Why did the Nitric Acid Price Change in July 2025? The Nitric Acid Price Index in North America rose by 0.5% quarter-over-quarter in Q2 2025, driven mainly by persistent supply constraints in May and June, despite a weak April.

Get the latest insights on price movement and trend analysis of Nitric Acid in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

The global nitric acid market is estimated to record sales of USD 32.7 billion in 2025 and surpass USD 43.5 billion by 2035, exhibiting a CAGR of 2.9%.

Metric	Value
Market Size in 2025	USD 32.7 billion
Projected Market Size in 2035	USD 43.5 billion
CAGR (2025 to 2035)	2.9%

Country-wise Outlook

Country	CAGR (2025 to 2035)
USA	3.1%

Country	CAGR (2025 to 2035)
UK	2.7%

Region	CAGR (2025 to 2035)
EU	2.6%

Country	CAGR (2025 to 2035)
Japan	2.9%

Country	CAGR (2025 to 2035)
South Korea	2.8%

In 2024, nitric acid price trends experienced high volatility with steep rises in markets such as North America and Europe because of feedstock price increases and supply interruptions, while oversupply and poor demand in China resulted in decreases.

• The industry was valued at US$ 19.8 Bn in 2023
• It is estimated to grow at a CAGR of 4.2% from 2024 to 2034 and reach US$ 31.0 Bn by the end of 2034

Market Introduction

Attribute	Detail
Drivers	High Demand for Fertilizers Rise in Investment in Concentrated Nitric A

Regional Outlook

Attribute	Detail
Leading Region	Asia Pacific

Nitric Acid Market Snapshot

Attribute	Detail
Market Size in 2023	US$ 19.8 Bn
Market Forecast (Value) in 2034	US$ 31.0 Bn
Growth Rate (CAGR)	4.2%
Forecast Period	2024-2034
Historical Data Available for	2020-2022
Quantitative Tons	US$ Bn for Value
Market Analysis	It includes segment analysis as well as regional level analysis. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces Analysis, value chain analysis, and key trend analysis.
Competition Landscape	Market share analysis by company (2023) Company profiles section includes overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy and recent developments, and key financials
Format	Electronic (PDF) + Excel
Market Segmentation	By Application Fertilizers Nitrobenzene Toluene Diisocyanate (TDI) Adipic Acid Metal Processing Others
Regions Covered	North America Europe Asia Pacific Latin America Middle East & Africa
Countries Covered	U.S. Canada Germany France U.K. Italy Russia & CIS China India Japan ASEAN Brazil Mexico GCC South Africa
Companies Profiled	BASF SE The Chemours Company Eurochem Group Dyno Nobel Nutrien Ltd. Sumitomo Chemical Co., Ltd. Yara CF Industries Deepak Fertilisers and Petrochemicals Corporation Limited OCI
Customization Scope	Available upon request
Pricing	Available upon request

Explore the factors influencing nitric acid price trends, including raw material costs, demand from agriculture and industry, and global economic conditions. Discover how ammonia prices, regulatory impacts, and technological advancements shape this essential chemical's market dynamics.

The Nitric Acid Market Segments the Industry by Concentration (Weak Nitric Acid (less Than or Equal To 68%), Concentrated Nitric Acid (68 To 98%), and Fuming/Red Fuming (more Than 98%)), End-User Industry (Fertilizers, Chemical Manufacturing, Explosives, Aerospace, Inks, Pigments, and Dyes, and Other End-User Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

The North American Nitric Acid market saw a 2% quarter-on-quarter increase in Q1 2025. Early in the quarter, supply was disrupted due to extreme freezing temperatures that triggered a force majeure at OCI Beaumont LLC and maintenance shutdowns at key CF Industries plants, affecting ammonia availability—Nitric Acid’s primary feedstock. Logistics constraints in road and ocean freight further tightened raw material flows. Meanwhile, demand from the fertilizer sector surged as farmers accelerated purchases ahead of spring planting, driven by fears of shortages and anticipated tariff hikes.

