The global nitric acid market was valued at USD 29.8 billion in 2022 and is projected to experience a compound annual growth rate (CAGR) of 2.4% from 2023 to 2030. This growth is primarily fueled by the increasing demand for nitric acid from fertilizer formulators and the rising consumption of fertilizers in agricultural economies worldwide. The escalating demand for food has led to the expansion of various fertilizers and agricultural practices globally, aimed at optimizing crop yields, reducing cultivation time, and promoting healthy crop growth. Nitric acid plays a crucial role as a key ingredient in the production of nitrogen fertilizers, which are essential for the agricultural sector.

The nitric acid market is characterized by intense competition, particularly due to the presence of multinational corporations that are continually innovating to gain a larger market share. Major players in the industry, such as BASF SE, Dow Chemicals, Nutrien, and CF Industries, dominate the market by offering a diverse range of products tailored for various applications, coupled with a robust global presence.

Gather more insights about the market drivers, restrains and growth of the Nitric Acid Market

Regional Insights

Europe Nitric Acid Market Trends

Europe held the dominant share of the market in 2022, accounting for 65.40% of the total market. This leadership can be attributed to several factors, most notably the presence of a well-established and efficient value chain, alongside a significant level of domestic consumption within the region. Growth in Central Europe is characterized by steady and moderate expansion, although the majority of the demand is concentrated in Eastern Europe, which presents substantial opportunities for future growth. The automotive and chemical industries are the key drivers of demand for the product in the region, playing a crucial role in the market’s expansion.

In France, the market for nitric acid benefits from the country’s highly specialized chemical industry, which provides strong growth opportunities. The consumption of nitric acid in France is expected to experience a notable increase due to the presence of major specialty chemical manufacturers, including leading names such as Arkema, Air Liquide, Solvay, SEQENS, L’Oréal, BASF, DowDuPont, Henkel, and Bayer. With government initiatives aimed at fostering a sustainable economic environment for the chemical sector, the demand for nitric acid in France is projected to grow at a steady pace in the coming years.

North America Nitric Acid Market Trends

In North America, the region was the second-largest contributor to global revenue in 2022. This can be attributed to the fact that the fertilizer industry represents the largest application segment in the region, driven by the high demand for nitrogenous fertilizers. Additionally, North America benefits from a favorable industrial environment that supports the growth of this sector. The growing population, coupled with increasing incomes, is expected to continue fueling the demand for agricultural products, thereby driving the demand for fertilizers and further boosting the nitric acid market in the region.

Browse through Grand View Research's Category Agrochemicals & Fertilizers Industry Research Reports.

• The global biostimulants market size was valued at USD 2.6 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 7.4% from 2023 to 2030. 
• The global crop protection chemicals market size was valued at USD 43.24 billion in 2022 and is expected to expand at a compounded annual growth rate (CAGR) of 5.6% from 2023 to 2030.

Key Companies & Market Share Insights

Most companies are focusing on improving their presence in emerging as well as potential markets such as Asia Pacific and Central & South America by entering into strategic collaborations and establishing new plants. For instance, In October 2020, Nufarm Ltd combined Australian and New Zealand businesses with Asia businesses to create an Asia Pacific business. Asia Pacific business incorporates crop protection operations in Australia, New Zealand, and South-East Asia. This was made to improve the supply chain, efficiency, and manufacturing capabilities, and develop opportunities across the region. Some of the prominent players in the global crop protection chemicals market include:

• American Vanguard Corp
• Dow Chemical Company
• Arysta LifeSciences Corporation
• Bayer AG
• BASF SE
• FMC Corporation
• Corteva
• Chr. Hansen Holding A/S
• Bioworks
• Syngenta Group

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.