The rising consumption of nitric acid in chemicals like TDI and adipic acid is anticipated to drive the overall market growth during the forecast period
As per a recent report by ResearchAndMarkets.com’s, ’Global Nitric Acid Market Outlook to 2026,’ the global nitric acid market is expected to witness a significant growth rate during the forecast period.
Increasing fertiliser demand due to the rising need for high crop yield to address the increasing necessity of growing population is expected to be the significant driver of the nitric acid market during the forecast period.
Furthermore, the rising consumption of nitric acid in chemicals like toluene di-isocyanate (TDI) and adipic acid is anticipated to drive the overall market growth during the forecast period.
The Asia-Pacific is expected to dominate the nitric acid market due to the continuously rising demand from end-user industries including chemical processing industries, fertilisers, pigments, and dyes, in countries like China and India. Furthermore, China has emerged as the biggest consumer and producer of fertiliser which is likely to drive the market during the forecast period.
The fertiliser industry producing ammonium nitrate and calcium nitrate fertilisers are one of the major consumers of nitric acid. Hence, for meeting the needs of the increasing global food demand, more land is required for cultivation, and hence, fertiliser demand is likely to increase with the global fertiliser industry during the forecast period.
The global nitric acid market is fragmented. Some of the key players in the market are BASF SE, Deepak Fertilisers and Petrochemicals Corporations, LSB Industries, and Nutrien, among others.
