Global 98% concentrated nitric acid market size was valued at USD 2.8 billion in 2023. The market is projected to grow from USD 2.96 billion in 2024 to USD 4.1 billion by 2031, exhibiting a CAGR of 4.7% during the forecast period.

98% concentrated nitric acid is a highly reactive and corrosive chemical compound primarily used in industrial applications requiring strong oxidizing agents. This high-purity grade finds extensive use in explosives manufacturing, metal processing, and chemical synthesis due to its superior reactivity compared to lower concentration grades.

The market for 98% concentrated nitric acid remains strategically important across multiple industries, with demand being driven by military and defense sectors, mining operations, and the growing specialty chemicals industry. Stringent environmental regulations and safety concerns around storage and transportation present ongoing challenges for market participants.

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Segmentation by Production Method

The 98% concentrated nitric acid market can be divided into two primary production methodologies:

1. Distilled Dilute Nitric Acid Method

This conventional method involves concentrating lower-grade nitric acid through distillation processes. It remains the most widely used production approach due to established infrastructure and process reliability.

• Market Insight: The distilled dilute method accounts for approximately 68% of global production capacity. It offers cost advantages for manufacturers with existing distillation infrastructure and access to lower-concentration nitric acid feedstocks.

• Trend: While still dominant, this segment’s market share is gradually declining as newer, more efficient production methods gain traction, particularly in regions with strict environmental regulations.

2. Nitrogen Dioxide Method

This production route synthesizes 98% nitric acid directly from nitrogen dioxide, producing higher purity product with fewer impurities compared to distillation methods.

• Market Insight: The nitrogen dioxide method is gaining popularity in Europe and North America due to its superior product quality and reduced environmental footprint. It currently represents about 32% of production capacity.

• Trend: This segment is projected to grow at a faster rate (5.9% CAGR) through 2031, driven by tightening environmental regulations and increasing demand for ultra-high purity nitric acid in semiconductor manufacturing.

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Segmentation by Application

98% concentrated nitric acid serves critical functions across multiple industrial sectors, with its high reactivity and oxidizing power making it indispensable for specific applications.

1. Gunpowder and Dynamite Manufacturing

The explosives industry is the largest application sector for 98% concentrated nitric acid, using it as a key ingredient in nitration reactions to produce nitrocellulose and nitroglycerin.

• Insight: Military and defense applications account for approximately 45% of nitric acid consumption in this segment. Mining explosives represent another significant demand driver.

• Trend: Geopolitical tensions and increased defense spending are bolstering demand, while mining sector fluctuations introduce volatility to this application segment.

2. Dye Production

In the dye industry, 98% nitric acid serves as a nitrating agent in the synthesis of aromatic compounds and intermediates.

• Insight: This segment demonstrates stable demand from textile and printing industries, accounting for about 22% of total market volume.

• Trend: Growth in specialty dyes for high-performance materials and the shift toward eco-friendly dye processes are creating new opportunities in this application area.

3. Paint and Coatings

Nitric acid finds application in paint manufacturing as a raw material for corrosion inhibitors and specialized coating formulations.

• Insight: This segment represents approximately 18% of market demand, with strong growth in industrial and marine coating applications.

• Trend: Increasing infrastructure development and automotive production in emerging economies are driving consistent demand growth in this segment.

4. Other Applications

This category includes diverse uses such as metal etching, semiconductor manufacturing, and pharmaceutical intermediates.

• Insight: While smaller in volume (15% share), these specialized applications often command premium pricing due to stringent purity requirements.

• Trend: Semiconductor industry demand is growing rapidly as nitric acid is used in silicon wafer cleaning and etching processes for advanced chip manufacturing.

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Segmentation by End-Use Industry

1. Defense and Military

National defense programs and military contractors represent the most significant end-user segment for 98% concentrated nitric acid.

• Insight: Defense applications consume approximately 35% of production, primarily for explosives and propellants. Geopolitical factors significantly influence demand patterns in this segment.

• Trend: Modernization programs in major military powers and ongoing conflicts are driving sustained demand, with purchasing patterns often tied to government defense budgets.

2. Mining and Construction

The mining industry uses nitric acid-based explosives for mineral extraction, while construction applications include demolition and tunneling.

• Insight: This segment accounts for roughly 28% of market volume, with demand closely correlated with commodity prices and infrastructure investment cycles.

• Trend: The shift toward large-scale mining operations and underground construction projects in urban areas is supporting steady demand growth in this sector.

3. Chemical Manufacturing

Chemical producers utilize 98% nitric acid as a reagent in synthesizing various organic and inorganic compounds.

• Insight: Representing about 22% of the market, this segment shows stable demand for production of adipic acid, nitrobenzene, and other chemical intermediates.

• Trend: Specialty chemicals and pharmaceutical intermediates are emerging as growth areas within this end-use segment.

4. Electronics and Semiconductor

The semiconductor industry requires ultra-high purity nitric acid for wafer cleaning and etching processes.

• Insight: Currently representing 8% of the market, this is the fastest-growing end-use segment (6.8% CAGR) through 2031.

• Trend: Expansion of semiconductor fabrication capacity, particularly in Asia, is driving robust demand growth for high-purity nitric acid grades.

5. Other Industries

This category includes diverse applications such as metallurgy, water treatment, and research laboratories.

• Insight: While smaller in scale (7% share), these applications often have specialized requirements that command premium pricing.

• Trend: Emerging applications in battery technology and metal refining are creating new opportunities in niche market segments.

The 98% concentrated nitric acid market demonstrates clear segmentation characteristics across production methods, applications, and end-use industries. By production method, the traditional distillation process maintains dominance but is gradually losing share to more efficient nitrogen dioxide routes. By application, explosives manufacturing remains primary, while semiconductor uses show the fastest growth. By end-use, defense and military applications continue to drive volume demand, with mining and construction providing cyclical support.

Read Full Report Here: https://www.24chemicalresearch.com/reports/206690/global-concentrated-nitric-acid-forecast-market-2023-2029-767 

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