Concentrated Nitric Acid Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Concentrated Nitric Acid Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
— The Business Research company
LONDON, GREATER LONDON, UNITED KINGDOM, October 17, 2024 /EINPresswire.com/ — The concentrated nitric acid market has experienced robust growth in recent years, expanding from $19.04 billion in 2023 to $19.54 billion in 2024 at a compound annual growth rate (CAGR) of 2.7%. The growth in the historic period can be attributed to chemical industry growth, agricultural sector requirements, explosives manufacturing, metal processing and mining, industrial applications.
What Is The Estimated Market Size Of The Global Concentrated Nitric Acid Market And Its Annual Growth Rate?
The concentrated nitric acid global market is projected to continue its strong growth, reaching $21.59 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to industrial safety emphasis, continuous innovations in chemical processes, automotive sector needs, water treatment requirements, semiconductor industry demand. Major trends in the forecast period include renewed use in explosives manufacturing, pharmaceutical sector advancements, dyes, pigments, and colorants demand, market competition and innovation.
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Growth Driver Of The Concentrated Nitric Acid Market
Rising demand for personal protective equipment is expected to propel the growth of the market going forward. Personal protective equipment (PPE) refers to wearable safety gear that includes protective clothes, helmets, gloves, face shields, goggles, facemasks, respirators, and other accessories. Personal protective equipment, which prefers to be face masks and gloves, is made of plastic polymers, which require concentrated nitric acid for their manufacturing.
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Who Are The Key Players Shaping The Concentrated Nitric Acid Market Trends?
Key players in the concentrated nitric acid market include Nutrien Ltd., BASF SE, Dupont de Nemours Inc., LSB Industries Inc., CF Industries Holdings Inc., Deepak Fertilisers and Petrochemicals Corporation Ltd., Koch Fertilizers LLC, National Chemical Group Co. Ltd., OCI N.V., Shandong Fengyuan Chemical Stock Co. Ltd., Ube Industries Ltd., Yara International ASA, The Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals Limited, EuroChem Group AG, Grupa Azoty S.A., FCI Aravali Gypsum and Minerals India Ltd., Abu Qir Fertilizers and Chemicals Company, Sichuan Chuanxi Xingda Chemical Co. Ltd., Shandong Haili Chemical Industry Co. Ltd., Shandong Dacheng Pesticide Co. Ltd., Nitro Química S.A., GACL-NALCO Alkalies & Chemicals Pvt. Ltd., Grasim Industries Limited, Rashtriya Chemicals & Fertilizers Ltd., SRF Limited, Taiwan Corporation, Dow Inc., Eastman Chemical Company, Mitsui Chemicals Inc.
What Are The Dominant Trends In Concentrated Nitric Acid Market Growth?
Technological advancement is the key trend in the concentrated nitric acid market. Major companies operating in the market are focusing on including new technology to reduce greenhouse gas emissions during the process of producing concentrated nitric acid to meet climate regulation standards.
How Is The Global Concentrated Nitric Acid Market Segmented?
1) By Type: Strong Nitric Acid, Fuming Nitric Acid
2) By Application: Agrochemicals, Explosives, Automotive, Rubber, Other Application
3) By Distribution Channel: Direct Or Institutional Sales, Retail Sales, Other Distribution Channels
Geographical Insights: North America Leading The Concentrated Nitric Acid Market
Asia-Pacific was the largest region and fastest growing in the concentrated nitric acid market share in 2023. The regions covered in the concentrated nitric acid global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Concentrated Nitric Acid Market Definition
Concentrated nitric acid is a concentrated form of nitric acid and a water-based solution with around 70% HNO3. This acid contains less water than its solutes.
Concentrated Nitric Acid Global Market Report 2024 from The Business Research Company covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global concentrated nitric acid market report covering trends, opportunities, strategies, and more
The Concentrated Nitric Acid Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on concentrated nitric acid market size, concentrated nitric acid market drivers and trends, concentrated nitric acid major players, concentrated nitric acid competitors’ revenues, concentrated nitric acid positioning, and concentrated nitric acid market growth across geographies. The concentrated nitric acid global market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Originally published at https://www.einpresswire.com/article/752206926/concentrated-nitric-acid-global-market-2024-to-reach-21-59-billion-by-2028-at-rate-of-2-5
