Nitric acid, also known as spirit of niter or aqua fortis, is a colorless and highly corrosive mineral acid. It is a strong oxidizing agent and dissolves metals, including silver, iron and copper. The nitric acid market is likely to witness growth over the coming years. This is due to increasing demand for nitric acid from Asia Pacific.
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Increasing demand for nitric acid from agricultural and aerospace industries is expected to propel the demand for nitric acid market in the years ahead. The most common use of nitric acid is in the manufacture of fertilizers for agricultural purposes. Increasing population and rising need for high yielding crops are predicted to drive the market further. However, environmental concerns regarding the use of ammonium nitrate fertilizers are likely to hinder the market.
The nitric acid market can be bifurcated into applications and geographies. The market, on the basis of applications, can be fragmented into chemicals compounds, explosives and ammonium nitrate. Ammonium nitrate fertilizers captured more than half of the global consumption. It was projected to be the largest application of nitric acid.
Globally, the nitric acid market can be divided into North America, Asia Pacific, Europe and ROW (rest of the world). Asia Pacific dominated the nitric acid market in 2013. This is due to the existence of fertilizer & chemical industries across the region and increasing agricultural demand from China and India.
Europe continued to be on second position and was followed by North America. Strict governmental regulations regarding the use of synthetic fertilizers have shifted the demand for the nitric acid market in developing economies, including China and India.
Information Source: Radiant Insights