Nitric Acid Market Size Worth $14.0 Billion by 2022 | CAGR 1.8%: Grand View Research, Inc.

Growing need for high yield in order to meet demands of ever-rising population is creating an upswing in the use of synthetic fertilizers, which is anticipated to have a positive impact on the market. Growth in chemical processing industry, particularly in developing countries including China and India , is likely to further fuel the demand for nitric acid.

Ammonium nitrate fertilizer is estimated to be the largest application segment throughout the forecast period due to increasing demand from the agriculture sector coupled with lack of regulations regarding use of nitrate-based fertilizers in some developing countries.

Asia Pacific was the leading market for nitric acid in 2013 on account of strong presence of the chemical and fertilizer industries in the region. Stringent regulations in Europe and North America pertaining to the use of synthetic fertilizers have resulted in shift of demand to emerging economies such as China and India . Central & South American countries, including Mexico and Brazil , are also projected to have strong growth prospects in light of increasing number of chemical companies.

Spiraling demand for food and favorable government initiatives are leading to rapid expansion in the agriculture industry in India , China , and Brazil , which in turn is poised to stoke the growth of the market. Rising demand for bio-based fertilizers owing to increasing environmental concerns is projected to have a negative impact on the market. However, high demand for ammonium nitrate as a fertilizer will continue to keep the growth of the nitric acid market strong.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco . The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

 
Sherry James
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