Nitric Acid Market Size to Reach USD 40.7 Billion by 2033

Introduction

The global nitric acid market is poised for steady growth, with its value expected to increase from USD 30.9 billion in 2023 to around USD 40.7 billion by 2033, reflecting a compound annual growth rate (CAGR) of 2.8%. This growth is primarily driven by the expanding demand in key industries such as fertilizers, explosives, and chemicals. The agricultural sector, in particular, plays a significant role, accounting for over 80% of the market’s application, as nitric acid is a critical component in fertilizer production. Geographically, Europe is the leading market, contributing to approximately 65% of global revenue in 2023, thanks to its robust agricultural and chemical industries. However, Asia-Pacific is expected to witness the most significant growth, fueled by rapid urbanization, which increases demand for construction materials and explosives that require nitric acid.

Despite the positive outlook, the nitric acid market faces challenges, including stringent environmental regulations due to the acid’s highly corrosive and polluting nature. Innovations in production technologies and strategic collaborations among key players are essential to overcoming these hurdles and driving future growth. Recent developments, such as the expansion of production capacities and new supply agreements, underscore the market’s dynamic nature and its potential for sustained growth in the coming decade.

Dupont is a key player in the nitric acid sector, leveraging advanced technologies to enhance production efficiency. Their nitric acid production is crucial for various industrial applications, including fertilizers and explosives. Dupont focuses on sustainable practices, minimizing environmental impact through innovative processes. They are known for their strong research and development capabilities, which help in optimizing nitric acid production and maintaining high-quality standards.

Nutrien Ltd. is a significant contributor to the acid sector, particularly in producing and utilizing acids for agricultural purposes. The company produces nitric acid, which is essential for manufacturing fertilizers, contributing to global food production. Nutrien emphasizes sustainability and efficiency in their acid production processes, aligning with industry best practices. Their role in the sector supports agricultural productivity and environmental stewardship.

Key Takeaways

Market Projection: Nitric Acid market is set to reach USD 40.7 billion by 2033, growing at 2.80% CAGR from USD 30.9 billion in 2023.
Dilute Nitric Acid held a dominant market position, capturing more than a 54.5% share.
Primary Application: Fertilizers dominate with over 32.2% market share in 2023, driven by demand for ammonium nitrate.
Top End-Use Industry: Agrochemicals hold over 63.3% market share in 2023, emphasizing Nitric Acid’s role in fertilizers.
Regional Dominance: Europe leads with a projected 62.3% market share by 2023, due to stringent regulations

Statistics

Molecular weight of nitric acid is 63.0128.
Odor threshold is ~1 ppm.
Piperylene has a melting point of -44°F and a vapor pressure of 48 mmHg, according to NIOSH.
Piperylene has a specific gravity of 1.5 at 77°F, making it denser than water and causing it to sink. It has a boiling point of 181°F at 760 mmHg and a molecular weight of 63, according to NIOSH (2024).
Piperylene is miscible in water, has an ionization energy of 11.95 eV, and an IDLH (Immediately Dangerous to Life or Health) level of 25 ppm, according to NIOSH (2024).
Most commercially available nitric acid has a concentration of 68%. When the solution contains more than 86% it is referred to as fuming nitric acid.
The observations show that the NO2 concentration has decreased a factor of 1.8 since 1982, when the NO2 measurements started at the background sites in Sweden, while the SO2 concentration decrease a factor of 10 during the same time.
Global production of nitric acid is 60MTpa, in a $25bn pa market, spanning c500 production facilities. 80% of the world’s nitric acid is used to make ammonium nitrate, for fertilizers and explosives in the mining sector.
A nitric acid price of $350/ton is needed to generate a 10% IRR in our base case model, assuming a plant costing $500/Tpa in capex. Economics can be stress-tested in the data-file.
Unfortunately, this means nitric acid prices will spike to $600/ton in a gas crisis or times of severe gas shortages.
We estimate that the electricity consumption per ton of nitric acid is below 25 kWh/ton (you can compare all of our economic models).
The study shows the effectiveness of the method for identifying nitric acid at 32.5, 65, and 95%.
Nitric acid is produced in concentrations ranging from 53% to 69% and can be used in many different applications.
Most commercially available nitric acid has a concentration of 68% in water. When the solution contains more than 86% HNO3, it is referred to as fuming nitric acid. Depending on the amount of nitrogen dioxide present, fuming nitric acid is further characterized as red fuming nitric acid at concentrations above 86%, or white fuming nitric acid at concentrations above 95%.
Nitric acid Store at +15°C to +25°C.
Process reacts together O2 and ammonia NH3 at 850°C and 5 atmospheres pressure, with the help of platinum and rhodium catalysts, to make NO gas. This is then oxidised to NO2, which is then dissolved in water to make HNO3.
At room temperature, 100% pure anhydrous nitric acid is a liquid, but becomes a colourless white solid below -41°C and boils at 83°C.

Emerging Trends

Increased Demand: The agricultural sector is seeing a rise in the demand for nitric acid due to its use in producing fertilizers like ammonium nitrate.
Sustainable Practices: There’s a growing interest in eco-friendly fertilizers, driving innovations in how nitric acid is used and produced.
Electronics Industry: Nitric acid is increasingly used in the electronics industry for etching circuits and cleaning materials.
Explosives Manufacturing: The use of nitric acid in making explosives remains a significant application, especially in mining and construction.
Green Production Methods: New technologies are being developed to produce nitric acid with lower environmental impact, focusing on reducing emissions and energy consumption.
Recycling and Reuse: There are advancements in methods to recycle nitric acid, which helps in reducing waste and improving sustainability.
Stricter Regulations: Governments are implementing stricter regulations regarding the production and use of nitric acid due to its hazardous nature. This is leading to improvements in safety standards and practices.
Regional Growth: The demand for nitric acid is growing in emerging markets, particularly in Asia-Pacific regions, due to industrialization and agricultural expansion.
Price Fluctuations: The market is experiencing fluctuations in nitric acid prices due to varying raw material costs and production capacities.
Focus on Safety: There is an increasing focus on safety measures for handling and storing nitric acid to prevent accidents and environmental harm.
Environmental Impact: Companies are investing in technologies to minimize the environmental impact of nitric acid production and use.

