Published by Coherent Market Insights
Posted on September 13, 2021
Concentrated Nitric Acid Market to Witness Significant Growth, Owing to Increasing Number of Nitric Acid Plants
Concentrated Nitric Acid Market – by Product Type (Strong Nitric Acid and Fuming Nitric Acid), by Application (Ammonium Nitrate, Nitrobenzene, Adipic Acid, Toluene Diisocyanate, and Others), and by End-use Industry (Automotive, Agrochemicals, Electronics, Defense, and Others) and by Geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ XX million in 2021 and is expected to exhibit a CAGR of XX% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Concentrated nitric acid is about 98% and has a density 1.51. Nitric acid is used in the production of ammonium nitrate for fertilizers, making plastics. It is also used for producing explosives like nitroglycerin and trinitrotoluene and for oxidizing metals.
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Competitive Landscape:
Major players operating in the global concentrated nitric acid market include, Nutrien Ltd., BASF S.E., CF Industries Holdings, Inc., Bayer A.G., LSB Industries Inc., Casale, Shandong Fengyuan Chemical Stock Co., Ltd., DowDuPont Inc., Ube Industries, and Yara International.
Key Market Drivers:
Increasing expansion of nitric acid plants is expected to propel growth of the global concentrated nitric acid market over the forecast period. For instance, in July 2021, Haifa Group, a supplier of specialty plant nutrients and potassium nitrate for agriculture and industry, awarded KBR, Inc. a nitric acid technology contract for two of its process plants at Mishor Rotem, Israel.
Moreover, increasing production of nitric acid is also expected to aid in growth of the global concentrated nitric acid market over the forecast period. For instance, in March 2019, Acron Group, a mineral fertilizer producer in Russia, commissioned a new 135,000-tpa nitric acid unit at its Veliky Novgorod site.
Key Market Restraints:
Incidents of nitric acid leakage are expected to limit growth of the global concentrated nitric acid market over the forecast period. For instance, in 2019, U.S-based Hawkins Chemical reported that a total of 5,700 gallons of nitric acid was spilled at the company. Moreover, smuggling of nitric acid is also expected to limit the market growth.
Covid-19 Impact Analysis
Nitric oxide nasal sprays have demonstrated potential in prevention of Covid-19. For instance, in April 2021, SaNOtize, a Canada-based pharmaceutical firm, filed for emergency approval for the use of its nitric oxide nasal spray in the United Kingdom and Canada as an effective treatment for Covid-19. Such nasal sprays can be a safe, effective and zero cost method for prevention of Covid-19 infection. Such scenario is expected to offer lucrative growth opportunities for players in the concentrated nitric acid market.
Key Takeaways
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Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Concentrated Nitric Acid Market Industry Demand, CAGR Status, Global Competitors, Top Players and Future Scope by 2027 appeared first on Gatorledger.
Concentrated Nitric Acid Market to Witness Significant Growth, Owing to Increasing Number of Nitric Acid Plants
Concentrated Nitric Acid Market – by Product Type (Strong Nitric Acid and Fuming Nitric Acid), by Application (Ammonium Nitrate, Nitrobenzene, Adipic Acid, Toluene Diisocyanate, and Others), and by End-use Industry (Automotive, Agrochemicals, Electronics, Defense, and Others) and by Geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ XX million in 2021 and is expected to exhibit a CAGR of XX% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Concentrated nitric acid is about 98% and has a density 1.51. Nitric acid is used in the production of ammonium nitrate for fertilizers, making plastics. It is also used for producing explosives like nitroglycerin and trinitrotoluene and for oxidizing metals.
Request a sample copy of the report to understand the Market:
https://www.coherentmarketinsights.com/insight/request-sample/1473
Competitive Landscape:
Major players operating in the global concentrated nitric acid market include, Nutrien Ltd., BASF S.E., CF Industries Holdings, Inc., Bayer A.G., LSB Industries Inc., Casale, Shandong Fengyuan Chemical Stock Co., Ltd., DowDuPont Inc., Ube Industries, and Yara International.
Key Market Drivers:
Increasing expansion of nitric acid plants is expected to propel growth of the global concentrated nitric acid market over the forecast period. For instance, in July 2021, Haifa Group, a supplier of specialty plant nutrients and potassium nitrate for agriculture and industry, awarded KBR, Inc. a nitric acid technology contract for two of its process plants at Mishor Rotem, Israel.
Moreover, increasing production of nitric acid is also expected to aid in growth of the global concentrated nitric acid market over the forecast period. For instance, in March 2019, Acron Group, a mineral fertilizer producer in Russia, commissioned a new 135,000-tpa nitric acid unit at its Veliky Novgorod site.
Key Market Restraints:
Incidents of nitric acid leakage are expected to limit growth of the global concentrated nitric acid market over the forecast period. For instance, in 2019, U.S-based Hawkins Chemical reported that a total of 5,700 gallons of nitric acid was spilled at the company. Moreover, smuggling of nitric acid is also expected to limit the market growth.
Covid-19 Impact Analysis
Nitric oxide nasal sprays have demonstrated potential in prevention of Covid-19. For instance, in April 2021, SaNOtize, a Canada-based pharmaceutical firm, filed for emergency approval for the use of its nitric oxide nasal spray in the United Kingdom and Canada as an effective treatment for Covid-19. Such nasal sprays can be a safe, effective and zero cost method for prevention of Covid-19 infection. Such scenario is expected to offer lucrative growth opportunities for players in the concentrated nitric acid market.
Key Takeaways
Buy Now this Premium Report to Grow your Business:
https://www.coherentmarketinsights.com/insight/buy-now/1437
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Concentrated Nitric Acid Market Industry Demand, CAGR Status, Global Competitors, Top Players and Future Scope by 2027 appeared first on Gatorledger.
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