grow tremendously over the forecast period. Nitric acid (HNO3) also known as soul of niter, is an exceedingly corrosive mineral acid. The unadulterated compound is colourless, yet older samples have a tendency to get a yellow cast because of disintegration into oxides of nitrogen and water. Nitric acid is the essential reagent used for nitration – the addition of a nitro group, commonly to an organic molecule. While some subsequent nitro compounds are stun and thermally-sensitive explosives, a couple are sufficiently steady to be used as a part of demolition and munitions, while others are still more steady and used as colours in inks and colours. Nitric acid is generally used as a strong oxidizing agent.
Drivers and Restraints
Expanding usage of the product in the fertilizer and chemical ventures is probably going to boost market development. Surging demand for ammonium nitrate as compost in the agriculture business is additionally assessed to drive the market. The market is expected to witness substantial development over the estimate time frame attributable to across the board usage of nitric acid in the synthetic and compost enterprises. Developing requirement for high return keeping in mind the end goal to meet expanding populace demands is prompting increment in the usage of manures, which is ready to impact the market positively.
The leading players in the market are Agrium, Sasol, ANGUS Chemical Co, BASF, Dyno Nobel, Omnia Holdings, E. I. du Pont de Nemours and Company, Cherokee Nitrogen L.L.C, Apache Nitrogen Products Inc, CF Industries, Rashtriya Chemicals & Fertilizers and Dow Chemical Company. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Industrial Nitric Acid Market is segmented on the basis of product and application. Based on product the market is segmented into concentrated nitric acid and dilute nitric acid. Based application the market is segmented into explosives, polyamides, fertilizer, polyurethanes and other applications out of which fertilizers ruled the global market and represented over 80.0% of the overall market in 2014. The segment is anticipated to continue its dominance over the forecast years.
Regional Outlook and Trend Analysis
Europe and China were the biggest consumers of Industrial nitric acid in 2014 and represented more than 60.0% of the worldwide consumption. Presence of vast industrial and agricultural market in Asia Pacific is anticipated to be a key factor in charge of the high development of the worldwide industrial nitric acid market. Additionally, stringent controls in locales including North America and Europe with respect to the usage of ammonium nitrate-based manures are probably going to move the demand to nations in the APAC area.
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The Industrial Nitric Acid Market is segmented as follows-
Concentrated nitric acid
Dilute nitric acid
Rest of Europe
Rest of Asia-Pacific
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?