Nitric acid is used as a strong oxidizing agent and for making fertilizers, adipic acid, ammonium nitrate, calcium nitrate, etc. in various industries.
Increasing demand from various end-use industries such as agricultural, explosive, automotive, and others is a major factor driving growth of the global nitric acid market. Government regulations and standards are major factors restraining growth of the global nitric acid market.
The global nitric acid market is segmented on the basis of product type, end-use industry, and region. On the basis of product type, the global market is segmented into strong nitric acid and fuming nitric acid. Strong nitric acid segment accounts for highest share in terms of revenue and is expected to witness highest growth in coming years.
On the basis of end-use industry, the global market is segmented into fertilizers, explosives, chemicals, agrochemicals, and others, such as automotive and electronics. The fertilizer and explosive industry segment accounts for largest share in terms of revenue and is expected to witness highest growth over the forecast period.
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On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The North America market is expected to account for largest share in terms of revenue over the forecast period. The markets in Europe is expected to register significant growth in next 10 years, followed by Asia Pacific. The market in Latin America is projected to witness moderate growth rate in coming years followed by the market in Middle East & Africa.
Some major players in the global nitric acid market include BASF SE, The Dow Chemical Company, Eurochem Group, Hanwha Corporation, Agrium Inc, Yara, International, The Chemours Company, Ube Industries Ltd, CF Industries, Omnia Holdings Ltd, Dyno Nobel, and Koch fertilizers, LLC.