Nitric Acid Market 2021 Outlook, Current and Future Industry Landscape Analysis 2029

Majorly driven by its application in agrochemicals and automotive industry, nitric acid will represent a modestly growing market at 3% CAGR during 2019 – 2029. Moreover, metallurgical and pharmaceutical industries will generate upward growth trend for nitric acid market through 2029, as per the projections of a new Future Market Insights (FMI) study. Nitrogenous fertilizers continue to accentuate the demand, particularly in developing countries, opines the FMI report.

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Key Takeaways of Nitric Acid Market Study

  • Role of nitric acid in formulating automotive composites using adipic acid continues to push market growth.
  • Agrochemical industry continues to thrive in developing countries, thereby contributing to overall market growth.
  • Agglomeration of leading manufacturers in developed countries such as Germany continues to supplement the growth of nitric acid market.
  • Growth of nitric acid market is fuelled by prevailing applications in photoengraving and etching of steel.
  • Nitric acid is gaining increasing significance in preparation of acids, drugs, perfumes and dyes, thereby propelling the market growth.
  • Environmental hazards associated with the usage of ammonium nitrate continues to stagnate the demand of nitric acid.

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Nitric Acid Market: Global Industry Analysis 2014-2018 & Opportunity Assessment 2019-2029

A recent market study published by Future Market Insights (FMI) on the Nitric Acid market includes the global industry analysis of 2014-2018 & opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. Our analysts conduct thorough research on the historical as well as current growth parameters of the market to obtain growth prospects with maximum precision.

Europe Captures over 50% Revenue Share in Nitric Acid Market

Presence of esteemed players such as Bayer AG in Europe (Germany) is the growth engine of regional nitric acid market. Moreover, the end-use industries are well-established in this region. Adipic acid, formulated from nitric acid, is witnessing soaring demand in automotive industry as a preferred substitute for metal. Furthermore, nitric acid market in North America continues to pick pace in terms of consumption.

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