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Nitric Acid Market Forecast 2023-2027

The Nitric Acid Market size is estimated to grow by 6.66 million T between 2022 and 2027, exhibiting a CAGR of 1.98%. Market growth hinges on multiple factors, such as the expansion of the automotive sector, rising utilization of polyurethane foam, and the heightened demand for TNT explosives. Challenges entail health concerns linked to fertilizers, NOx emissions during adipic acid production, and dwindling demand for ammonium nitrate. Our report examines historic data from 2017 to 2021 besides analyzing the current market scenario. This sector heavily relies on materials such as nylon 66 and polyurethanes, both of which are derived from nitric acid, for their lightweight yet durable properties. With the increasing sales of passenger and commercial vehicles, there is a parallel surge in demand for nitric acid to meet the production needs of these essential automotive components. As automotive manufacturers strive to meet consumer demands for lighter, more fuel-efficient vehicles without compromising on durability and safety, the demand for materials derived from nitric acid continues to rise, driving growth in both the automotive and nitric acid industries.

What will be the Nitric Acid Market Size During the Forecast Period?

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Market Segmentation

This report extensively covers market segmentation by Application (fertilizers and others) and Geography (Europe, APAC, North America, South America, and Middle East and Africa).

Application Analysis

The market share growth by the fertilizers segment will be significant during the forecast period. Fertilizers provide essential nutrients for the healthy growth of plants and crops. It acts as an oxidizer and increases the nitrogen content of the soil by providing essential nutrients required for the growth of plants.

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The fertilizers segment was valued at USD 50.62 million t in 2017 and continued to grow by 2021. It is produced from ammonia, which is the main chemical used for manufacturing fertilizers. Ammonium nitrate is the most important chemical produced from this chemical, the majority of which is used for manufacturing fertilizers. Ammonium nitrate is also used in alloy fertilizer blends, including UAN. The rising use of fertilizers is leading to groundwater contamination, which is increasing its adoption. Urea is becoming the main nitrogen fertilizer as it has no safety-related issues, is economical, and contains more nitrogen. The demand for nitrates in the preparation of explosives is also increasing. The rising demand in the preparation of fertilizers used extensively in APAC is anticipated to drive market growth.

Region Analysis

APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Europe is another key region in the global market. The demand in this region is mainly fueled by its increasing use of fertilizers and explosives. There is a high demand for lightweight vehicles in Europe from major manufacturers such as Volkswagen, Mercedes, Ferrari, BMW, and Audi. Nylon 66, which is produced from adipic acid, is increasingly being used in car parts for fuel efficiency.

Market Definition

It is a colorless, strong, and corrosive mineral acid. It is used for manufacturing fertilizers. Apart from fertilizers, it is also used in dairy processing for the removal of calcium and magnesium deposits.

Market Dynamics and Customer Landscape

The market is witnessing robust growth driven by several key factors. Firstly, the increasing demand from the fertilizer industry, spurred by the need for enhanced crop yields to meet the rising global food demand, is a significant driver. Nitric acid plays a crucial role in the production of nitrogen-based fertilizers like ammonium nitrate and calcium ammonium nitrate, thereby propelling its market growth. Additionally, the expansion of manufacturing activities across diverse sectors such as automotive, textile, and construction further fuels the demand for nitric acid. Its usage in processes like dye manufacturing, resin production, and insulation materials underscores its importance in various manufacturing processes, contributing to market expansion.

Furthermore, technological developments in nitric acid production processes are driving market growth. Companies like BASF SE and Dow Chemicals are spearheading innovations to enhance efficiency and reduce environmental impact, thereby bolstering market prospects. Despite these positive trends, challenges such as health-related hazards associated with nitric acid production and supply chain di

The Concentrated Nitric Acid Market report segments the industry into By Type (Strong, Fuming), By Application (Ammonium Nitrate, Adipic Acid, Nitrobenzene, Toluene Diisocyanate, Trinitrotoluene, Other Applications), By End-user Industry (Agrochemical, Explosives, Automotive, Electronics, Other End-user Industries), and By Geography (Asia-Pacific, North America, Europe, South America, Middle East and Africa).

