- Nitric acid refers to a sturdy mineral acid and produced on a commercial basis by the catalytic incineration of ammonia. The production of ammonium nitrate is the biggest application sector of the nitric acid market. It captures more than three quarters of the worldwide utilization of nitric acid. Global business for nitric acid is restricted owing to the causticfeatureof nitric acid. The other application sectors of the market include production of adipic acid, nitrobenzene and metal nitrates.
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Amplifying demand for nitric acid across these sectors is also estimated to increase the demand for the nitric acid market. Rising demand for nitric acid also owes to intensified demand for ammonium nitrate as a fertilizer in cultivation. More than 80 percent of ammonium nitrate is utilized as fertilizers. Augmented demand for fertilizers with nitrogen as a dynamic constituent is also estimated to raise the demand for the nitric acid market. Other applications across which nitric acid finds use are manufacture of chemical composites and applications in production.
Conversely, ecological policies in opposition to the utilization of ammonium nitrate fertilizers are likely to strictly affect the demand for the market through the forecast period. The utilization of ammonium nitrate fertilizers leads to nitrogen loss to underground water on account of nitrification and leaching. This has caused the European community to restrict nitrogen ground water levels below 50 milligrams per liter. This is estimated to serve as a prime hindrance for the nitric acid market.
Europe and North America in particular are expected to witness restricted growth of the nitric acid market due to the above mentioned factor.Nitric acid is also utilized as an intermediary in the production of nitrochlorobenzene and nitrobenzene, amidst others. It also finds applications in rocket propellants as an oxidizer. Boosting demand for nitric acid across various applications mentioned above is also predicted to accelerate the demand for the nitric acid market. The market is also anticipated to be obstructed by health and ecological dangers linked with nitric acid.
The worldwide nitric acid market was likely to have garnered an income of about USD 11.7 billion in 2014. It is predicted to record a CAGR of around 2 percent during the forecast period. The market is projected to attain a size of about USD 14 billion by 2022.
Regional Trends and Forecasts
In relation to demand, Europe dominated the worldwide nitric acid market in 2013. The region’s high demand is mainly ascribed to the industries of explosives and fertilizers. Eastern and Western Europe accounted for the highest demand for nitric acid in the region. Conversely, Central Europe is anticipated to offer development prospects to the market in the years to come. Asia Pacific followed Europe. It is estimated to be one of the most speedily developing nitric acid markets.
China accounted for the highest demand for nitric acid in this region.North America accounted for the third biggest demand for the nitric acid market in 2013. The United States of America accounted for the highest demand in the region. The market in the rest of the world is expected to display positive prospects in the future. The Middle East and Latin America are estimated to display higher demand for the nitric acid market in the future.
Information Source: Grand View Research
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