About Fuming Nitric Acid
The global Fuming Nitric Acid market is expected to boost high demand due to increasing applications in various end-user industries. Fuming Nitric Acid containing dissolved nitrogen oxides prepared as either a colorless to pale yellow or a red to brown corrosive poisonous liquid and used especially as a nitrating agent and as a powerful oxidizing agent. About two-thirds of the nitric acid is used for the production of ammonium nitrate which finds wide application in fertilizers. Moreover, rising demand for nylon 6-6, as a replacement for metals in the automotive industry is fueling the growth of the concentrated nitric acid market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Leading key players are focusing on strategic partnerships to improve their products and services. Companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Fuming Nitric Acid market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
CF Industries (United States), Deepak Fertilisers and Petrochemicals Corp. Ltd. (India), Agrium Inc.(Canada), Koch Fertilizers LLC (United States), Hanwha Corporation (South Korea), LSB Industries Inc. (United States), Shandong Fengyuan Chemical Stock Co. Ltd. (China), Ube Industries (Japan), National Chemical Group (Russia) and OCI N.V. (Netherlands) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Yara International (Norway).
Segmentation Overview
AMA Research has segmented the market of Global Fuming Nitric Acid market by Type (Direct Method, Indirect Method and Hyperazeotropic Distillation), Application (Strong Oxidant, Dye, Nitration, Rocket Fuel and Others) and Region.
On the basis of geography, the market of Fuming Nitric Acid has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by End User, the sub-segment i.e. Agrochemicals will boost the Fuming Nitric Acid market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Adoption in Automotive & Infrastructure Industries and The Rising Need of Strong Oxidant In Industries
Market Growth Drivers:
The Growing Demand for Aniline in Various End-Use Industries and The Increasing Demand for Fertilizer and Rising Need for High Crop Yield
Challenges:
Bio-Based Adipic Acid Production and The Stringent Government Regulation in Europe and North America
Restraints:
The Increasing Concern Environmental and Government Regulations and Slow Growth of Fertilizer Industry and Toxic Nature of Ammonium Nitrate and Nitrobenzene
Opportunities:
The Growing Adoption for Technical Ammonium Nitrate
In August 2023, Deepak Fertilisers And Petrochemicals Corporation Limited, a leading producer of industrial chemicals, mining chemicals and fertilisers in India has announced brownfield expansion of nitric acid at Dahej in Gujarat which is part of its strategic growth journey.
Key Target Audience
Fuming Nitric Acid Manufactures, Fuming Nitric Acid Suppliers, Fuming Nitric Acid Distributors, Government Regulatory Bodies, Government Research Organizations, Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.