CONCENTRATED NITRIC ACID MARKET ANALYSIS
Market Trends
On the basis of end-use industries, the agrochemicals sector is expected to dominate the concentrated nitric acid market over the forecast period. Rising global population has led to an increasing demand for food grains. Therefore, the demand for agrochemicals has increased significantly in order to increase the yield of farming, which in turn will increase demand for concentrated nitric acid. According to the India Brand Equity Foundation (IBEF), the agrochemical sector in India is expected to grow at 7.5% annually with a growing domestic demand of 6.5% per annum, to reach US$ 6.3 billion by 2020.
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