ALBANY, New York, November 12, 2018
ALBANY, New York, November 12, 2018 /PRNewswire/ --
The global nitric acid market is envisaged in a report by Transparency Market Research (TMR) to witness players focusing on the improvement of the speed and efficiency of their production. This strategy could enable them to gain a strong foothold in the global nitric acid market. With a view to strengthen their relevance for consumers, players may look to develop their distribution facilities. They are expected to rebuild their consumer base by following intelligent distribution tactics. In addition, there are a number of end-use industries offering rewarding opportunities in the global nitric acid market. Some of the top players operating in the global nitric acid market are PotashCorp, The Chemours Company, and Yara.
TMR projects the global nitric acid market to post a 3.9% CAGR during the forecast period 2017-2022 to attain a valuation of US$20.4 bn by the end of 2022. In 2017, the global nitric acid market was worth a US$16.8 bn. Among various end uses, fertilizers could create larger demand in the global nitric acid market as it values at a US$16.1 bn by the final forecast year. Regionally, Europe is anticipated to take the driver's seat of the global nitric acid market. By the same year, the regional nitric acid market could reach a valuation of US$11.6 bn.
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High Use of Nitric Acid in Metal Purification to Augment Demand in Future
The demand for nitric acid is expected to see a rise as a result of its increasing use in inorganic and organic compounds and explosives. However, there are several other end uses of nitric acid that may significantly contribute to the growth of the global market. For instance, rising use of urea, ammonium nitrate, and other nitrogenous fertilizers have already caused a surge in the demand for nitric acid. On the other hand, the demand for nitric acid is expected to soar on the back of the increasing use of perfumes and dyes. Nitric acid is also used in the purification of metals and manufacture of drugs. It finds usage in steel etching and photoengraving as well.
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Stringent Regulatory Scenarios to Pose Challenge to Global Nitric Acid Market
Tight regulatory conditions are foretold to restrict the growth of the global nitric acid market. In addition, rising environmental concerns could hamper the demand in the global nitric acid market. However, players could bank on the requirement of synthetic rubbers and elastomers in fuel-efficient automobiles to improve their sales rate in the global nitric acid market. Moreover, laboratory experts use nitric acid for preparing different types of reagents and nitrate salts. Nitric acid finds application in the manufacture of aniline, which is used for producing various industrial chemicals. Besides North America, developing regions such as Asia Pacific are projected to increase the demand for nitric acid due to the extensive manufacture of agrochemicals.
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The information presented here is based on a TMR report titled "Nitric Acid Market (End Use - Fertilizers, Nitrobenzene, Toluene Di Isocyanate (TDI), Adipic Acid, and Metal Processing; Application - Chemicals and Allied Industries and Metallurgical Industries) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
Global Nitric Acid Market is segmented as presented below:
Global Nitric Acid Market by End Use
Global Nitric Acid Market by Application
Global Nitric Acid Market by Geography
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