Nitric Acid Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“Nitric Acid Market Size Worth $14.0 Billion By 2022 | CAGR 1.8%�
The global nitric acid market size is expected to reach USD 14.0 billion by 2022, according to a new report by Grand View Research, Inc., progressing at a CAGR of 1.8% during the forecast period. Flourishing agriculture industry and surging demand for fertilizers are among the key trends escalating market growth. Growing need for high yield in order to meet demands of ever-rising population is creating an upswing in the use of synthetic fertilizers, which is anticipated to have a positive impact on the market. Growth in chemical processing industry, particularly in developing countries including China and India, is likely to further fuel the demand for nitric acid. Ammonium nitrate fertilizer is estimated to be the largest application segment throughout the forecast period due to increasing demand from the agriculture sector coupled with lack of regulations regarding use of nitratebased fertilizers in some developing countries.
Asia Pacific was the leading market for nitric acid in 2013 on account of strong presence of the chemical and fertilizer industries in the region. Stringent regulations in Europe and North America p ertaining to the use of synthetic fertilizers have resulted in shift of demand to emerging economies such as China and India. Central & South American countries, including Mexico and Brazil, are also projected to have strong growth prospects in light of increasing number of chemical companies. Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/nitric-acid-market
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