The Global Nitric Acid Market was valued at around USD 24 billion in 2020 and the market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Nitric acid finds its application in the mining industry, as it is used to produce explosives such as trinitrotoluene (TNT), and other mining explosives. Considering the pandemic scenario, the mining activities were stopped temporarily during the lockdown in order to curb the spread of COVID-19, thus led to a decrease in the consumption of nitric acid-based mining explosives. Furthermore, nitric acid is used to manufacture nylon 6,6, which find its application in the manufacturing of automotive parts such as body panel, gears, and others. Owing to a decrease in the automotive manufacturing activities, the demand for auto parts based on nylon 6,6 had decreased during the lockdown, which in turn negatively impacted the demand for the market studied.
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– Over the short term, the increasing demand for nitric acid from the fertilizer industry is expected to drive the market’s growth.
– On the flipside, health-related hazards caused by nitric acid and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
– Fertilizer is the dominant segment, in terms of demand, over the forecast period.
– Asia-Pacific region is expected to dominate the market across the globe with the largest consumption from countries such as China, Japan, and India.
Key Market Trends
Increasing Demand from Fertilizer Industry Segment
– Over 80% of nitric acid is used in manufacturing fertilizers. Fertilizers like ammonium nitrate and calcium ammonium nitrate are produced from nitric acid. To meeting the needs of the increasing global food demand, more arable land is required for cultivation, and hence, fertilizer demand is increasing with the global fertilizer industry expected to grow at a CAGR of about 5% during the forecast period.
– Demand for ammonium nitrate, a high nitrogenous fertilizer used as an oxidizing agent and made by combining ammonia with nitric acid, is also expected to grow at a CAGR of over 5% during the forecast period.
– Calcium ammonium nitrate is manufactured by mixing molten ammonium nitrate and calcium carbonate at a temperature of around 170°C. It is hygroscopic in nature and can absorb moisture from the environment, thus calcium ammonium nitrate can be used in soil without sufficient water.
– According to the International Fertilizer Association (IAF), the global fertilizer demand was accounted for about 189.9 million tons in FY19 and reached about 184.4 million tons in FY20, with a decline rate of about 2.9%, thus led to a decrease in the consumption of ammonium nitrate and calcium ammonium nitrate from the fertilizer segment, which in turn negatively impacted the demand for the market studied.
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