U.S. Nitric Acid Market Size & Outlook, 2023-2030
U.S. nitric acid market, 2018-2030 (US$M)
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U.S. nitric acid market highlights
- The U.S. nitric acid market generated a revenue of USD 4,187.9 million in 2023 and is expected to reach USD 5,247.6 million by 2030.
- The U.S. market is expected to grow at a CAGR of 3.3% 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.
Nitric acid market data book summary
| Market revenue in 2023 | USD 4,187.9 million |
| Market revenue in 2030 | USD 5,247.6 million |
| Growth rate | 3.3% (CAGR from 2023 to 2030) |
| Largest segment | Fertilizer |
| Fastest growing segment | Nitrobenzene |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, U.S. accounted for 13.8% of the global nitric acid market in 2023.
- Country-wise, Russia is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. nitric acid market is projected to lead the regional market in terms of revenue in 2030.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 5,247.6 million by 2030.
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Nitric Acid Market Scope
Nitric Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
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U.S. 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 77.75% in 2023. Horizon Databook has segmented the U.S. 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.
The U.S. is one of the major consumers of nitric acid globally. The growth in the manufacturing industry is expected to augment demand for nitric acid over the forecast period. The consumption of nitric acid in the U.S. is highly dependent on industries such as automotive, chemical and electronics industry as nitric acid derivatives form important building blocks in these industries.
Fertilizers are the major application segment in the region owing to the high demand for nitrogenous fertilizers and the presence of manufacturers such as Trammo, Dow Inc., INVISTA, and LyondellBasell. However, uncertainties surrounding corn yields and overproduction in the previous years is expected to result in consolidation in demand.
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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 country-level data and insights on the U.S. nitric acid market , including forecasts for subscribers. This country databook contains high-level insights into U.S. nitric acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. nitric acid market size, by application, 2018-2030 (US$M)
U.S. Nitric Acid Market Outlook Share, 2023 & 2030 (US$M)
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