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Use Cases

Major Application: Nitric acid is primarily used to produce fertilizers, particularly ammonium nitrate. This accounts for over 50% of the global nitric acid consumption.
Market Size: The global market for nitrogenous fertilizers, including those made with nitric acid, was valued at approximately $200 billion in 2023 and is projected to grow at a CAGR of 3-4% from 2024 to 2030.
Critical Role: Nitric acid is used in making explosives such as TNT and dynamite, which are essential for mining and construction industries.
Industry Demand: The global explosives market, where nitric acid is a key component, was valued at around $30 billion in 2023, with a projected growth rate of 5% annually.
Etching and Cleaning: In the electronics sector, nitric acid is used for etching circuits and cleaning materials. This use is vital for producing high-quality electronic components.
Growth Trends: The electronics industry’s demand for nitric acid is growing, driven by the expansion of the semiconductor market, which was valued at over $600 billion in 2023 and is expected to grow at a CAGR of 7% over the next decade.
Intermediate Compound: Nitric acid is used as an intermediate in the synthesis of other chemicals such as adipic acid (for nylon production) and nitrobenzene.
Production Volumes: The global demand for nitric acid in chemical synthesis is significant, with about 10-15% of the total nitric acid production used for these purposes.
Cleaning and Passivation: Nitric acid is employed in the cleaning and passivation of metals, especially stainless steel, to remove impurities and improve corrosion resistance.
Market Size: The metal processing industry, including the use of nitric acid, contributes significantly to the overall nitric acid market, with a focus on improving material durability and quality.
Specialized Applications: In pharmaceuticals, nitric acid is used for synthesizing certain drugs and active pharmaceutical ingredients (APIs).
Sector Growth: The pharmaceutical industry’s use of nitric acid is growing, reflecting the broader pharmaceutical market, which was valued at over $1.5 trillion in 2023 and is projected to grow at a CAGR of around 6%.

Key Players

Omnia Holding Limited is a prominent player in the nitric acid sector, primarily focusing on the production and supply of nitrogen-based fertilizers and industrial chemicals. With a robust presence in the agricultural and chemical industries, Omnia’s nitric acid production is integral to its fertilizer products, enhancing crop yields and soil health. The company’s commitment to innovation and efficiency in manufacturing supports its competitive edge in the global market.

Apache Nitrogen Products Inc. specializes in the production of nitric acid and related chemicals, with a strong focus on agricultural applications. Located in the United States, Apache Nitrogen’s facilities are crucial for supplying high-quality nitric acid used in fertilizers and industrial processes. Their emphasis on safety and environmental stewardship underpins their operations, making them a key supplier in the nitric acid industry.

CF Industries Holdings, Inc. is a leading company in the nitric acid sector, known for its large-scale production of nitrogen fertilizers and industrial chemicals. Their facilities, primarily in North America, focus on producing high-quality nitric acid used in various agricultural and industrial applications. CF Industries’ advanced technologies and extensive distribution network help them maintain a significant position in the global market.

Rashtriya Chemicals & Fertilizers Ltd. is a major Indian firm in the nitric acid sector, specializing in the production of fertilizers and chemicals. They manufacture nitric acid used extensively in agriculture to enhance soil fertility and crop growth. With a strong presence in India, the company is known for its commitment to quality and sustainability in chemical production.

Dyno Nobel is a prominent player in the nitric acid sector, specializing in the production of ammonium nitrate and other explosive materials. As a major global supplier, Dyno Nobel leverages nitric acid to manufacture a wide range of explosives for mining and construction industries. The company focuses on enhancing safety and efficiency in its production processes, contributing to its strong market position.

Angus Chemical Company is a leading provider of nitric acid-based specialty chemicals, focusing on applications such as metal treatment and pharmaceutical synthesis. Angus Chemical Company is known for its innovative use of nitric acid to produce high-quality intermediates and reagents, driving advancements in various industrial sectors. Their commitment to sustainability and efficiency positions them as a key player in the chemical industry.

LSB Industries is a key player in the nitric acid sector, focusing on the production of this essential chemical for fertilizers and industrial applications. The company operates facilities that produce nitric acid through advanced processes, serving both domestic and international markets. LSB Industries is noted for its significant contributions to the fertilizer industry, where nitric acid is used to manufacture ammonium nitrate, a crucial nutrient source for crops.

Yara International ASA is a major global producer of nitric acid, integral to its extensive fertilizer operations. The company utilizes nitric acid to produce various nitrogen-based fertilizers, such as ammonium nitrate and urea, which are essential for enhancing crop yields. Yara International ASA emphasizes sustainability and efficiency in its nitric acid production, aiming to reduce environmental impact while meeting the growing global demand for agricultural nutrients.

Conclusion

In conclusion, nitric acid plays a crucial role in various industries, from agriculture to electronics. Its primary use in producing fertilizers highlights its importance in supporting global food production, while its applications in explosives, electronics, and chemical synthesis underscore its versatility. Technological advancements and growing demands are driving innovations in nitric acid production, focusing on sustainability and efficiency. As the industry evolves, nitric acid will continue to be a vital component in addressing both industrial needs and environmental challenges.

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