Industry News

South Korea Continues to Remain a Leading Exporter of Nitric Acid and Sulphonitric Acid Market Globally

South Korea: The global export sales of nitric and sulphonitric acid stood 1,051 thousand tons in 2011, and grew to 1,211 thousand tons in 2015, registering a compound annual growth rate (CAGR) of 3.6%, in volume terms during 2011-2015. Belgium was leading exporter in the global nitric and sulphonitric acid in 2011. However, in 2012, Korea took over the leading position, recording nitric acid and sulphonitric acid export sales of 236 thousand tons in 2012. Growing demand for nitric acid in ammonium nitrate production, which finds major application in fertilizer and explosives industries can be attributed to the augmented exports of the country. Well-established nitric acid manufacturers in the country such as Huchems Fine Chemicals Corp. and Namhae Chemical Corporation contribute to the growing export demand for nitric acid from across the globe. Korea’s export sales of nitric acid and sulphonitric acid were 267 thousand tons in 2015 and registered a significant CAGR of 12.7% in volume terms during 2011-2015.

TechSci Research depicts that presence of several nitric acid manufacturers in Korea would continue to cater the strong demand for nitric acid from the overseas market as a result of which South Korea is expected to maintain holding the leading position in global nitric acid exporting countries. Korea based chemicals manufacturer.

According to the upcoming report by TechSci Research, “Global Nitric Acid Market Forecast and Opportunities, 2021”, the global nitric acid Market to grow at the CAGR of about 10% during 2015-2022 and it estimated to reach approximately USD15 billion by 2022. Demand for crops and vegetables has risen remarkably in recent years, as a consequence of various macroeconomic factors such as high population growth. Increasing demand for food produce is promoting the adoption of more and better fertilizers by the farmers to meet the need and take the explore the rising opportunities. The ammonium nitrate based fertilizers are extensively preferred by the farmers, thus creating demand for the nitric acid. These factors are altogether projecting a brighter and even better future for the product across the globe.

Relevant News