New York, May 15, 2020 - The global [FURL=https://www.reportsanddata.com/report-detail/nitric-acid-market]nitric acid market[/FURL] is expected to reach USD 30.29 Billion by 2027, according to a new report by Reports and Data. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to easily absorb the essential macro and micronutrient. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019. Of the three major fertilizer types, the U.S imports over 50.0% of U.S.Further key findings from the report suggest
By type, concentrated nitric held a larger market share in 2019 and is estimated to grow at a rate of 2.9% in the forecast period. Concentrated nitric acid is used to produce ammonium nitrate for plastic production, fertilizers, and in the making of dyes. Also, it finds usage in the production of explosives, including TNT and nitroglycerin. It is used in the formulation of aquaregia that can dissolve gold and platinum.
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By application, nitrobenzene contributed to the second-largest market share in 2019 and is expected to grow at a rate of 2.8% in the forecast period. A significant amount of nitrobenzene produced in the U.S. is deployed in the production of aniline. Also, nitrobenzene finds usage in the production of lubricating oils, including those applied in motors and machinery. Besides, a smaller portion of nitrobenzene finds application to make drugs, pesticides, dyes, and synthetic rubber.
Key participants include BASF SE, Linde Group, Yara International, Potash Corp., CF Industries Holdings, Inc., OCI NV, LSB Industries, UBE Industries, Agrium Inc., and Dow Chemical Company, among others.
In January 2018, Trammo Nitrogen Products, a subsidiary of Trammo, announced the acquisition of Agrium's North Bend nitric acid manufacturing and distribution plant in Ohio. North Bend has expertise in the production and distribution of nitrogen-based products.
Type Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
Dilute Nitric Acid
Concentrated Nitric Acid
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Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
Fertilizers
Adipic Acid
Nitrobenzene
Toluene Di-Isocyanate
Others
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
Online
Offline
Regional Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
North America
US
Europe
UK
France
Asia Pacific
China
India
Japan
Latin America
Brazil
MEA
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