Nitric Acid Market Is Projected To Grow At A CAGR Of 1.8% During 2012 To 2022: Grand View Research, Inc.

Posted on 2018-09-04 by researchinsights in Agriculture, Chemicals // 0 Comments

San Francisco, United States, 2018-Sep-04 — /EPR Network/ —The global nitric acid market size is expected to reach USD 14.0 billion by 2022, according to a new report by Grand View Research, Inc., progressing at a CAGR of 1.8% during the forecast period. Flourishing agriculture industry and surging demand for fertilizers are among the key trends escalating market growth.

Growing need for high yield in order to meet demands of ever-rising population is creating an upswing in the use of synthetic fertilizers, which is anticipated to have a positive impact on the market. Growth in chemical processing industry, particularly in developing countries including China and India, is likely to further fuel the demand for nitric acid.

Ammonium nitrate fertilizer is estimated to be the largest application segment throughout the forecast period due to increasing demand from the agriculture sector coupled with lack of regulations regarding use of nitrate-based fertilizers in some developing countries.

Asia Pacific was the leading market for nitric acid in 2013 on account of strong presence of the chemical and fertilizer industries in the region. Stringent regulations in Europe and North America pertaining to the use of synthetic fertilizers have resulted in shift of demand to emerging economies such as China and India. Central & South American countries, including Mexico and Brazil, are also projected to have strong growth prospects in light of increasing number of chemical companies.

Spiraling demand for food and favorable government initiatives are leading to rapid expansion in the agriculture industry in India, China, and Brazil, which in turn is poised to stoke the growth of the market. Rising demand for bio-based fertilizers owing to increasing environmental concerns is projected to have a negative impact on the market. However, high demand for ammonium nitrate as a fertilizer will continue to keep the growth of the nitric acid market strong.

To request a sample copy or view summary of this report:
www.grandviewresearch.com/industry-analysis/nitric-acid-market

Further key findings from the study suggest:

In terms of revenue, the fertilizers application is anticipated to reach USD 11,257.7 million by 2022, at a CAGR of 1.8% from 2015 to 2022
In terms of revenue, Toulene di-isocynate application is projected to grow at a CAGR of 2.6% over the forecast period
Adipic acid held 3.7% of the global market in 2015 and is expected to reach 3.9% by 2022
The North America nitric acid market is anticipated to reach USD 1,811.7 million by 2022
Asia Pacific is projected to witness a CAGR of 2.8% over the forecast period, owing to rapid developments in the agriculture sector
Some of the key companies present in the market are DuPont; BASF; The Dow Chemical Company; Agrium Inc.; Omnia Holdings; Apache Nitrogen Products Inc.; and CF.

Related Report of Agrochemicals & Fertilizers:

Grand View Research has segmented the global nitric acid market report on the basis of application and region:

Nitric Acid Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)

Fertilizers
Adipic Acid
Nitrobenzene
Toulene di-isocynate
Nitrochlorobenzene
Others

Nitric Acid Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)

North America
- U.S.
Western Europe
- Germany
Central & Eastern Europe
- Russia
Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Oceania
Latin America
- Brazil
Middle East & Africa
- Saudi Arabia
- Qatar

Access Press Release Of This Research Report by Grand View Research: www.grandviewresearch.com/press-release/global-nitric-acid-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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