Nitric Acid is a strong mineral acid and manufactured commercially by
the catalytic combustion of ammonia. Ammonium Nitrate (AN)
manufacturing is the largest application of nitric acid and accounts for
over three quarters of global nitric acid consumption. There is very
limited merchant portion of nitric acid market and is mostly consumed
captively. International trade is limited for nitric acid due to the
corrosive nature of the product. The other applications of nitric acid
include the manufacturing of chemicals such as cyclohexanone,
nitrobenzene, adipic acid and metal nitrates. Nitric acid is also used
in the manufacturing of explosives and blasting agents and as metal
treatment solvents.
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Nitric acid demand has seen a significant rise in recent times, due
to the increasing demand for ammonium nitrate as a fertilizer in the
agricultural industry. Over 80% of ammonium nitrate is used as
fertilizers and the growing demand for fertilizers with nitrogen as
active ingredient is expected to boost the demand for nitric acid. The
other use nitric acid includes industrial applications and production of
other chemical compounds.
However, environmental regulation against the use of ammonium nitrate
fertilizers is expected to severely impact the demand for nitric acid
over the forecast period. The use of ammonium nitrate fertilizers
results in loss of nitrogen to underground waster due to leaching and
nitrification. This has led to directive by the EPA and European
Community limiting the level of nitrogen ground water to less than 50
milligrams per liter. This is expected to act as a major restraint for
the demand of nitric acid particularly in North America and Europe.
Europe and China were the largest consumers of nitric acid in 2012
and accounted for over one third of global consumption. The large
agricultural and industrial market in Asia is expected to be a key
factor responsible for the high growth. In addition, the strict
regulations in Europe and North America on the use of AN based
fertilizers is expected to shift the demand to countries of Asia
Pacific. China witnessed the fastest growth in rate of production and
consumption among all regions over the past five years.
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