Nitric Acid Price Trends and Forecast Report 2025 Edition

The Expert Market Research pricing report on Nitric Acid provides insights into the top 10 leading trading countries and regions.

In 2024, nitric acid price trends experienced high volatility with steep rises in markets such as North America and Europe because of feedstock price increases and supply interruptions, while oversupply and poor demand in China resulted in decreases. In Q1 2025, the North American Nitric Acid market increased following supply interruptions, robust fertiliser demand, and tariff-fuelled domestic sourcing. APAC declined on account of soft post-holiday demand, lower production, and competitive pricing, with prices declining in Thailand. Europe saw a price increase on the back of high input costs, pre-sanctions stockpiling, and firm seasonal fertiliser demand.

Weak Nitric Acid Prices in South Asia declined further in May 2025 and reached USD 270 – 290 per tonnes  due to increased competition for market share and subdued global demand, particularly from Asia. These trends are expected to exert downward pressure on regional nitric acid production costs as well.

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Nitric Acid serves a wide range of industrial applications, with its primary use being the production of ammonium nitrate (NH₄NO₃), a key component in fertilizers. Another major application is in the manufacture of explosives, where nitric acid is used both as a reactant and a nitrating agent. Additionally, it plays a crucial role in the nitration of aromatic and aliphatic compounds, forming important intermediates used in the dye, pharmaceutical, and explosives industries.

Weak Nitric Acid (61.5% Concentration) Price Forecast

The global nitric acid market trends show substantial price volatility over the past couple of years, which is driven by a mix of supply shortages, increased feedstock prices, and changing demand trends. Earlier in 2024, the market was experiencing problems with falling demand and oversupply, especially in China, due to high production levels and poor weather conditions, supporting a bearish trend in prices. These forces highlight the responsiveness of the market to both supply-side pressures and demand variations in various regions. With shortages of supply and increasing costs of key raw materials, such as ammonia and natural gas, prices remained high in Europe and North America in October 2024. In Europe, robust demand from the agricultural industry, especially in the Eastern and Northern parts, and increasing feedstock prices supported the continued upward pressure on nitric acid prices.

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Global Trade and Supply Chain Implications

The international trade and supply chain of Diethylene Glycol (DEG) are driven by a multifaceted interaction of local production capabilities, downstream demand variances, availability of feedstocks, and geopolitics. The market for Diethylene Glycol has been hit by oversupply and muted demand, especially in the US and European markets, resulting in price drops.  In Asia-Pacific, demand was consistent in the first quarter of 2024 as supply levels were constant, allowing for smooth-going production activities. Logistics freight charges, however, had a slight impact on the price of the product, leading to a slight dip in the latter part of the quarter.

In North America, the market outlook saw major challenges in early 2024 in terms of low supply because of plant shutdowns during harsh winter weather and heightened demand in the antifreeze market, which raised the prices. Europe's market saw supply constraints and transport problems resulting in higher prices. Plant shutdowns and geopolitics in the Red Sea region interfered with worldwide trade routes, pushing up freight expenses and affecting DEG pricing analysis in the region.

Feedstock Analysis

The major feedstock used in the manufacturing of nitric acid is ammonia, which is oxidised in a catalyst to yield nitrogen oxides, which are then absorbed in water to create nitric acid. The manufacturing process, the Ostwald process, depends mainly on ammonia's availability and price, which, in turn, is sourced from natural gas through the Haber-Bosch process. Thus, the economics of nitric acid manufacturing are closely linked with natural gas prices and world ammonia supply dynamics. Air which acts as a source of oxygen and catalysts like platinum-rhodium are other inputs, but ammonia is the most important feedstock impacting production capacity and cost.

Demand and Supply Outlook for Nitric Acid

Broader macroeconomic factors affecting nitric acid price forecast suggests that the prospects for nitric acid are good, spurred by its essential function in agricultural, chemical, and defence sectors. Its demand is chiefly driven by the manufacture of ammonium nitrate as fertilizers, especially in areas with extensive farming like Asia-Pacific and Latin America. On the other hand, expansion in mining and construction industries aids usage of nitric acid in explosives, whereas its utilization in specialty chemicals, dyes, and pharmaceuticals also helps provide a constant demand. Environmental policy is prompting more efficient and cleaner production technologies, and though market volatility in natural gas and ammonia prices may impact production expense, global consumption of nitric acid is forecasted to increase moderately over the next few years. Overall, international nitric acid trends will be directly associated with volatility in ammonia prices, freight patterns, and cyclical fertilizer application in regions.

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What Our Reports Include:

Historical Price Data and Analysis:

• In-depth review of prices (including feedstock) over the past 5 years for both Weak Nitric Acid and Concentrated Nitric Acid
• Visualizations and trend analysis to identify historical patterns and seasonality.

Supply and Demand Analysis:

• Detailed industry analysis of current current supply and demand trends of both Weak Nitric Acid and Concentrated Nitric Acid shaping the market, along with projections for how these dynamics are expected to evolve during the forecast period.
• Insights from our extensive supplier and trader network, government websites, industry bodies, and global trade data.

Latest Industry News:

• Up-to-date information on recent developments and geopolitical events.
• Pricing analysis of how these events are likely to impact future prices of both Weak & Concentrated Nitric Acid.

Key Macroeconomic Indicators:

• Evaluation of economic indicators such as GDP growth, inflation rates, and PMI.
• Insights into how these indicators affect prices.

Price Outlook:

• Forecasted price trends analysis for the next 2 years using statistical modelling and fundamental & technical price analysis.
• Scenario analysis and potential price fluctuations.

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• Accurate Data: Our reports are based on reliable data sources, including primary interviews, government websites, and industry bodies.
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