Global Nitric Acid Market Size & Outlook
Global nitric acid market, 2018-2030 (US$M)
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Global nitric acid market highlights
- The global nitric acid market generated a revenue of USD 30,328.3 million in 2023 and is expected to reach USD 35,814.4 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 2.4% by 2030.
- In terms of segment, fertilizer accounted for a revenue of USD 24,358.5 million in 2023.
- Nitrobenzene is the most lucrative application segment registering the fastest growth during the forecast period.
- In terms of region, Europe was the largest revenue generating market in 2023.
- Country-wise, Ukraine is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 30,328.3 million |
| Market revenue in 2030 | USD 35,814.4 million |
| Growth rate | 2.4% (CAGR from 2023 to 2030) |
| Largest segment | Fertilizer |
| Fastest growing segment | Nitrobenzene |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Fertilizer, Nitrobenzene, Adipic Acid, Toluene di-isocyanate, Nitrochlorobenzene, Other Applications |
Other key industry trends
- In terms of revenue, the North America accounted for 18.5% of the global nitric acid market in 2023.
- By country, the Russia is projected to lead the global market in terms of revenue in 2030.
- By country, Ukraine is the fastest growing regional market and is projected to reach USD 1,010.7 million by 2030.
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Nitric Acid Market Scope
Nitric Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global nitric acid market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to nitric acid market will help companies and investors design strategic landscapes.
fertilizer was the largest segment with a revenue share of 80.32% in 2023. Horizon Databook has segmented the Global nitric acid market based on fertilizer, nitrobenzene, adipic acid, toluene di-isocyanate, nitrochlorobenzene, other applications covering the revenue growth of each sub-segment from 2018 to 2030.
Market Dynamics
Fertilizers are used to improve the yield of soil. They can be classified into two types organic and inorganic. Manure, fish meal, granite meal, and seaweed fall under the organic type. Inorganic fertilizers include nitrogen fertilizers, potassium fertilizers, and phosphorus fertilizers. Inorganic fertilizers are more commonly used since they give quick results in comparison to organic fertilizers.
Inorganic fertilizers can be divided into two broad sub-segments, namely macronutrients and micronutrients. Macronutrients are the elements that are needed in larger quantities and include nitrogen, phosphorus, potassium, and calcium.
Out of these, nitrogen is the most important nutrient. Micronutrients include elements such as iron, manganese, and chlorine, which are used in minute quantities. Growing demand for food grain due to the increasing population and the positioning of subsidiary scheme to purchase fertilizers by the governments of various nations have increased the consumption of fertilizers in the agriculture sector.
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Horizon Databook provides a detailed overview of global-level data and insights on the Global nitric acid market , including forecasts for subscribers. This global databook contains high-level insights into Global nitric acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global nitric acid market statistics, by regions, 2018-2030 (US$M)
Top 10 countries: Nitric acid market size, 2023 (USD Million)
Top 10 countries: Nitric acid market size, 2023 (USD Million)
Global nitric acid market, by region, 2023 (US$M)
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