The global nitric acid market size was valued at USD 29.8 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 2.4% from 2023 to 2030.
The growth for the product is expected to be driven by increasing demand for the product from fertilizers formulators and by rising consumption of fertilizers in agrarian economies of the world. Growing demand for food has propelled the expansion of various fertilizers and agricultural units globally to optimize crop yield, lower cultivation time, attain healthy crop growth, and more. Nitric acid is one of the key components of producing nitrogen fertilizers which are highly demanded by the agricultural world.
The global product market is highly competitive, especially in the presence of multinationals that are constantly innovating to capture a broader share of the market. Companies like BASF SE, Dow Chemicals, Nutrient, CF Industries are the major players and dominate the market with a wide range of products for each application and a strong global presence.
Development of the cutting-edge technologies such as the mono-medium pressure process, mono-high pressure process, and dual pressure process for producing the product moreefficiently are poised to increase awareness and enhance market growth over the coming years. Increasing demand of the product from nylon production sector is poised to pave new avenues in the global marketspace.
Gather more insights about the market drivers, restrains and growth of the Nitric Acid Market
Detailed Segmentation:
Applications Insights
Fertilizer manufacturing dominated the nitric acid application with a share of 80.53% in 2022. Its high share is attributable to the increasing demand for food which has led to the development of fertilizers units globally. Farmers are adopting techniques that maximize the crop yield in minimum time with the help of fertilizers.
Adipic acid is produced by the use of the product as an important raw material. It is considered one of the key components for the production of Nylon 6, 6 which is used widely in the development of plastics and industrial carpets. Nylon 6, 6 is expected to stagnate over the forecast period resulting in a reduced margin in Adipic acid manufacturing owing to which the consumption of nitric acid for the production of Adipic is anticipated to be on the lower side.
Regional Insights
Europe dominated the market with a share of 65.40% in 2022. This is attributed to the presence of a robust value chain and significant domestic consumption in the region. The growth in Central Europe is steady and moderate. However, the majority of the demand comes from Eastern Europe which shows huge potential for expansion. The automotive and chemical industries are the major pillars and driving forces for the product in the region.
France which has a highly specialized chemical industry provides adequate opportunities for the market growth of nitric acid. Nitric acid consumption is expected to take a leap due to the presence of specialty chemical manufacturers such as Arkema, Air Liquide, Solvay, SEQENS, L’Oréal, BASF, DowDuPont, Henkel, Bayer. With the government initiation in developing a sustainable economy for the chemical industry, the demand is expected to witness steady growth.
Browse through Grand View Research's Agrochemicals & Fertilizers Industry Research Reports.
• The global fertilizer catalyst market size was estimated at USD 3.05 billion in 2024 and is projected to grow at a CAGR of 3.2% from 2025 to 2030.
• The global biological seed treatment market size was estimated at USD 1.60 billion in 2024 and is expected to grow at a CAGR of 12.6% from 2025 to 2030.
Key Companies & Market Share Insights
The presence of multinationals has increased the competition in the global nitric acid market. Multinationals conduct constant research and development activities to formulate new innovations and increase their market.
Companies operational in the global market are focusing on increasing their exposure in the regional market. BASF, for instance, has multiple distributors in the region, which enables them to place products across all countries within the stipulated time efficiently. Also, companies such as Yara International are acquiring established distributors in the region based on their channel and presence in the market. This strategically helped Yara to enhance its product placement and well as cater to a broader market in the region.
Some prominent players in the global nitric acid market include:
• BASF SE
• Dupont
• Nutrien Ltd.
• Omnia Holding Limited
• Apache Nitrogen Products Inc.
• CF Industry Holdings, Inc
• Rashtriya Chemicals & Fertilizers Ltd.
• Dyno Nobel
• Sasol
• Angus Chemical Company
• Enaex S.A.
• LSB Industries
• Thyssenkrupp AG
• Yara International ASA
• Ixom
Nitric Acid Market Segmentation
Grand View Research has segmented the global nitric acid market report based on application and region:
Nitric Acid Application Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)
• Fertilizers
o Ammonium Nitrate
o Calcium Ammonium Nitrate
o Others
• Nitrobenzene
• Adipic Acid
• Toluene Di-isocyanate (TDI)
• Nitrochlorobenzene
Nitric Acid Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Russia
o France
o Poland
o Ukraine
• Asia Pacific
o China
o Uzbekistan
o Kazakhstan
o Thailand
• Central & South America
o Brazil
• Middle East & Africa
o Egypt
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