LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global nitric acid market is projected to grow to 6,899.7 kilotons by 2021, at a CAGR of close to 3% over the forecast period.
“Fertilizers are the largest revenue generators for the nitric acid market, having a share of over 81%. Ammonia is the most important fertilizer, while others such as ammonium nitrate, urea, and urea ammonium nitrate also contribute significantly to the market”
This research report titled ‘Global Nitric Acid Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Nitric acid is a colorless liquid made up of hydrogen and nitrate ions. It is mainly used in the manufacture of explosives, fertilizers, dyes, and perfumes; and for engraving or purification of metal objects. The global nitric acid market is currently witnessing growth due to the rise in sustainable agriculture, which aims to boost crop yield.|
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Based on application, the report categorizes the global nitric acid market into the following segments:
- Toluene diisocyanate (TDI)
- Adipic acid
The top three revenue-generating application segments in the global nitric acid market are discussed below:
“Fertilizers are the largest revenue generators for the nitric acid market, having a share of over 81%. Ammonia is the most important fertilizer, while others such as ammonium nitrate, urea, and urea ammonium nitrate also contribute significantly to the market,” says Mahitha Mallishetty, a lead analyst at Technavio for specialty chemicals research.
Urea is evolving as the main nitrogen-based fertilizer as its use is currently not restricted by any rules or regulations, is economical, and contains high levels of nitrogen. APAC utilizes the highest amount of nitric acid in the production of fertilizers, thereby driving the market growth.
Nitrobenzene is produced by treating benzene with concentrated nitric acid at 50°C or below. Nitrobenzene has a pleasant almond-like odor and is used to conceal unpleasant smells. However, the chemical is not suitable for human or animal consumption, is a skin irritant, and poisonous on inhalation. It acts as a precursor for aniline, thereby finding utility in the production of polyurethane foams, aramid fibers, and pharmaceuticals. The increasing use of these materials in the automotive, aerospace, defense, and building and construction sectors is expected to drive the market growth during the forecast period.
Toluene diisocyanate (TDI)
“TDI is used mainly in the manufacture of polyurethane foams. Flexible polyurethane foams are light, durable, and comfortable and can be molded into different shapes. These are commonly used in bedding, furniture, packaging, carpet underlay, and automotive interiors,” says Mahitha.
Polyurethane foams made from TDI also resist mildew and don’t aggravate allergies. Increasing population and rapid economic growth in developing regions are expected to fuel the growth in the automotive, construction, and bedding and furnishing industries, which, in turn, will propel the global nitric acid market during the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Dyno Nobel
- LSB Industries
- The Dow Chemical Company
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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