Key Details About the Nitric Acid Prices:
The Nitric Acid Prices are influenced by several key factors affecting both supply and demand. One major driver is the agricultural sector's need for fertilizers, as nitric acid plays a vital role in fertilizer production. Weather fluctuations, such as droughts or heavy rainfall, can impact crop yields and, in turn, affect fertilizer demand. The use of nitric acid in explosives and chemicals, like adipic acid, also sustains its demand. Additionally, environmental regulations push manufacturers to innovate by improving efficiency and reducing emissions. Geopolitical factors and global supply chain challenges, including feedstock availability and transportation costs, further shape market conditions. As economies recover from the pandemic and agricultural activities resume, these dynamics will play a key role in the future of the nitric acid market.
Nitric Acid Prices Second Quarter 2024:
- United States: 273 USD/MT
Factors Influencing Nitric Acid Prices and Industry Across Regions:
In North America: In the second quarter of 2024, the North American nitric acid market experienced a price drop due to multiple factors. A major decline in demand from the fertilizer industry, driven by adverse weather such as extreme heat waves and geomagnetic disruptions, led to a weaker planting season. Reduced international demand from European countries like Norway and Spain, affected by windstorms and floods, further suppressed nitric acid consumption. Additionally, the lower cost of ammonia, a key feedstock, decreased production costs, contributing to price declines. Ample supply also played a role in this downward trend.
In Asia Pacific Regions: In Asia, trends were mixed. In China, prices fluctuated, with declines in the first and third months of the quarter, but a rise in May due to stockpiling ahead of the rice and cotton planting seasons. Despite this domestic uptick, international demand, especially from Europe, remained moderate due to heavy rainfall that disrupted agricultural productivity. Flooding in southern Europe along the Rhine River caused evacuations and infrastructure damage, reducing nitric acid availability, and increasing prices. Meanwhile, strong demand for adipic acid from sectors like textiles and electronics helped maintain regular procurement, contributing to a price increase.
Request For a Sample Copy of the Report: https://www.imarcgroup.com/nitric-acid-pricing-report/requestsample
Overall, Price Trend and Regional Prices Analysis:
- Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
- Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
- North America: United States and Canada
- Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
- Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco
Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.
Contact us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
Comments (0)