The global nitric acid market, currently valued at approximately $XX million (estimated based on available CAGR and market trends), is projected to experience steady growth, exhibiting a compound annual growth rate (CAGR) of 3.12% from 2025 to 2033. This growth is fueled by several key drivers. The burgeoning fertilizer industry, a significant consumer of nitric acid, is a primary contributor. Increased agricultural activity to meet global food demands necessitates higher fertilizer production, thus boosting nitric acid consumption. Furthermore, the expanding production of nylon and other synthetic fibers relies heavily on nitric acid as a crucial raw material, further stimulating market expansion. Technological advancements in nitric acid production, leading to enhanced efficiency and reduced environmental impact, also contribute positively. However, stringent environmental regulations aimed at mitigating nitric oxide emissions present a significant restraint. Fluctuations in raw material prices, primarily ammonia, can also impact market dynamics, potentially leading to price volatility. Market segmentation reveals a diverse landscape, with significant contributions from various regions (data not provided but can be inferred from similar markets to show regional breakdown). Leading players, including BASF SE, CF Fertilisers UK, Deepak Fertilisers, and others, are strategically investing in capacity expansion and technological upgrades to maintain their market share. The competitive landscape is characterized by a mix of large multinational corporations and regional players. Strategies employed include mergers and acquisitions, capacity expansion, and strategic partnerships to gain a competitive edge. Geographic expansion into developing economies with growing agricultural sectors represents another area of significant focus. While the market faces challenges related to environmental concerns and raw material costs, the persistent demand driven by agricultural intensification and the industrial sector is expected to sustain market growth throughout the forecast period. Future projections indicate a continued increase in nitric acid demand, albeit at a moderate pace, influenced by evolving global economic conditions and technological advancements in the industry. Recent developments include: August 2023: Deepak Fertilisers And Petrochemicals Corporation Limited announced the brownfield expansion of nitric acid at Dahej in Gujarat, which is part of its strategic growth journey. Its Board of Directors approved the setting up of a Weak Nitric Acid (WNA) plant with a capacity of 300 KT PA and two Concentrated Nitric Acid (CNA) plants with a total capacity of 150 KT PA., July 2023: CF Fertilisers UK Limited, a subsidiary of CF Industries Holdings, Inc., announced a proposal to permanently close the ammonia plant at its Billingham Complex in order to secure the long-term sustainability of its business in the United Kingdom and more efficiently serve its customers in the country. The Company intends to continue to produce ammonium nitrate (AN) fertilizer and nitric acid at the Billingham site using imported ammonia, as it has for the last ten months following its decision to temporarily idle the plant in August 2022., December 2022: According to the most recent Securities & Exchange Commission filing, Ritholtz Wealth Management increased its position in CF Industries Holdings, Inc. by 99.9% during the third quarter. After acquiring an additional 11,176 shares during the quarter, the business now owned 22,368 shares of the basic materials company's stock., June 2022: CF Fertilisers UK Limited announced plans to restructure its operations in the United Kingdom. CF Fertilisers UK intends to focus its production operations in the United Kingdom entirely at the Billingham manufacturing facility in Teesside. Billingham has a sizable volume of ammonia and nitric acid industrial contracts that pass on natural gas costs to consumers, laying the groundwork for lucrative operations.. Key drivers for this market are: Increasing Usage from the Fertilizers Segment, Increasing Demand from Explosives Manufacturing. Potential restraints include: Increasing Usage from the Fertilizers Segment, Increasing Demand from Explosives Manufacturing. Notable trends are: Increasing Demand from the Fertilizer Industry.

The global nitric acid market size reached USD 31.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 41.95 Billion by 2033, exhibiting a growth rate (CAGR) of 3.44% during 2025-2033. The rising demand for nitrogen fertilizers from the agriculture industry, the increasing product applications in the production of TDI and adipic acid, and technological advancements in manufacturing processes represent some of the key factors driving the market.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 31.0 Billion
Market Forecast in 2033	USD 41.95 Billion
Market Growth Rate (2025-2033)	3.44%

IMARC Group provides an analysis of the key trends in each segment of the global nitric acid market report, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on type, application, distribution channel, and end use.

The global nitric acid market reached a value of about USD 26.99 Billion in 2024. The industry is further expected to grow at a CAGR of about 3.00% in the forecast period of 2025-2034 to reach a value of around USD 36.27 Billion by 2034.

According to Cognitive Market Research, the AC Motor Market Size will be USD XX Billion in 2025 and is set to achieve a market size of USD XX Billion by the end of 2033 growing at a CAGR of XX% from 2025 to 2033.

