Nitric Acid Market to Reach 80.96 Million Tons by 2030, Growing at 3.12% CAGR

Mordor Intelligence has published a new report on the “Nitric Acid Market”, offering a comprehensive analysis of trends, growth drivers, and future projections.

Introduction:



The global Nitric Acid Market a is estimated at 69.36 million tons in 2024, with expectations to reach 80.96 million tons by 2030, growing at a compound annual growth rate (CAGR) of approximately 3.12% during 2024–30. Asia‑Pacific remains the leading region, accounting for about 58% of the global volume and exhibiting the fastest regional growth at around 3.74% CAGR in the outlook period . This press release provides an updated picture per Mordor Intelligence, including major players, key usage areas, and regional insights.

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Key Trends:

Fertilizer demand remains the biggest driver

Fertilizer production—especially ammonium nitrate formulations—accounts for roughly 70–80% of global nitric acid consumption. Expanding agricultural activity, population growth, and food security programs continue to push nitric acid output higher.

Explosives and specialized chemicals show notable growth

The explosives industry is growing at a faster pace than fertilizers, with a forecasted CAGR of about 3.9%, powered by mining, infrastructure, and manufacturing demand. Simultaneously, other chemical uses—such as nitrobenzene, adipic acid (used in nylon precursors), and TDI—also contribute to upward pressure.

Asia‑Pacific drives overall gains

With nearly 58% market share in 2024 and projected growth at about 3.7% CAGR through 2030, Asia-Pacific stands out as both the largest and fastest-growing regional market. Data indicates that the Asia-Pacific region dominates in both weak and concentrated nitric acid forms.

Rising focus on lower‑carbon and cleaner production

Environmental regulations—especially in Europe—are tightening emissions limits, pushing producers toward cleaner nitric acid processes, including carbon capture, improved catalysts, and renewable feedstocks. While this is most visible in EU policy, it signals a trend that impacts global cost structures.

Weak nitric acid remains the dominant concentration

In 2024, weak-grade nitric acid captured around 58% of overall market volume because it serves a broader range of applications and requires less corrosion controls compared to more concentrated grades. However, concentrated acid—used more in specialized chemical synthesis—is also expected to grow steadily at roughly 3.3% CAGR to 2030.

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Market Segmentation

The market is segmented across several dimensions, with each offering distinct growth dynamics:

By Concentration:

• Weak Nitric Acid
• Represents over half the market in 2024; used extensively in fertilizer and general chemical manufacturing due to lower handling requirements and cost.

• Concentrated Nitric Acid
• Applied in producing ammonium nitrate, fine chemicals, and explosives. Expected to grow at roughly 3.3% CAGR between 2024 and 2030.

By End‑Use Application

• Fertilizers (e.g. ammonium nitrate, calcium ammonium nitrate)
• The largest segment, accounting for ~70% of consumption globally in 2024.

Explosives and Mining Applications

• Rapid expansion driven by infrastructure and resource extraction projects; fastest‑growing segment with nearly 3.9% CAGR.
• Chemical Manufacturing including nitrobenzene, adipic acid (nylon precursor), TDI and specialty intermediates used in plastics, coatings, pharma, and automotive end‑uses.

By Region

• Asia-Pacific
• Holds ~58% of the market as of 2024; includes major consuming countries such as China, India, and Indonesia. Seen as the fastest-growing region through the forecast.
• Other Geographies
• Mature markets in North America and Europe contribute substantial volume but face slower growth; Europe is driving innovation toward cleaner production due to tighter regulations 

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Top Key Players:

>BASF SE

>Merck KGaA

>Mitsubishi Chemical Corporation

>Thermo Fisher Scientific Inc.

>Yara International ASA

In addition to trend analysis, Mordor Intelligence offers a comprehensive competitive landscape featuring profiles of major market players, detailing their product offerings, market strategies, and recent developments.

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Conclusion

Asia‑Pacific dominates both in size and growth, thanks to industrialization and continuous agricultural expansion. Meanwhile, pressure from environmental regulations - especially around emissions—has prompted investments in cleaner nitric acid production approaches.