According to a recently published report, the Global Nitric Acid Market is expected to grow at the CAGR of 10.11% during 2015-2022 and it estimated to be US $ 14.90 billion by 2022. The Global Nitric Acid market is segmented on the basis of by applications and by geography. The report on Global Nitric Acid market forecast 2015-2022 provides detailed overview and predictive analysis of the market.
The Global Nitric Acid market is expected to grow significantly due to factors such as the increasing demand for ammonium nitrate as a fertilizer in the agricultural industry, as reported by, Occams Business research. The Growth of the global fertilizer industry is mainly driving the nitric acid market. As Nitric acid is used in the production of calcium ammonium nitrate and ammonium nitrate, which are used in fertilizers. Ammonium nitrate can further be used to produce urea ammonium nitrate (UAN), which is used in explosives and fertilizer solutions.
Full report available Global Nitric Acid market forecast 2015-2022 report at http://www.briskinsights.com/report/nitric-acid-market
Nitric acid is used in the manufacturing of various chemicals including adipic acid, ammonium nitrate, toluene di-isocynate and nitrobenzene. Increasing demand from end-use industries including polyurethane foams, elastomers, coatings along with floor and wood finishes, lacquers, foam plastics, polyurethane foam coated fabrics, and insulation materials is expected to propel nitric acid market growth over the forecast period.
On the basis of Segment the Fertilizer application of nitric acid is presently accounting for near 80% of the global market of nitric acid. Nitric acid is captivity consumed for ammonium nitrate production, around 80% of which is used as a fertilizer or as an intermediate for fertilizer manufacturing. . However, North America and Europe are expected to witness a significant loss of share over the forecast period owing of adverse environmental effects relating to use of nitric acid fertilizers. Stringent regulations in Europe and North America on the use of ammonium nitrate based fertilizers are expected to shift demand to Asian countries.
Some major participants in the Global Nitric Acid market include BASF, Agrium Inc, Angus Chemical Company, Cherokee Nitrogen L.L.C, Dyno Nobel, Dow Chemicals, Sasol and Ixom etc. Collaborations are also employed as a strategy to widen product portfolio by companies. Market is expected to be significantly fragmented over the forecasted period of 2015-2022.
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