North America held largest share of XX % in the year 2024 Europe held share of XX % in the year 2024 Asia-Pacific held significant share of XX % in the year 2024 South America held significant share of XX % in the year 2024 Middle East and Africa held significant share of XX % in the year 2024 Market Dynamics Drivers for Nitric Acid

Rising Demand from Multiple End-use Sectors like Agriculture and Construction to Support Market Growth

Nitric acid finds tremendous usage in the agriculture sector, where it is utilized for the production of fertilizers like ammonium nitrate, potassium nitrate, calcium ammonium nitrate, and nitro phosphate. Fertilizers are applied to boost crop yield to support the rising food demand due to the growing population. Additionally, the increasing disposable income of consumers has further contributed to increased demand for quality and organic food, thereby contributing to the utilization of bio-based fertilizers and fueling market growth. For instance, as per the 2024 IFOAM – Organics International report7, there were 4.5 million organic farmers growing 96.4 million hectares worldwide in 2022. This development has its roots in the early 20th century when organic farming developed as a reaction to soil erosion, depletion, low crop diversity, and deteriorating food quality. Then, fast mechanisation and greater dependence on synthetic fertilizers and pesticides resulted in substantially increased crop production and lower agricultural expenses. The adverse environmental effects of these activities, however, spurred the evolution of the organic farming movement. The increasing construction activities also enhance the market growth as Toluene di-isocyanate (TDI) and HNO3 intermediate are utilized in producing polyurethane foams, wood & floor coatings, and insulation materials. Moreover, enhancing the lifestyles of consumers and rising renovation work and new government infrastructure development are driving forces behind the growth of the nitric acid market. Additionally, the product employed for dye production is also a driving force for market growth. The growth of the fashion sector can be related to strong demand for dye in the textile market. (Source- https://apeda.gov.in/) Restraints for Nitric Acid

The strict government regulations for environmental production and reduced waste 

The government applying rigid restrictions to several industrial applications having to do with the production of fertilizers and the incorporation of nitric acid in agrochemicals would further hamper the pace of growth for the market. The market situation will deteriorate if there is no regulation regarding uniformity. Nitric acid is released as a by-product of chemical production, driving motor vehicles, and discharge of pollute effluent in agricultural areas. For instance, Jan 2025, they can also indirectly influence our health by producing a gas known as ozone (O3). Ozone can lead to respiratory issues and exacerbate acute conditions such as asthma and COPD4. Nonetheless, it also impacts our health via chronic exposure through causing lung inflammation, elevating the risk of respiratory illness, and lowering our cardiovascular health. (Source- https://ourworldindata.org/) The respiratory system could find it hard to breathe environmental pollutants. Environmental regulations aimed at minimizing environmental degradation and limiting industrial waste generation are inhibiting the market from expansion. Increasing alarm over the levels of carbon dioxide emissions by automobiles is exerting more pressure on the market. Thus, the Nitric acid is released as a by-product of chemical production and driving motor vehicle. The respiratory system could find it hard to breathe environmental pollutants. Environmental regulations aimed at minimizing environmental degradation.

Impact of the COVID-19 Pandemic on the Nitric Acid Market:

The coronavirus pandemic had a substantial impact on many end-use industries and temporarily paused commerce and manufacturing. Due to declining demand and decreased manufacturing caused by the epidemic, the economy also suffered, which disrupted the supply...

Fuming Nitric Acid Market Outlook

In 2023, the global fuming nitric acid market size was estimated to be approximately USD 1.8 billion, and it is projected to reach around USD 2.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.3% over the forecast period. The driving forces behind this growth include increasing demand from the chemical manufacturing sector, advancements in aerospace technology, and the rising application of fuming nitric acid in pharmaceuticals and electronics. Fuming nitric acid, a highly concentrated form of nitric acid, is a crucial chemical compound used in various end-use industries due to its reactive properties and ability to act as a strong oxidizing agent.

One of the significant growth factors in the fuming nitric acid market is its extensive use in chemical manufacturing. As global industrialization continues to accelerate, the demand for key chemicals and intermediates has surged, driving the demand for fuming nitric acid. This compound is utilized in the production of nitrates and nitro compounds, which are essential for various industrial applications. Furthermore, the push for advanced chemical processes and the development of novel materials have led to an increased reliance on fuming nitric acid, boosting its consumption in the chemical manufacturing sector.

Aerospace and defense industries also play a pivotal role in the growth of the fuming nitric acid market. The compound is widely used in rocket propellants and as an oxidizer in missiles. With global defense budgets on the rise and countries focusing on strengthening their military capabilities, the demand for high-performance propellants has increased. This trend is expected to continue, further propelling the demand for fuming nitric acid. Additionally, the commercial space industry, driven by private space exploration initiatives and satellite launches, is contributing to market expansion by increasing the consumption of this critical chemical.

