(MENAFN- America News Hour) Nitric acid demand in India witnessed a
CAGR
of 3.38% during the period 2015-2020 and is projected to achieve a healthy
CAGR
during the forecast period. Nitric acid is one of the major chemicals with different grades available in the market such as Dilute Nitric Acid (DNA) 60%, Concentrated Nitric Acid (CNA) 98%, Strong Nitric Acid (SNA) with 64%, 68% and 72% used in different applications in multiple industries. The major demand of nitric acid is derived from fertilizer industry to produce Ammonium Nitrate. Domestic manufacturer consumes nitric acid for captive use to produce nitrate-based fertilizer. Nitric acid is also used to produce nitro aromatics such as Nitro Benzene and Nitro Toluene, etc. Aarti Industries is one of leading consumer of Nitric Acid for the production of nitro aromatics. Demand for nitric acid application has recently improved in the electronic industry & steel industry also. With government's initiatives such as Make in India and reducing the import of explosives from the overseas countries, the domestic end user such as Ordnance Factory and some private players are focusing on enhancing their production output, which is anticipated to fuel the demand for nitric acid in the coming years.
Deepak Fertilisers & Petrochemicals Corporation Ltd., Rashtriya Chemicals and Fertilizers Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Ltd are the major producer of nitric acid in India. Deepak Fertilisers & Petrochemicals Corporation Ltd has set up a green field project of producing nitric acid in FY2019 located in Dahej, Gujarat.
The total capacity of
nitric acid
in India is around 2044 KTPA with Deepak Fertilisers & Petrochemicals Corporation Ltd holding a maximum share in its production and capacity in comparison to the other three leading players. The domestic production of nitric acid has surged, and the exports of nitric acid have improved. Thus, the overall rising application of nitric acid in steel, pharmaceuticals, aromatics and explosives industry is anticipated to boost the demand for nitric acid during the forecast period.
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Years Considered for this Report:
Historical Years: 2023-2033
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2023-2033
Objective of the Study:
. The primary objective of the study was to evaluate and forecast Nitric Acid capacity, production, demand, process, technology and demand – supply gap in India.
. To categorize Nitric Acid demand based on end-user, region and sales channel.
. To study trade dynamics and company share in India Nitric Acid market.
. To identify major customers of Nitric Acid in India.
. To identify and profile major companies operating in the India Nitric Acid market.
. To identify major developments, deals and expansion plans in India Nitric Acid market.
Some of the major key players operating in nitric acid market are Deepak Fertilisers & Petrochemicals Corporation Ltd, Rashtriya Chemicals and Fertilizers Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Ltd., National Fertilizers Ltd., Gujarat State Fertilizers & Chemicals Ltd., Jobin Chemicals Pvt Ltd., etc.
To extract data for the India Nitric Acid market, primary research surveys were conducted with nitric acid manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique,
SDKI
was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover,
SDKI
analyzed various end user segments and projected a positive outlook for the India Nitric Acid market over the coming years.
SDKI
calculated Nitric Acid demand in India by analyzing the historical data and demand forecast was carried out considering consumption pattern and analyzing the demand by tracking upcoming manufacturing units in different industrial segments.
SDKI
sourced these values from industry experts and company representatives and externally validated them by analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by
SDKI .
Key Target Audience :
. Nitric Acid manufacturers and other stakeholders
. Organizations, forums and alliances related to Nitric Acid distribution
. Government bodies such as regulating authorities and policy makers
. Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as Nitric Acid manufacturers, distributors and policy makers. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
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Report Scope:
In this report, India Nitric Acid market has been segmented into following categories, in addition to the industry trends which has also been detailed below:
Market, by End Use Fertilizers, Nitro Aromatics, Pharmaceuticals, Defence & Explosive Industries, Others
Market, by Distribution Channel Direct/Institutional Sales, Retail Sales, Other Channel Sales
Market, by Region
North, West, East and South
Competitive Landscape :
SDKI
offers detailed analysis of major players including basic company details, segmental/product information, financial matrices, growth strategies, expansion plans, collaborations, SWOT analysis etc.to give a comprehensive and meaningful insights on the respective product market.
Available Customizations:
With the given market data,
SDKI
offers customizations according to a company's specific needs.
About SDKI:
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.