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 Global Concentrated Nitric Acid Market
Posted on : Wednesday, 23 October, 2019  06:25
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Global Concentrated Nitric Acid Market is expected to reach US$ 28.96 Bn by 2026 from US$ 21.14 Bn in 2016 at a CAGR of 3.2%.

Global Concentrated nitric acid market is witnessing growth due to its vast applications in various end-use industries such as for manufacturing of fertilizers, explosives, nylon, a variety of industrially useful organic and inorganic compounds and etching steel, purification of metals and photoengraving in metal processing industry. About two third of the nitric acid is used for the production of ammonium nitrate which finds wide application in fertilizers. Moreover rising demand for nylon 6-6, as a replacement for metals in the automotive industry is fueling growth of concentrated nitric acid market. Stringent government regulations and environmental concerns are major restraining factors hindering growth of concentrated nitric acid market.

concentrated nitric acid market
Concentrated nitric acid market based on type has been segmented into strong nitric acid and fuming nitric acid. Strong nitric acid is expected to be one of the major contributors for the market growth owing to its used in various applications such as ammonium nitrate, adipic acid, nitrobenzene, nitro chlorobenzene and toluene diisocyanate.

Based on application, ammonium nitrate is expected to hold one of the largest shares of the market attributed to large use in fertilizers and explosives. Agrochemicals is expected to be one of the largest segment among end-use industries during the forecast period. This is due to increasing demand for nitrogen fertilizers from the emerging economies such as China, India and Brazil.


  
  
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