Market Size of Nitric Acid Industry
| Study Period | 2024 - 2029 |
| Market Volume (2024) | 67.33 Million tons |
| Market Volume (2029) | 78.51 Million tons |
| CAGR (2024 - 2029) | 3.12 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nitric Acid Market Analysis
The Nitric Acid Market size is estimated at 67.33 Million tons in 2024, and is expected to reach 78.51 Million tons by 2029, growing at a CAGR of 3.12% during the forecast period (2024-2029).
The COVID-19 pandemic in 2020 caused worldwide lockdowns, disruptions in manufacturing activities and supply chains, and industrial production halts, negatively impacting the nitric acid market. The market started to recover after the middle of 2021 and is expected to keep growing in the coming years.
Over the short term, the increasing demand for nitric acid from fertilizer and explosives manufacturing is expected to drive the market's growth.
However, health-related hazards caused by nitric acid are likely to hinder the growth of the market.
Nevertheless, technological development in nitric acid manufacturing and recent government incentives are expected to create lucrative market opportunities over the forecast period.
The Asia-Pacific region is expected to dominate the market globally, with the largest consumption from countries such as China, Japan, and India.
