Latin America Nitric Acid Market Size & Outlook, 2023-2030
Latin America nitric acid market, 2018-2030 (US$M)
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Latin America nitric acid market highlights
- The Latin America nitric acid market generated a revenue of USD 807.2 million in 2023.
- The market is expected to grow at a CAGR of 1.1% from 2024 to 2030.
- In terms of segment, fertilizer was the largest revenue generating application in 2023.
- Nitrobenzene is the most lucrative application segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 807.2 million |
| Market revenue in 2030 | USD 874.3 million |
| Growth rate | 1.1% (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 |
| Key market players worldwide | Basf SE, DuPont de Nemours Inc, Nutrien Ltd, APA Corp, CF Industries Holdings Inc, Incitec Pivot Ltd, Sasol, Eastman Chemical Co, LSB Industries Inc, Thyssenkrupp AG, Yara International ASA |
Other key industry trends
- In terms of revenue, Latin America region accounted for 2.7% of the global nitric acid market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- MEA is the fastest growing regional market and is projected to reach USD 1,847.1 million by 2030.
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Nitric Acid Market Scope
Nitric Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America 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 79.3% in 2023. Horizon Databook has segmented the Latin America 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.
Brazil is the largest producer of soybeans, soybeans, wheat, rice and coffee among other Central & South American countries. The agricultural sector in the country is expected to grow at a fast pace due to the presence of highly cultivable land and suitable climatic conditions.
Brazil agro-industrialists own over 800,000 farms, which occupy over 75.7% of the country’s agricultural land, with 62% of agriculture output. These factors are projected to propel the demand for nitric acid in agrarian applications in the country over the next decade.
Argentina displays high potential in terms of chemical usage across multiple end-use industries despite a lack of foreign investments and feedstock availability. In 2012, Argentina recorded revenue of USD 30.2 billion from the chemical industry, a contribution of 12% to the overall GDP of the country.
As of 2018, the country had a strong market for chemicals with the presence of numerous regional players. However, since the past three decades, the country has been facing turbulence in terms of the availability of raw materials and decreasing oil reserves.
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Our clientele includes a mix of nitric acid market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America nitric acid market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America nitric acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America nitric acid market size, by country, 2018-2030 (US$M)
Latin America Nitric Acid Market Outlook Share, 2023 & 2030 (US$M)
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