Global Nitric Acid Market to be dominated by utilization of nitric acid in explosives and mining industry through 2028.
Policies and initiatives
taken by the government related to nitric acids are the major drivers for the Global
Nitric Acid Market.
According to TechSci Research
report, “Nitric Acid Market –Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global
Nitric Acid Market stood at USD 25.18 billion in 2022 and is anticipated to
grow with a CAGR of 3.74% % through 2028. This can be ascribed to
collaborations and partnerships among leading companies with a diverse approach
to merge the expertise of individual companies and to strengthen their position
in the market.
The global nitric acid
market has witnessed substantial growth in recent years, and the explosives and
mining industry plays a crucial role in driving this expansion. As economies
grow and infrastructural development escalates, the demand for explosives and
mining products continues to surge. Nitric acid is an extremely reactive and
corrosive substance, with a highly acidic nature due to its dissociation into
nitrate ions (NO3-) and hydrogen ions (H+). This strong acidity makes it an
excellent choice for several applications in various industries. Nitric acid is
a key component in the production of explosives, particularly ammonium nitrate
(NH4NO3) and nitroglycerin (C3H5N3O9).
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Ammonium nitrate is a
widely used nitrogen-based compound in the production of mining explosives, due
to its high nitrogen content and relatively low sensitivity to shock. It is
commonly mixed with fuel oil to form ANFO (Ammonium Nitrate Fuel Oil), an
explosive widely used in the mining and construction industries. Nitric acid is
also used in the nitration process, which involves introducing nitro groups
(NO2) into organic compounds. Nitration is a critical step in the synthesis of
many high explosives, including trinitrotoluene (TNT) and trinitrobenzene
(TNB). These powerful explosives are utilized in military applications,
demolition, and mining activities. In the mining industry, nitric acid is used
in heap leaching processes to extract valuable metals such as copper, gold, and
silver from low-grade ores. During heap leaching, dilute nitric acid is applied
to the ore, promoting metal dissolution. The resulting solution, rich in metal
ions, can then be collected and processed further to extract the metals. Moreover,
Nitric acid finds application in the purification and processing of uranium. It
is used in various stages of the nuclear fuel cycle, including the extraction
of uranium from ores and the production of nuclear fuel. Initiatives and
policies imposed by the government to support the production and applications
of nitric acid are also anticipated to register an impressive growth to Global
Nitric Acid Market in the forecast period.
For instance, The Nitric
Acid Climate Action Group (NACAG) program provides monetary and technical assistance
to individual operators of nitric acid plants until the conclusion of 2023.
Although the technical assistance is accessible to all governments and nitric
acid producers worldwide, the financial aid is contingent upon the condition
that the government of the country in which the plant is situated commits to
sustaining the reduction of emissions starting from the year 2024. Assistance
is available in the form of grants and climate auctions. This assistance
encompasses not only the acquisition and installation of the emission reduction
technology and monitoring equipment required, but also any necessary plant
adjustments and labor expenses associated with monitoring and upkeep. Mergers
and acquisitions among leading companies are also attributed to register a
lucrative growth to market in the forecast period. For instance, In July 2022,
Nutrien AG Solutions made an agreement to purchase Casa do Abudo S.A., a
company based in Brazil. This acquisition will encompass 39 retail outlets and
10 distribution hubs of the Casa du Abudo and Agrodistributor Casal brands,
respectively. This arrangement aligns with Nutrien's plan to expand its retail
operations in Brazil and is projected to boost its revenue by USD400 million.
However, safety and
handling concern related to nitric acid and disruptions in supply chain of
nitric acid are expected to slow down the growth of the market in the coming
years.
The Global Nitric Acid
Market segmentation is based on Plant Type, Sales Channel, End Use, By Company,
and Region.
Some of the
major companies operating in the Global Nitric Acid
Market include:
·
Yara International ASA
·
CF Industries Holdings, Inc.
·
BASF SE
·
LSB Industries Inc.
·
Bagfas
Bandirma Gubre Fabrikalari A.S.
·
Rashtriya Chemicals and Fertilizers Ltd.
·
Sasol Limited
·
Borealis AG
·
Grupa Azoty S.A.
·
Deepak Fertilizers and Petrochemicals
Corporation Limited
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“Certain regions, particularly
the Asia-Pacific, are projected to exert significant demand for nitric acid
worldwide. The growth in the competitive landscape and the presence of
well-established companies in the market, committed to enhancing their nitric
acid productivity each year, are expected to contribute to a remarkable growth
of the Global Nitric Acid market in the forecast period," said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
Global Nitric Acid Market
By Plant Type (Mono Pressure & Dual Pressure), By Sales Channel (Direct
& Indirect), By End Use (AN & CAN, Nitrobenzene, TDI, TNT, Adipic Acid,
Others), By Region, By Competition Forecast & Opportunities, 2018-2028F has evaluated the
future growth potential of Global Nitric Acid Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide innovative market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Nitric Acid Market.
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