Nitric Acid Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Nitric acid is a formulation of adipic acid and is extensively used in various types of applications in the automotive sector. Nylon, which is articulated from adipic acid, is comprehensively used by automobile manufacturers. Nylon products are used in the automotive sector as an alternative for heavy metal components. Vehicle weight reduction leads to increased fuel economy due to low vehicle mass and thereby leads to low-carbon emissions owing to decreased fuel consumption. Increasing environmental concerns leads to stringent regulations in developed regions such as Europe and North America, owing to this automotive manufacturers increasingly adopt lightweight materials.
MARKET DYNAMICS
Automotive manufacturers in the United States are progressively using polymer matrix compounds to achieve Corporate Average Fuel Economy (CAFE) regulations. These regulations describe standards for automobile manufacturers, which state the least average fuel efficiency for various types of makes and models. Increasing demand for Nitric acid in United and Japan is influenced by demand for lightweight automotive materials, which is expected to create lucrative opportunities for the manufacturers. Ammonia is an important raw material used for the manufacturing of nitric acid. Ammonia export is primarily concentrated in countries such as India, China, the United States, and Russia. The plenty of availability of raw material is anticipated to fuel the market growth to a greater extent.
MARKET SCOPE
The "Global Nitric Acid Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the nitric acid with detailed market segmentation by application. The global nitric acid market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading nitric acid market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global nitric acid market is segmented on the basis of application into fertilizers, adipic acid, nitrobenzene, toluene di-isocyanate, nitrochlorobenzene, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global nitric acid market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The nitric acid market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the nitric acid market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the nitric acid market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global nitric acid market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The nitric acid market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the nitric acid market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the nitric acid market in these regions.
MARKET PLAYERS
The reports cover key developments in the nitric acid market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from nitric acid market are anticipated to lucrative growth opportunities in the future with the rising demand for nitric acid in the global market. Below mentioned is the list of few companies engaged in the nitric acid market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the nitric acid market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- DuPont
- BASF
- The Dow Chemical Company
- Nutrien
- Omnia Holdings
- Apache Nitrogen Products Inc.
- CF Industries
- Rashtriya Chemicals and Fertilizers Ltd (RCF)
- Dyno Nobel
- Sasol
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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Segment Covered
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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Country Scope
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1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Nitric Acid Market - By Application
1.3.2 Nitric Acid Market - By Region
1.3.2.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. NITRIC ACID MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. NITRIC ACID MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. NITRIC ACID MARKET - GLOBAL MARKET ANALYSIS
6.1. NITRIC ACID - GLOBAL MARKET OVERVIEW
6.2. NITRIC ACID - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. NITRIC ACID MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. FERTILIZERS
7.3.1. Overview
7.3.2. Fertilizers Market Forecast and Analysis
7.4. ADIPIC ACID
7.4.1. Overview
7.4.2. Adipic Acid Market Forecast and Analysis
7.5. NITROBENZENE
7.5.1. Overview
7.5.2. Nitrobenzene Market Forecast and Analysis
7.6. TOLUENE DI-ISOCYANATE
7.6.1. Overview
7.6.2. Toluene di-isocyanate Market Forecast and Analysis
7.7. NITROCHLOROBENZENE
7.7.1. Overview
7.7.2. Nitrochlorobenzene Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. NITRIC ACID MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1 North America Nitric Acid Market Overview
8.1.2 North America Nitric Acid Market Forecasts and Analysis
8.1.3 North America Nitric Acid Market Forecasts and Analysis - By Application
8.1.4 North America Nitric Acid Market Forecasts and Analysis - By Countries
8.1.4.1 United States Nitric Acid Market
8.1.4.1.1 United States Nitric Acid Market by Application
8.1.4.2 Canada Nitric Acid Market
8.1.4.2.1 Canada Nitric Acid Market by Application
8.1.4.3 Mexico Nitric Acid Market
8.1.4.3.1 Mexico Nitric Acid Market by Application
8.2. EUROPE
8.2.1 Europe Nitric Acid Market Overview
