The concentrated nitric acid market is projected to reach USD 25.24 billion by 2022, at a CAGR of 3.1% from 2017 to 2022. Concentrated nitric acid is a colorless acid in its pure form, while get a yellowish shade on long storage. It is primarily used in the manufacturing of nitrogenous fertilizers and explosives.
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Increasing production capacity and distribution network (expansion) was the key strategy adopted by the leading players to strengthen their position in the concentrated nitric acid market between 2014 and 2016. Some of the leading players operating in the concentrated nitric acid market are Agrium Inc. (Canada), BASF (Germany), CF Industries (US), Hanwha Corporation (South Korea), Linde Group (Germany), LSB Industries (US), PotashCorp (Canada), OCI NV (Netherlands), Shandong Fengyuan Chemical Co. Ltd (China), Deepak Fertilizers and Petrochemicals Corp. Ltd. (India), Ube Industries (Japan), and Yara International (Norway). These companies also adopted new product developments and mergers & acquisitions to expand their product portfolios and extend their reach to new customers.
Yara International has a strong position in the concentrated nitric acid market. It covers the complete value chain of concentrated nitric acid, from ammonia (raw material) to end product (fertilizers). Nitric acid is used by Yara to produce urea, Nylon-66, polyurethanes, and nitrocellulose, along with nitrating acid and Dinitrogen Tetroxide (DNTO). DNTO is also used in explosives and rocket fuels. Yara International caters various industries such as chemical, pharmaceutical, aviation, and agriculture. The company sells its products to more than 150 countries with sales offices located in more than 50 countries around the world.
CF Industries is a US based leading nitrogen based fertilizer manufacturing company, with a nitrogen nutrients production capacity of 6.7 million tons. The business segments of CF Industries include ammonia, granular urea, urea ammonium nitrate, and others. The concentrated nitric acid is sold under the other products segment, along with diesel exhaust fluid, nitrogen sulfur, NPK compound fertilizers, and urea liquor. The company also produces ammonia, the raw material to manufacture nitric acid. The company has total 21 nitric acid production plants, situated in the US (14), Canada (1), and the UK (6). The reduced ammonium nitrate and urea ammonium nitrate production in the US is expected to increase the merchant concentrated nitric acid sale in the region. CF fertilizers, UK (formerly known as GrowHow) was acquired by CF Industries, in August 2015.