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Nitric Acid Market Size, Share Analysis, Growth Drivers, Forecast 2032 {{ currentPage ? currentPage.title : "" }}

The global nitric acid market size was valued at USD 22.92 billion in 2022. The market is projected to grow from USD 23.73 billion in 2023 to USD 30.39 billion by 2030, exhibiting a CAGR of 3.6% during the forecast period. Vehicle manufacturers are concentrating on cutting-edge technologies owing to the rising demand for lightweight automobiles. This, in turn, is anticipated to propel the demand for HNO3 as companies are transitioning toward nylon to reduce weight and enhance fuel capacity. Fortune Business Insights presents this information in their report titled "Global Nitric Acid Market Size Report, 2024–2030."

Segments

Dominance of Fertilizers Segment Driven by Growing Agricultural Activities

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Report Coverage

Drivers and Restraints

Growing Construction Activities and Infrastructure Projects Propel Market Growth

Source- https://www.fortunebusinessinsights.com/nitric-acid-market-104566 

Regional Insights

Asia Pacific Emerges as a Prominent Region with Growing Demand across Industries

Competitive Landscape

Key Players Focus on Collaborations and Strategies to Maintain Competitive Edge

Major industry players are actively engaged in enhancing their capacities, driving product innovation, pursuing acquisitions and mergers, and fostering collaborations to gain a competitive advantage in the global market.

Key Industry Development

  • January 2023: Dorogobuzh introduced a new 135-ktpa UKL nitric acid unit in Smolensk region. The company’s engineering research and design center is designing this project, which costs around USD 17 million. The company’s nitric acid production capacity will reach 1.5 million tons per annum with the help of this launch.

Major Players Profiled in the Report:

  • BASF SE (Germany)

  • Nutrien (Canada)

  • EuroChem (Switzerland)

  • CF Industries Holdings, Inc. (U.S.)

  • Omnia Holdings Limited (South Africa)

  • Dyno Nobel (Australia)

  • Enaex S.A. (Chile)

  • Sasol (South Africa)

  • LSB Industries (U.S.)

  • IXOM (Australia)

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