Nitric Acid price October 2024 and outlook (see chart below)
- North America:US$0.37/KG, unchanged
- Europe:US$0.25/KG, unchanged
- Northeast Asia:US$0.23/KG, unchanged
Business Analytiq assumes no responsibility or liability for any errors or omissions in the content of this site. The information contained in this site is provided on an “as is” basis with no guarantees of completeness, accuracy, usefulness, fitness for purpose or timeliness.
Nitric Acid price index
This post is a summary of the nitric acid price developments. The price developments of nitric acid are expressed in US$ prices converted FX rates applicable at the time when the price was valid. Nitric acid price index developments are calculated from multiple separate sources of data to ensure statistical accuracy.
The outlook for nitric acid prices, on the second tab, is generated from different inputs including:
- Very recent price developments of immediate cost drivers of nitric acid prices
- Recent price developments of underlying feedstocks which drive the price of nitric acid
- Market futures for both cost drives and feedstocks of nitric acid prices
- Adjustment of current supply/demand imbalances in the nitric acid market
- Longer term trends in likely demand conditions
Further information on the Nitric Acid price chart
What is Nitric Acid
Nitric acid is a highly corrosive and toxic acid with the chemical formula HNO3. It is a colorless or yellowish liquid with a pungent odor and is commonly used in industrial and laboratory applications.
Nitric acid is produced by the reaction of nitrogen dioxide (NO2) with water, and the resulting acid is highly reactive and can oxidize many metals and organic compounds. It is a strong acid with a pH of around 1 and can dissolve many metals, including copper, silver, and gold.
Despite its many applications, nitric acid is highly corrosive and can be dangerous if not handled properly. It can cause severe burns and is toxic if ingested or inhaled. Proper safety precautions, including protective equipment and proper ventilation, should always be used when handling nitric acid.
How is Nitric Acid produced
Nitric acid is commonly produced by the Ostwald process, which involves three main stages:
Ammonia Oxidation
In the first stage, ammonia gas (NH3) is oxidized in the presence of a platinum/rhodium catalyst at high temperatures (around 850-900°C) and a pressure of 9-10 atmospheres to form nitrogen monoxide (NO) and water (H2O).
Nitrogen Dioxide Formation
The nitrogen monoxide produced in the first stage is further oxidized with oxygen in the presence of a platinum/rhodium catalyst at a temperature of around 450°C and a pressure of 1-2 atmospheres. This reaction produces nitrogen dioxide (NO2).
Nitric Acid Formation
In the final stage, the nitrogen dioxide produced in the second stage is absorbed in water to form nitric acid (HNO3), which is then purified through distillation.
Overall, the Ostwald process is a highly exothermic reaction, meaning that it releases a significant amount of heat, and it is a major industrial method for producing nitric acid.
What drives the cost of Nitric Acid
The cost of nitric acid can be influenced by a number of factors, including:
Raw materials
The main raw materials for nitric acid production are ammonia and oxygen, both of which can be subject to price fluctuations depending on supply and demand. In addition, the price of platinum/rhodium catalysts used in the production process can also impact the cost of nitric acid.
Energy costs
The production of nitric acid requires large amounts of energy, both in the form of heat and electricity. Thus, the cost of energy can significantly impact the overall cost of nitric acid.
Labor costs
Nitric acid production can require significant amounts of labor, especially in the handling and transportation of raw materials and the operation and maintenance of the production equipment.
Environmental regulations
The production of nitric acid can produce nitrogen oxides (NOx), which are a potent greenhouse gas and air pollutant. Regulations aimed at limiting emissions of NOx can increase the cost of nitric acid production by requiring additional emissions control equipment or processes.
Overall, the cost of nitric acid can be impacted by a range of factors, including raw material costs, energy costs, labor costs, environmental regulations, and market demand.
What is Nitric Acid used for
Nitric acid has many industrial and laboratory applications, including:
Production of fertilizers
Nitric acid is used in the production of ammonium nitrate, a common fertilizer.
Production of explosives
Nitric acid is used in the production of explosives, such as TNT and nitroglycerin.
Metal etching
Nitric acid is used in metal etching to remove or modify the surface of metals.
Cleaning and pickling
Nitric acid is used in cleaning and pickling applications, where it can remove rust and scale from metals.
Laboratory reagent
Nitric acid is commonly used in the laboratory as a reagent for a wide range of chemical reactions.