The pharmaceutical industry is another significant contributor to the growth of the fuming nitric acid market. The compound is used in the synthesis of active pharmaceutical ingredients (APIs) and intermediates, essential for drug formulation. As healthcare needs evolve and new therapeutic solutions are sought, the demand for pharmaceuticals continues to rise, thereby increasing the need for fuming nitric acid. Moreover, the electronics industry, which uses this chemical in the manufacturing of semiconductors and other electronic components, further bolsters the market. The ongoing advancements in technology and the growing consumer electronics market have led to a steady increase in the demand for electronic components, thus driving the use of fuming nitric acid.

Industrial Grade Nitromethane is a key component in various industrial applications, particularly in the production of pharmaceuticals and agrochemicals. Its role as a solvent and intermediate in chemical reactions makes it indispensable for the synthesis of complex organic compounds. The demand for industrial grade nitromethane is driven by its effectiveness in enhancing the efficiency of chemical processes, thereby supporting the growth of industries that rely on high-performance chemical solutions. As industries continue to innovate and develop new materials, the versatility of industrial grade nitromethane ensures its continued relevance and importance in the global chemical market.

Grade Analysis

The fuming nitric acid market is categorized based on grade into red fuming nitric acid (RFNA) and white fuming nitric acid (WFNA). Each grade holds specific characteristics and applications, catering to various industry needs. RFNA, known for its reddish-brown color due to nitrogen dioxide impurities, is primarily used in the aerospace and defense industries. Its high reactivity and effectiveness as an oxidizing agent make it ideal for missile and rocket propellants. With the increasing emphasis on defense capabilities and space exploration, the demand for RFNA is expected to witness a significant upsurge during the forecast period. Moreover, ongoing research into more efficient propellant formulations is likely to further enhance its market share.

White fuming nitric acid, on the other hand, is distinguished by its high purity and minimal nitrogen dioxide presence, making it suitable for applications requiring a high degree of precision and minimal contamination. This includes its use in electronic component manufacturi

The Nitric Acid market was valued at USD 27.25 Billion in 2024 and is expected to reach USD 33.93 Billion by 2030 with a CAGR of 3.72%.

Pages	195
Market Size	2024: USD 27.25 Billion
Forecast Market Size	2030: USD 33.93 Billion
CAGR	2025-2030: 3.72%
Fastest Growing Segment	Adipic Acid
Largest Market	Asia Pacific
Key Players	1. Celanese Corporation 2. Jiangsu sopo chemical co. ltd. 3. Eastman Chemicals Company 4. Archer Daniels Midland 5. Tate and Lyle Plc. 6. BASF SE 7. Dow Chemical 8. BioAmber Inc. 9. Henan Jindan Lactic Acid Technology Co., Ltd. 10. Nature Works LLC

The Nitric Acid Market size was valued at USD 30.39 billion in 2023 and is projected to reach USD 35.88 billion by 2032, exhibiting a CAGR of 2.4 % during the forecasts period. The nitric acid market also entails the creation and sale of a highly reactive chemical with numerous applications with special emphasis on manufactures of fertilizers especially ammonium nitrate that are essential in world food production. It is also used in manufacturing of explosives, nylon precursors , and various industrial chemicals, including nitroglycerin. They include metal cleaning, etching in a production of electronics and even in production of pharmaceutical products. Tons of existing trends include; enhanced usage of nitric acid as a flotation reagent in the mining sector for ore extraction, improvement of production procedures to enhance productivity and minimize adverse effects on the environment besides rising utilization of nitric acid in the sewage industry for the elimination of heavy metals. There are also external pressure from authorities coming into force with regards to emission and sustainability that impact the market to push for changes toward clean production and recycling.

The Nitric Acid Market in Indonesia is segmented by the end-user industry (fertilizers, inks, pigments, dyes, chemical manufacturing, explosives, and other end-user industries (pharmaceuticals, food processing, and others)). The report offers market size and forecasts for the nitric acid market in volume (Kilotons) for all the above segments.

The article discusses the increasing demand for nitric acid and sulphonitric acids in the Asia-Pacific region, leading to a projected upward consumption trend over the next decade. Market performance is expected to grow with a CAGR of +0.3%, reaching a volume of 6.9M tons by 2035. In terms of value, the market is forecasted to increase with a CAGR of +1.9%, reaching $4.6B by the end of 2035.

The concentrated nitric acid market size was over USD 27.2 billion in 2024 and is poised to reach USD 45.8 billion by the end of 2037, growing at around 4.1% CAGR during the forecast period i.e., between 2025-2037. Asia Pacific industry is poised to hold a 43.7% share by 2037, driven by the rapid industrialization and agricultural development in densely populated countries such as China and India.