Nitric Acid Market Size, Share, Demand & Trends by 2032
Majorly driven by its application in agrochemicals and automotive industry, nitric acid will represent a modestly growing market at 3% CAGR during 2019 – 2029. Moreover, metallurgical and pharmaceutical industries will generate upward growth trend for nitric acid market through 2029, as per the projections of a new Future Market Insights (FMI) study. Nitrogenous fertilizers continue to accentuate the demand, particularly in developing countries, opines the FMI report. Key Takeaways of Nitric Acid Market Study Role of nitric acid in formulating automotive composites using adipic acid continues to push market growth. Agrochemical industry continues to thrive in developing countries, thereby contributing to overall market growth. Agglomeration of leading manufacturers in developed countries such as Germany continues to supplement the growth of nitric acid market. Growth of nitric acid market is fuelled by prevailing applications in p