What types of Nitric Acid are there
There are several different types of nitric acid, which are distinguished based on their concentration or purity level. Here are some of the most common types:
Concentrated nitric acid
This is the most common type of nitric acid and typically has a concentration of 68-70% (by weight). Concentrated nitric acid is highly corrosive and can react violently with many organic compounds.
Fuming nitric acid
This type of nitric acid has a higher concentration of nitrogen dioxide (NO2) dissolved in it, which gives off reddish-brown fumes. Fuming nitric acid typically has a concentration of around 90% or higher and is used in the production of explosives and rocket fuels.
White fuming nitric acid
This is a highly purified form of fuming nitric acid, which has a concentration of around 98-100%. It is used in the semiconductor industry and for certain laboratory applications.
Dilute nitric acid
Dilute nitric acid has a lower concentration of nitric acid and is typically used for less corrosive applications, such as in the production of fertilizers or for cleaning metals.
Red fuming nitric acid
This type of nitric acid has a higher concentration of nitrogen dioxide than fuming nitric acid and can be more dangerous to handle. It is used in the production of certain high-performance rocket propellants.
The different types of nitric acid can have varying properties and uses depending on their concentration and purity level.
What are the unique properties of Nitric Acid
Nitric acid (HNO3) is a strong and highly corrosive acid that is widely used in industry for a variety of purposes. Some of the unique properties of nitric acid that make it suitable for industrial use include:
Strong oxidizing properties
Nitric acid is a powerful oxidizing agent and can react with many substances, making it useful for a variety of industrial processes. For example, it is used in the production of fertilizers, dyes, and explosives.
High solubility
Nitric acid is highly soluble in water, which makes it easy to handle and transport. This property also makes it a useful component in chemical reactions that require a high degree of solubility.
Low boiling point
Nitric acid has a relatively low boiling point, which makes it easy to evaporate and concentrate. This property is particularly useful in the production of concentrated nitric acid, which is used in many industrial processes.
Corrosive nature
Nitric acid is highly corrosive, which means it can dissolve a variety of materials. This property is particularly useful in metal finishing, where nitric acid is used to clean and etch metal surfaces.
Strong acidic properties
Nitric acid is a strong acid and can react with many substances, including metals and organic compounds. This property makes it useful in many industrial processes, including the production of nylon and other synthetic fibers.
Overall, the unique properties of nitric acid make it a versatile and valuable chemical for many industrial applications. However, its corrosive and potentially dangerous nature also requires careful handling and safety precautions.
Which industries is Nitric Acid used in
Nitric acid is used in a wide range of industries, including:
Agriculture
Nitric acid is a key component in the production of ammonium nitrate fertilizers, which are used to improve crop yields.
Pharmaceuticals
Nitric acid is used in the production of several pharmaceuticals, including antibiotics, analgesics, and antipyretics.
Explosives
Nitric acid is used in the production of explosives such as dynamite and nitroglycerin.
Mining
Nitric acid is used in the extraction and refining of metals such as copper, gold, and silver.
Chemicals
Nitric acid is used in the production of several other chemicals, including adipic acid, which is used in the production of nylon.
Aerospace
Nitric acid is used in the aerospace industry
How big is the global market for Nitric Acid
The global nitric acid market size was valued at approximately USD 20 billion in 2020, and it is expected to reach USD 25 billion by 2026, growing at a CAGR of around 4% during the forecast period. Nitric acid is used in a wide range of industries, including agriculture, pharmaceuticals, mining, and explosives, among others.
The agriculture sector is the largest consumer of nitric acid, accounting for approximately 80% of the global demand. Nitric acid is used in the production of ammonium nitrate fertilizers, which are widely used to improve crop yields. The increasing demand for food and the need for sustainable agriculture practices are expected to drive the growth of the nitric acid market in the coming years.
The pharmaceuticals and explosives industries are also significant consumers of nitric acid. Nitric acid is used in the production of several pharmaceuticals, including antibiotics, analgesics, and antipyretics. It is also used in the production of explosives such as dynamite and nitroglycerin.
The Asia-Pacific region is the largest market for nitric acid, accounting for a significant share of the global demand. The growing population and increasing demand for food in countries such as China and India are expected to drive the growth of the nitric acid market in this region.
According to https://oec.world/ :
Nitric acid, sulphonitric acids are the world’s 3265th most traded product.
In 2020, the top exporters of Nitric acid, sulphonitric acids were South Korea ($76.9M), Belgium ($41.5M), Germany ($29.4M), Netherlands ($11.7M), and France ($10.5M).
