The U.S. nitric acid market is estimated to be valued at USD 7.60 billion by 2025, propelled by its prevalent use in chemical and fertilizer industries. The need for high crop yield to meet the growing demand for food in tandem with the increasing population has elicited the use of synthetic fertilizers over the past few years and the trend is likely to continue. Thus, market is anticipated to grow at a revenue CAGR of 8% over the projected period.
Fertilizers dominated the U.S. nitric acid market contributing to USD 3.3 billion in 2016. The rising need for organic fertilizers is expected to adversely impact the demand for chemical fertilizers which in turn is expected to hamper the growth of the market. Moreover, presence of stringent regulations regarding the use of nitrate fertilizers is expected to further impact the penetration of nitric acid in these products over the projected period.
Keeping these trends in mind, companies are focusing on R&D to expand the utilization of nitric acid in various mainstream applications such as in agriculture & chemical industry. Manufacturers including Agrium, The Chemours Company, Dyno Nobel, and Johnson Matthey are some of the key players within the U.S. nitric acid market.
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The growth of the U.S. nitric acid industry is driven primarily by consumer demand for high yield in agriculture sector. It is also likely to be favored by the expansion and technological innovations in automotive, chemicals and electronics industry. These factors are likely to result in a tremendous growth of the U.S. market.
Growth of the automotive, chemical and electronics industries are other key factors driving the growth of the market. Toluene di-isocyanate is anticipated to be one of the fastest growing segment of the U.S nitric industry expected to witness a revenue growth at a CAGR of 10.1% over the forecast period.
The demand for the chemical in nitrobenzene stood at 199.6 kilo tons in 2016. Nitrobenzene is used as a precursor to aniline and its derivatives. Main applications for aniline comprise manufacturing of polyurethane foams, aramid fiber, and pharmaceuticals. The growing demand for these products is likely to drive the market growth over the projected period. Thus, the market is expected to witness substantial growth over the projected period on account of recovery of the manufacturing sector in the country over the past two years and a positive outlook towards the sector is expected to play a vital role in driving the demand for nitric acid over the next few years.
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