Procurement Resource Evaluates the Price Trends of Nitric Acid in its Latest Insights and Dashboard
Price Trends of Nitric Acid in its Latest Insights and Dashboard
Procurement Resource does an in-depth analysis of the market trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Nitric Acid price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends. Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customisation of price currencies and units and downloading of price information as excel files that can be used offline. The pricing database and analysis of Nitric Acid can prove valuable for the procurement managers, directors, and decision-makers to build up their strongly backed up strategic insights to attain progress and profitability in the business.
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Nitric acid (HNO3) is a very corrosive mineral acid commonly known as aqua fortis and spirit of niter. Nitric acid is the most common reagent for nitration, which is the process of adding a nitro group to an organic molecule. While some of the nitro compounds produced are stress and thermally sensitive explosives, others are stable enough to be employed in munitions and demolition, and yet others are stable enough to be utilised as pigments in inks and dyes. Nitric acid is a strong oxidising agent that is often utilised.
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Regions Covered to Evaluate Nitric Acid Price Trend:
Nitric Acid is used to make nitrogen-based chemicals such as nylon, and most explosives such as trinitrotoluene (T.N.T.) and nitroglycerin. Other applications include the manufacturing of nitrate salts, dyes, coal tar products, and pharmaceuticals. It is also primarily used to purify precious metals such as platinum, gold, and silver. Nitric acid is utilised in the synthesis of nitrogenous fertilisers such as calcium nitrate, ammonium nitrate, and other nitrogenous fertilisers. Nitric acid is a major component that is also produced as a byproduct of ammonia production. Nitric acid's most prevalent application in schools, where it is frequently used as a laboratory reagent. It is also utilised in the food industry to clean food and equipment, among other things. Furthermore, nitric acid is utilised to spot test alkaloids such as LSD. Colorimetric tests, which need nitric acid, are also used to distinguish between morphine and heroin.
Key Market Players:
Hanwha Corporation stated in April 2021 that it would invest KRW 190 billion (USD 170 million) in Yeosu Industrial Complex in the south of Seoul, South Korea, to establish a nitric acid production plant with an annual output capacity of 400-kilo tonnes by 2024. As a result, the company's yearly nitric acid production capacity will rise from 120 kilotons to 520 kilotons by 2024.
Procurement Resource is Claight’s subscription-based SaaS platform providing in-depth research on product pricing and market insights for more than 500 chemicals, commodities, and utilities updated daily, weekly, monthly, and annually. It is a cost-effective, one-stop solution for all your market research requirements, irrespective of which part of the value chain you represent. We have a team of highly experienced analysts who perform comprehensive research to deliver our clients the newest and up-to-date market reports, cost models, price analysis, benchmarking, and category insights, which help in streamlining the procurement process for our clientele. Our team track the prices and production costs of a wide variety of goods and commodities, hence, providing you with the latest and consistent data. To get real-time facts and insights to help our customers, we work with a varied range of procurement teams across industries. At Procurement Resource, we support our clients, with up-to-date and pioneering practices in the industry, to understand procurement methods, supply chain, and industry trends, so that they can build strategies to achieve maximum growth.
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