Concentrated Nitric Acid Market Global Size and Share by Top Players Forecast to 2030
Concentrated nitric acid market (HNO3) is a highly reactive and corrosive chemical commonly used in the manufacturing of fertilizers, explosives, dyes, and other chemicals. The global market for concentrated nitric acid is expected to grow significantly in the coming years, driven by increasing demand from various end-use industries. Market Drivers: Growing demand from the fertilizer industry: The fertilizer industry is the largest consumer of concentrated nitric acid, accounting for more than 80% of the global demand. The increasing global population and food demand are driving the growth of the fertilizer industry, which in turn is boosting the demand for concentrated nitric acid. Increasing demand from the explosives industry: Concentrated nitric acid is a key ingredient in the production of explosives, including dynamite, TNT, and nitroglycerin. The rising demand for explosives from the mining, construction, and defense industries is fueling the demand for concentrated ...