Nitric acid, also mentioned to as the aqua fortis and spirit of niter, is a greatly corrosive mineral acid. Generally, the nitric acid is expansively utilized in countless agrochemicals productions likewise ammonium nitrate (AN), calcium ammonium nitrate and urea ammonium nitrate. The pure compound is colorless, however older samples appear to be the cast yellow owing to decay into the nitrogen oxides and water. Nitric acid is color less in its pure form, but it turns pale yellow owing to the decomposition of oxides. Nitric acids are commonly used in the introduction of pigments, dyes, and paints.
According to the report analysis, ‘Global Nitric Acid (CAS 7697-37-2) Market, 2021-2027’ states that Yara International ASA, CF Industries Holdings, Inc., UBE Industries, Ltd., OCI N.V., Lsb Industries Inc., Koch Industries, Inc., Kemerovo JSC Azot, Hanwha Corporation, Deepak Fertilisers and Petrochemicals Corp. Ltd.,Trammo, Inc. (Agrium Inc.), Huafeng Group, Sinopec Nanjing Chemical Industries Co., Ltd., Anhui Jinhe Industrial Co., Ltd., Jiangsu Yinzhu Chemical Group Co., Ltd., Anhui Huaertai Chemical Co., Ltd., China National Petroleum Corporation, Wanhua Chemical Group Co., Ltd., Jilin Connell Chemical Industry Co., Ltd., Cangzhou Dahua Group Co., Ltd. and many more are the foremost entities which recently operating in the nitric acid market more actively for registering the great value of market share, obtaining the competitive edge, leading the highest market growth, ruling around the globe, keep maintaining the governing position and generating the high percentage of revenue by spreading the awareness connected to the benefits and features of such, establishing the several research and development programs, increasing the benefits and applications of nitric acid, delivering the better consumer satisfaction, employing the young and active personnel, improving the qualitative and quantitative measures of such, implementing the policies and strategies of enlargement and profit making, and delivering the better consumer satisfaction.
The nitric acid market is propelling its growth in the forecast duration owing to the growing fertilizer demand with the increasing high crop yield requirements. In addition, the military and defence industries are growing demands for ammonium nitrate broadly utilized in explosives to boost the nitric acid market growth. The market has predicted that growing nitric acid consumption in chemicals such as adipic acid and toluene di-isocyanate (TDI) will boost the market requirement in the upcoming years.
Furthermore, one of the foremost applications of nitric acid is the formulation of adipic acid. Nylon, which is expressed from adipic acid, is lengthily used by automobile manufacturers. Nylon products are utilized in the automotive industry as an additional for heavy metal components. Vehicular weight deduction leads to more fuel economy owing to low vehicular mass and thereby leads to low carbon emissions owing to smaller fuel consumption. Increasing environmental concerns lead to stringent regulations in developed economies such as North America and Europe, due to which automotive manufacturers progressively adopt lightweight materials. This is projected to drive the requirement for nylon 6, 6 over the forecast duration.
The effective growth in requirement for adipic acid to formulate nylon resins and fibers for automotive interior manufacturing is recognized as a foremost market driver. It is broadly utilized as a precursor for the production of nylon 6,6, which is lengthily used in the automotive sector around the globe.
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Ankur Gupta, Head Marketing & Communications