Industry/ Innovation/ Related News:
November 2017- Agrium Inc. made a settlement with subsidiary of Trammo Inc. known as Trammo Nitrogen Products Inc., to sell Agrium’s North Bend, Ohio nitric acid facility. Moreover, the company sell its Conda, Idaho, and phosphate production facility to Itafos Company. With this agreement the company help win U.S. Federal Trade Commission approval of merger.
April 2017- Grupa Azoty Group, a Polish chemical company signed an agreement with Thyssenkrupp Industrial Solutions AG for the license for a nitric acid production technology. Construction of new nitric acid manufacturing unit located at Pulawy (Poland) will strengthen the Grupa Azoty position among the leading manufacturers of nitric acid across the globe. In addition to this, this investment will allow company to market new products and expand its product portfolio in fertilizer segment.
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The Nitric Acid Market Report analyses the degree of competition among the market players as well as industry growth and market scenario. The Global Nitric Acid Market consist of diverse players operating in the market including large scale and small scale manufacturers. This industry is focusing towards growth consolidation specifically by Asia Pacific as small scale and major players are from this region specifically from China, South Korea, Thailand, and India. Additionally, nitric acid manufacturers from Europe and North America are planning to expand their manufacturing base to Asia Pacific region in order to meet the demand for Nitric Acid in this region. Moreover, the market is rising with a significant growth rate which raises the competitive rivalry among the industry players.
Nitric Acid Market – Summary
Nitric Acid belongs to a class of inorganic acids which is both extremely corrosive and toxic. On the basis of nature of nitric acid, unstable nitric acid is extensively used in explosives whereas stable nitric acid is used in the production of dyes, paints, and pigments. The Nitric Acid Market is expected to grow tremendously and register a strong growth over the assessment period. Growth of global nitric acid market is predominantly driven by fertilizer and explosive industry. Furthermore, increasing industrial explosive market coupled with strong demand for mining and construction activities is predicted to fuel the market growth. Increasing defense activities due to rising terrorism activities has resulted in increasing demand for explosives which in turn is estimated to propel the market growth over the forecast period. In addition to this, increase in need of fertilizer to meet the rising quality food demand with followed by raise in crop production is predicted to drive market growth. Nitric Acid is majorly used in the manufacturing of fertilizer followed by adipic acid. Adipic acid is further used in the production of automobile parts. Increasing automobile production & sales across the globe is estimated to fuel the demand for nitric acid in near future. Some of the prominent drivers supporting the market growth are rapidly growing agriculture and automotive industry, and rising construction activities.
Geographically, Asia Pacific emerged as the leading market for Nitric Acid followed by North America and Europe in 2016. The Asia Pacific region provide huge growth potential for Nitric Acid and is estimated to register highest CAGR on account of continuous growth of pharmaceutical, textile, and fertilizer industry specifically in China, India, and South Korea. Moreover, end use industrial growth in various countries of Asia Pacific such as South Korea, India, Japan, China, Thailand, Vietnam, Bangladesh, and Malaysia. Furthermore, rising investment by major companies and shifting of production facilities in this region is estimated to drive the nitric acid regional market growth. North American market is predicted to witness moderate growth due to expansion of pharmaceutical sector. Europe is estimated to witness moderate growth on account of significant growth of automobile and textile industries. Moreover, stringent regulations imposed by regulatory bodies in Europe and North America is estimated to slightly hinder market growth.
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