Precision Business Insights has published a report on the global nitric acid market, estimating its value at USD 24.572 billion in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 3.2% over the forecast period 2025-2031. The report explores the market growth and potential opportunities in the market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
View the detailed report description here - https://www.precisionbusinessinsights.com/market-reports/nitric-acid-market
The nitric acid market refers to the industry centered on the production, distribution, and applications of nitric acid, a versatile and reactive chemical compound. It plays a vital role in agriculture through its use in creating ammonium nitrate fertilizers, which help boost crop yields. Beyond agriculture, nitric acid is essential in manufacturing chemicals, pharmaceuticals, dyes, and explosives, as well as in metallurgical processes like etching and cleaning metals.
Drivers:
1)Rising Agricultural Demand: The increasing need for high-yield crops has boosted the demand for nitrogen-based fertilizers, with nitric acid being a key component in their production.
2)Increased Urbanization and Industrialization: Rapid urbanization in emerging economies is driving demand for chemicals and materials that rely on nitric acid for their production.
The global nitric acid market segmentation:
1) By Type: Dilute Nitric Acid and Concentrated Nitric Acid
2) By Grade: Industrial Grade, Reagent Grade, and Electronic Grade
3) By End-Users: Industry (Fertilizers, Aerospace, Inks, Pigments, & Dyes Chemical Manufacturing, Explosives, and Other End-User Industries)
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Regional Overview:
The report also examines the current concerns and their Future Effects on the nitric acid market by the region. The report covers all regions and countries, North America was the largest and Asia was the fastest-growing region in the nitric acid market. The market has been segmented into numerous primary regions and a detailed evaluation of primary countries.
North America (U.S., Canada)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)
Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
The competitive landscape is dominated by major players like yara international asa, cf industries holdings, inc., lsb industries, inc, grupa azoty s.a, basf se, tkg huchems,m azot (pjsc), deepak fertilizers and petrochemicals corporation limited, navoiyazot, oci nitrogen b.v, sasol nitro, jsc "minudobreniya", fertiberia, abu qir fertilizer egypt co., nutrien ltd
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