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 strong oxidizing agent with highly corrosive and toxic nature. The industrial grade of concentrated nitric acid has a concentration of 68%.

Many countries, especially in North America and Europe, are focusing on reducing the greenhouse gas emissions emitted during the production of nitric and adipic acids by the implementation of stringent emission norms across industries. This has compelled many industry players to invest in replacement of their existing production technologies. By type, the strong nitric acid segment is projected to grow at the highest CAGR during the forecast period. It includes various concentrations ranging from 50- 85%, which covers almost all the applications of concentrated nitric acid. Strong nitric acid is used in manufacturing various applications such as ammonium nitrate, adipic acid, nitrobenzene, nitro chlorobenzene, Toluene Diisocyanate (TDI), and Trinitrotoluene (TNT). Strong nitric acid, a class-2 oxidizer, moderately increase the burning rate of materials that they are in contact. This property is used in developing secondary explosives.

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Nitrobenzene is a flammable pale yellow and liquid aromatic compound, which melts at 5.85°C and boils at 210.9°C. It is also known as mirbane or nitrobenzol. Nitrobenzene is used to manufacture aniline that is used in the manufacturing of Methylene Diphenyl Diisocyanate (MDI). It is also used to manufacture lubricating oils, drugs, dyes, synthetic rubber, and pesticides. Nitrobenzene and its derivatives such as MDI, synthetic rubbers, and elastomers are most commonly used in agriculture, construction, pharmaceuticals, cosmetics, and automotive industries. The rising trend of replacing metal, wood, and glass by synthetic rubber and elastomers in automotive, furniture, and building & construction industries is estimated to drive the demand for nitrobenzene during the forecast period.

The key companies operating in the concentrated nitric acid market are Agrium Inc. (Canada), CF Industries (US), Deepak Fertilisers and Petrochemicals Corp. Ltd. (India), Hanwha Corporation (South Korea), Koch Fertilizers LLC (US), LSB Industries Inc. (US), National Chemical Group (Russia), OCI N.V. (Netherlands), Shandong Fengyuan Chemical Stock Co. Ltd. (China), Ube Industries (Japan), and Yara International (Norway).

In the automotive industry, the trend of replacing metal parts by light weight and strong materials, such as synthetic rubbers, nylon 6 6, and elastomers drives the demand for nitrobenzene & and adipic acid. Adipic acid is also used in the coatings for vehicle exteriors. The increasing use of flexible PU foams in automotive interiors and cushions drive the demand for TDI. The increasing disposable income of people in Asia Pacific countries, such as China and India is fueling the demand for vehicles in the region.

The manufacturers of concentrated nitric acid are focusing on the sustainability through the development of environment-friendly production processes.