In 2020, the top importers of Nitric acid, sulphonitric acids were Germany ($21.7M), China ($19.8M), Belgium ($19.5M), Japan ($18.3M), and Malaysia ($18.1M).
Which countries produce the most Nitric Acid
According to the data from the United States Geological Survey (USGS) in 2021, the top five countries in terms of nitric acid production are:
- China – 17.5 million metric tons
- United States – 8.0 million metric tons
- India – 4.6 million metric tons
- Russia – 3.6 million metric tons
- Belgium – 3.1 million metric tons
These five countries account for over 50% of the world’s total nitric acid production. Other notable producers of nitric acid include Germany, Japan, South Korea, and Brazil.
The production of nitric acid is closely tied to the production of fertilizers and explosives, as well as other industrial uses such as cleaning and etching metals, so the countries that have a high demand for these products tend to be the largest producers of nitric acid.
Further information
- Wikipedia for general, history, production and usage information
- PubChem for chemistry and property information
NEED A QUICK DOWNLOAD?
ACCESS TO OUR FULL DATABASE IS US$399/YEAR, WITH A 30-DAY $30 TRIAL
GET THAT DOWNLOAD IN 3 MINUTES!
BusinessAnalytiq provides a database of hundreds of market & price trend data, as well as online tools to set up benchmarks and leading indicators.
Where does the data come from?
- The source of the data are exclusively public non-confidential sources. We have no access to primary data
- This the index trend of the price trend of the "product category" in general, and not a single specification of the product in particular
- The data is a combination of contract and spot pricing
- Our algorithms are set up to eliminate significant product mix impact on the reported price
- We combine public publications, import/export records, trading prices, company announcements, magazine articles, tweets, and other sources of ad-hoc public information.
- The chart shows the our best approximation of the market trend based on our algorithm interpretation of the signals
- For most indexes we have multiple sources and we focus on using statistically-correlated sources
- As a function of our automation, it is likely that recent trends will be adjusted as we discover more information. So, for example, the price trend for February 2024 will be first calculated in February 2024 and adjusted in March, April and May 2024.
- We will update the data trend as more information becomes available, and this means that recent trends will always be adjusted as we get more data available
- The algorithm will regularly revise our understanding of market trends, and indicated market trends may change
- The data is presented in US$. The UOM of measure is shown in the Index list table
- Our automated software and we do our best to create an accurate representation of the trend
Where does the data NOT come from?
- We do not purchase data from any other source and republish it.
- We will not purchase data from any other source and republish it
- We do not extrapolate trends, even for the forecast. We look for other market signals and leading indicators
What data should our company use?
- If you are making decisions driving significant share of profit, we always recommend that you buy data from the companies who invest in direct primary market access such as ICIS, amongst many others
- Our data, at best, represents an estimate of the market trend based on public information
- We have no direct access to the market, and we do not interview suppliers and customers
- Our automated analysis tools in the online software are set up to combine our data with other sources of data
- We do not recommend that you use our data for direct price mechanisms, as we may change and improve the data trends over time, including historical data
What does the quality indication in the main menu mean?
- Quality level A: Data is from a reliable and confirmed source
- Quality level B: Data is from multiple credible sources and there are no major statistical inconsistencies between them
- Quality level C: Data is from multiple credible sources and there are some statistical inconsistencies between them
- Quality level D: Data is from a single credible source, but we cannot verify the data
- Quality level E: Data is either:
- From a single source, which we consider reliable, but we cannot verify the data.
- From 2 or more sources which have some periods of contradicting trends.
- Quality level F: Data is from a single source which we consider indicatively correct, but the data is anecdotal and we cannot verify the data.
What are the disclaimers?
- We assume no responsibility or liability for any errors or omissions in the content of this site.
- The information is provided on an “as is” basis with no guarantee of completeness, accuracy, usefulness, fitness for purpose or timeliness.
- By their nature, outlooks are always uncertain
How often do we update the data?
- We aim to update the data series on the 9th and 24th of each month (but we do not always make it for each chart)
- The data for the current month and recent history are fine-tuned over time.
What are we doing to improve the data?
- We are continually improving our data collection and processing methods
- Pricing data will be updated from time to time as we improve the accuracy
- We are reviewing all data sources in the first half of 2024.
- There will be continuous fine-tuning of the trend and forecast algorithm as part of that.
- The key focus in 2024 is to add many additional indexes
How can i give feedback on the data or request for new indexes
- Feel free to contact us if you have a specific request. You can reach us via the Contact us page