Concentrated Nitric Acid Market Analysis

Application (Adipic Acid, Nitrobenzene, Toluene Diisocyanate, Ammonium Nitrate)

The ammonia nitrate segment in the concentrated nitric acid market is estimated to gain a robust revenue share of 38% in the coming years owing to the growing usage of ammonia nitrate to make explosives. Ammonium nitrate is used in the manufacture of explosives, which require a large amount of nitric corrosives to be extracted as an antecedent and has legitimate implications for interest in nitric corrosives. This as a result would significantly increase the demand for concentrated nitric acid since it is used in the production of ammonium nitrate.

End-User (Agrochemicals, Explosives, Automobiles, Electronics)

The agrochemicals segment is set to garner a notable share shortly. Increasing awareness of fertilizers used in agricultural practices has led to increased consumption of nitric acid in agriculture, which subsequently leads to higher yields. Nitrogen fertilizers calcium and urea ammonium nitrate are used to produce more yield whereas nitrobenzene is used for crop production of pesticides. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.

Our in-depth analysis of the global market includes the following segments: