Analysis of Potential Impact of COVID-19 on Concentrated Nitric Acid Market

Nitric acid is also known as aqua fortis and spirit of niter. This colorless liquid is a highly corrosive mineral acid. Commercially, nitric acid is available in a concentrated form (68% in water). Concentrated nitric acid is a fuming, colorless, and highly corrosive liquid with freezing point at -42°C and boiling point at 83°C. It is the most common laboratory reagent used to make organic and inorganic nitrates. Concentrated nitric acid is toxic and can cause severe burns upon contact with the skin. It is widely used to produce fertilizers in the agriculture industry. This acid is used to make elastomers, polyurethane foams, and synthetic rubbers. Concentrated nitric acid is also used as an oxidizer in rocket propellants. It is also employed in dye intermediates. Rise in demand for polyurethane foam in building & construction and automotive industries is anticipated to drive the concentrated nitric acid market during the forecast period.

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Concentrated Nitric Acid Market: Segmentation

Based on application, the concentrated nitric acid market can be segmented into toluene diisocyanate, nitrobenzene, adipic acid, and ammonium nitrate. The ammonium nitrate segment accounted for major share of the market in 2016. It is likely to remain the dominant segment during the forecast period. Ammonium nitrate is used as a fertilizer and can be used as intermediate for making other fertilizers containing high amount of nitrates. Ammonium nitrate is also used to make explosives. Rise in demand for fertilizers to cater to the ever-increasing requirement for food is fueling the ammonium nitrate segment. This, in turn, is propelling the concentrated nitric acid market. After ammonium nitrate, adipic acid is anticipated to be a major application of concentrated nitric acid during the forecast period. Adipic acid is used to produce nylons and polymers. Adipic acid is also used in small amount in food ingredient as a flavoring agent. Increase in use of nylon and polyurethane is estimated to drive the demand for adipic acid. This, in turn, is estimated to propel the concentrated nitric acid market during the forecast period.

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Based on type, the concentrated nitric acid market can be bifurcated into strong concentrated nitric acid and fuming concentrated nitric acid. Strong concentrated nitric acid has concentration between 50% and 85%, while fuming concentrated nitric acid has concentration of 86% nitric acid solution. Strong concentrated nitric acid is anticipated to dominate the market during the forecast period. Strong concentrated nitric acid is used in the production of various organic and inorganic nitrates such as ammonium nitrate, adipic acid, and nitrobenzene. These nitrates are used for various industrial applications. Strong concentrated nitric acid is used for the production of various nitrates. This is anticipated to drive the demand for strong concentrated nitric acid during the forecast period.

Concentrated Nitric Acid Market: Region-wise Outlook

The concentrated nitric acid market in Asia Pacific is expected to exhibit significant growth rate during the forecast period. Rise in demand for concentrated nitric acid in various industrial applications such as automotive, building & construction, and agrochemicals is the prominent factor projected to boost the market in Asia Pacific.

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Concentrated Nitric Acid Market: Key Players

The concentrated nitric acid market is highly competitive due to the presence of global and regional players. Key companies operating in the market include Koch Fertilizers, LSB Industries, Agrium Inc., Deepak Fertilizers, and Petrochemicals Corporation Limited.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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