8.2.2 Europe Nitric Acid Market Forecasts and Analysis
8.2.3 Europe Nitric Acid Market Forecasts and Analysis - By Application
8.2.4 Europe Nitric Acid Market Forecasts and Analysis - By Countries
8.2.4.1 Germany Nitric Acid Market
8.2.4.1.1 Germany Nitric Acid Market by Application
8.2.4.2 France Nitric Acid Market
8.2.4.2.1 France Nitric Acid Market by Application
8.2.4.3 Italy Nitric Acid Market
8.2.4.3.1 Italy Nitric Acid Market by Application
8.2.4.4 United Kingdom Nitric Acid Market
8.2.4.4.1 United Kingdom Nitric Acid Market by Application
8.2.4.5 Russia Nitric Acid Market
8.2.4.5.1 Russia Nitric Acid Market by Application
8.2.4.6 Rest of Europe Nitric Acid Market
8.2.4.6.1 Rest of Europe Nitric Acid Market by Application
8.3. ASIA-PACIFIC
8.3.1 Asia-Pacific Nitric Acid Market Overview
8.3.2 Asia-Pacific Nitric Acid Market Forecasts and Analysis
8.3.3 Asia-Pacific Nitric Acid Market Forecasts and Analysis - By Application
8.3.4 Asia-Pacific Nitric Acid Market Forecasts and Analysis - By Countries
8.3.4.1 Australia Nitric Acid Market
8.3.4.1.1 Australia Nitric Acid Market by Application
8.3.4.2 China Nitric Acid Market
8.3.4.2.1 China Nitric Acid Market by Application
8.3.4.3 India Nitric Acid Market
8.3.4.3.1 India Nitric Acid Market by Application
8.3.4.4 Japan Nitric Acid Market
8.3.4.4.1 Japan Nitric Acid Market by Application
8.3.4.5 Indonesia Nitric Acid Market
8.3.4.5.1 Indonesia Nitric Acid Market by Application
8.3.4.6 Rest of Asia-Pacific Nitric Acid Market
8.3.4.6.1 Rest of Asia-Pacific Nitric Acid Market by Application
8.4. MIDDLE EAST AND AFRICA
8.4.1 Middle East and Africa Nitric Acid Market Overview
8.4.2 Middle East and Africa Nitric Acid Market Forecasts and Analysis
8.4.3 Middle East and Africa Nitric Acid Market Forecasts and Analysis - By Application
8.4.4 Middle East and Africa Nitric Acid Market Forecasts and Analysis - By Countries
8.4.4.1 South Africa Nitric Acid Market
8.4.4.1.1 South Africa Nitric Acid Market by Application
8.4.4.2 Saudi Arabia Nitric Acid Market
8.4.4.2.1 Saudi Arabia Nitric Acid Market by Application
8.4.4.3 U.A.E Nitric Acid Market
8.4.4.3.1 U.A.E Nitric Acid Market by Application
8.4.4.4 Rest of Middle East and Africa Nitric Acid Market
8.4.4.4.1 Rest of Middle East and Africa Nitric Acid Market by Application
8.5. SOUTH AND CENTRAL AMERICA
8.5.1 South and Central America Nitric Acid Market Overview
8.5.2 South and Central America Nitric Acid Market Forecasts and Analysis
8.5.3 South and Central America Nitric Acid Market Forecasts and Analysis - By Application
8.5.4 South and Central America Nitric Acid Market Forecasts and Analysis - By Countries
8.5.4.1 Brazil Nitric Acid Market
8.5.4.1.1 Brazil Nitric Acid Market by Application
8.5.4.2 Argentina Nitric Acid Market
8.5.4.2.1 Argentina Nitric Acid Market by Application
8.5.4.3 Rest of South and Central America Nitric Acid Market
8.5.4.3.1 Rest of South and Central America Nitric Acid Market by Application
9. INDUSTRY LANDSCAPE
9.1. MERGERS AND ACQUISITIONS
9.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
9.3. NEW PRODUCT LAUNCHES
9.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
10. NITRIC ACID MARKET, KEY COMPANY PROFILES
10.1. DUPONT
10.1.1. Key Facts
10.1.2. Business Description
10.1.3. Products and Services
10.1.4. Financial Overview
10.1.5. SWOT Analysis
10.1.6. Key Developments
10.2. BASF
10.2.1. Key Facts
10.2.2. Business Description
10.2.3. Products and Services
10.2.4. Financial Overview
10.2.5. SWOT Analysis
10.2.6. Key Developments
10.3. THE DOW CHEMICAL COMPANY
10.3.1. Key Facts
10.3.2. Business Description
10.3.3. Products and Services
10.3.4. Financial Overview
10.3.5. SWOT Analysis
10.3.6. Key Developments
10.4. NUTRIEN
10.4.1. Key Facts
10.4.2. Business Description
10.4.3. Products and Services
10.4.4. Financial Overview
10.4.5. SWOT Analysis
10.4.6. Key Developments
10.5. OMNIA HOLDINGS
10.5.1. Key Facts
10.5.2. Business Description
10.5.3. Products and Services
10.5.4. Financial Overview
10.5.5. SWOT Analysis
10.5.6. Key Developments
10.6. APACHE NITROGEN PRODUCTS INC.
10.6.1. Key Facts
10.6.2. Business Description
10.6.3. Products and Services
10.6.4. Financial Overview
10.6.5. SWOT Analysis
10.6.6. Key Developments
10.7. CF INDUSTRIES
10.7.1. Key Facts
10.7.2. Business Description
10.7.3. Products and Services
10.7.4. Financial Overview
10.7.5. SWOT Analysis
10.7.6. Key Developments
10.8. RASHTRIYA CHEMICALS AND FERTILIZERS LTD (RCF)
10.8.1. Key Facts
10.8.2. Business Description
10.8.3. Products and Services
10.8.4. Financial Overview
10.8.5. SWOT Analysis
10.8.6. Key Developments
10.9. DYNO NOBEL
10.9.1. Key Facts
10.9.2. Business Description
10.9.3. Products and Services
10.9.4. Financial Overview
10.9.5. SWOT Analysis
10.9.6. Key Developments
10.10. SASOL
10.10.1. Key Facts
10.10.2. Business Description
10.10.3. Products and Services
10.10.4. Financial Overview
10.10.5. SWOT Analysis
10.10.6. Key Developments
11. APPENDIX
11.1. ABOUT THE INSIGHT PARTNERS
11.2. GLOSSARY OF TERMS
1. DuPont
2. BASF
3. The Dow Chemical Company
4. Nutrien
5. Omnia Holdings
6. Apache Nitrogen Products Inc.
7. CF Industries
8. Rashtriya Chemicals and Fertilizers Ltd (RCF)
9. Dyno Nobel
10. Sasol
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.