According to Fortune Business Insights, The global nitric acid market size was valued at USD 23.73 billion in 2023 and is projected to grow from USD 24.56 billion in 2024 to USD 32.64 billion by 2032, exhibiting a CAGR of 3.6% during the forecast period. Asia Pacific dominated the nitric acid market with a market share of 51.45% in 2023. Nitric acid (HNO3), also known as aqua fortis, is a colorless compound that turns yellow over a period of time due to the decomposition of nitrogen and water into oxides.
Vehicle manufacturers are concentrating on cutting-edge technologies owing to the rising demand for lightweight automobiles. This, in turn, is anticipated to propel the demand for HNO3 as companies are transitioning toward nylon to reduce weight and enhance fuel capacity. Fortune Business Insights presents this information in their report titled "Global Nitric Acid Market, 2024–2032."
Dominance of Fertilizers Segment Driven by Growing Agricultural Activities
Based on application, the market is segmented into fertilizers, nitrobenzene, adipic acid, toluene di-isocyanate, and others. The increasing demand for agricultural activities to meet the needs of a growing population has led to the fertilizers segment holding the largest share nitric acid market share. It is utilized in the production of fertilizers such as ammonium nitrate and calcium ammonium nitrate, which play a vital role in achieving high-quality and abundant crop yields.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.