Nitric Acid Price Trend

Nitric Acid Prices December 2023

The price of nitric acid in the USA reached 330 USD/MT in Q4 of 2023. The market faced trade challenges during this period. There was a persistent bottleneck in the Panama Canal that led to long queues and delayed shipments of commodities like nitric acid. Moreover, attacks on ships in the Red Sea contributed to higher ocean freight rates, thereby raising concerns about inflaThe price trend for nitric acid in Europe in Q4 of 2023 reached 170 USD/MT. The market in the region experienced a bullish trend due to various factors. A shortage of nitric acid was observed in multiple countries like Germany, Italy, and the UK. Furthermore, the rise in the price of essential feedstock ammonia contributed to the overall increase in nitric acid prices. Global trade uncertainties also played a significant role in increasing nitric acid prices.

Nitric Acid Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Nitric Acid Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of nitric acid pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of nitric acid at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of nitric acid price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing nitric acid price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Nitric Acid Market Analysis

The global nitric acid market size reached US$ 29.9 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 41 Billion, at a projected CAGR of 3.60% during 2023-2032.

• Nitric acid is employed in the production of ammonium nitrate and calcium ammonium nitrate, which finds applications as fertilizers in the agriculture sector. Ammonium nitrate is also used in the manufacturing of urea ammonium nitrate (UAN), which is further utilized in fertilizer formulations. In addition, there is a rise in the adoption of nitric acid-based fertilizers to enhance the quality of crops and meet the growing demand for food products among individuals. Furthermore, there is an increase in the production of crops for catering to the food-related needs and preferences of individuals. According to the Food and Agriculture Organization (FAO), the production of primary crop commodities reached 9.5 Billion tons in 2021 at a global level.
• The growing adoption of nitric acid to create different types of explosives like nitroglycerin and trinitroglycerin (TNT) is positively influencing the market. These explosives are military-grade and used for national defense. The rising number of terrorist activities across the globe is catalyzing the demand for nitric acid-based explosives.
• Nitric acid can be utilized in a colorimetric test to detect the difference between heroin and morphine. It is also important in spot testing that can identify lysergic acid diethylamide (LSD).
• The nitric acid demand is further propelled by its utilization to purify and clean noble metals like platinum, gold, and silver. Nitric acid forms aqua regia when combined with hydrochloric acid, which can even dissolve gold and platinum. It is widely used by jewelers to purify noble metals.
• Nitric acid is a critical chemical that is used for laboratory operations. It is a potential of hydrogen (pH) buffer, cleaning agent, and a preservative for water samples requiring metal analysis.
• The nitric acid market share is further bolstered by its employment as a superior nitrating agent with the combination of sulfuric acid.
• Nitric acid, in its pure form, with its caustic nature, can be beneficial in removing warts and boil.

Nitric Acid News

The report covers the latest developments, updates, and trends impacting the global nitric acid market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in nitric acid production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the nitric acid price trend.

Latest developments in the nitric acid industry:

• In 19 April 2021, Hanwha Corporation invested US$ 170 Million to build a nitric acid production plant in Yeosu Industrial Complex, located about 300 km south of Seoul.
• In 10 August 2023, Deepak Fertilisers And Petrochemicals Corporation Limited announced the nitric acid brownfield expansion.

Product Description 

Nitric acid is a colorless fuming liquid when pure but turns yellowish due to the collection of nitrogen oxides. It consists of three oxygen atoms, one nitrogen atom, and one hydrogen atom. It is produced mainly by oxidation of ammonia through the Ostwald process. It is a common laboratory reagent and an important industrial chemical for the manufacture of fertilizers and explosives.

Nitric acid is a strong oxidizing agent and ionizes readily in solution, forming a good conductor of electricity. It reacts with metals, oxides, and hydroxides, to form nitrate salts. It has approximately 3.01 potential of hydrogen (pH) and 83^o C boiling point. It has a molar mass of 63.01 g/mol and a density is 1.51g/cm³. In addition, nitric acid is used in liquid-fueled rockets as an oxidizer.

Regional Coverage

The report provides a detailed analysis of the nitric acid market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the nitric acid price trend.

Global Nitric Acid Price

The report offers a holistic view of the global nitric acid pricing trends in the form of nitric acid price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of nitric acid but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed nitric acid demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Nitric Acid Price

The European region experienced a bearish price trend in Q4 of 2023 due to a shortage of nitric acid in various countries like Germany, Italy, and the UK. The shortage was especially witnessed in Germany, leading to a rise in nitric acid prices, exacerbated by the persistently low supply due to the ammonia production halt. Besides this, the market observed a rise in the price of essential feedstock ammonia, which increased the overall price of nitric acid.

This analysis can be extended to include detailed nitric acid price information for a comprehensive list of countries.

North America Nitric Acid Price

In North America, the nitric acid market faced a combination of challenges and opportunities. Prices saw an increase in the initial and final months of Q4 of 2023, with margins of 5% and 2.6%, respectively. On the other hand, there was a decline in November owing to constrained demand from the domestic fertilizer market. Furthermore, robust demand from both domestic and international fertilizer markets, particularly from Brazil, led to price hikes.

Specific nitric acid historical data within the United States and Canada can also be provided.

Middle East and Africa Nitric Acid Price

The report explores the nitric acid pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on nitric acid prices for countries can also be provided.

Asia Pacific Nitric Acid Price

The nitric acid pricing in the Asia Pacific region witnessed mixed sentiments. The initial months demonstrated lowered prices within China after the country ceased additional CIQ export licenses. Containers, previously cleared for export, were removed from vessels carrying fertilizers, including nitric acid, resulting in surplus material availability in the Chinese market. In December, prices began to rise in the Asian region, driven by firm demand from western regions in anticipation of the festive season.

This nitric acid price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Nitric Acid Price

The analysis of nitric acid prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of nitric acid pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting nitric acid price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The nitric acid price charts ensure our clients remain at the forefront of the industry.