Market Size of Concentrated Nitric Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Concentrated Nitric Acid Market Analysis
The Global Concentrated Nitric Acid Market is projected to register a CAGR of over 3% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Owing to the pandemic scenario, the mining and automotive manufacturing activities were on temporary halt during the government-imposed lockdown, thus leading to a decrease in consumption of concentrated nitric acid used in the manufacturing of automobile interior products and mining explosive materials, negatively impacting the market demand. However, nitric oxide, a compound produced by the reduction of nitric acid with copper, is used to treat pulmonary hypertension, and acute respiratory distress syndrome has grown in demand as it has the potential to treat COVID-19 patients, thereby enhancing the demand for the market studied.
- Over the short term, the growing demand for concentrated nitric acid from the ammonium nitrate segment in applications, including fertilizer and mining explosives production, is expected to drive the market's growth.
- However, the toxicity of concentrated nitric acid is 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 forecast period.
- Asia-Pacific dominated the market across the globe, with the largest consumption from countries such as China and India.
