The latest report titled “Nitric Acid Production” by Procurement Resource, a global procurement research and consulting firm, provides an in-depth cost analysis of the production process of Nitric Acid.
Procurement Resource study is based on the latest prices and other economic data available. It also offers additional analysis of the report with detailed breakdown of all cost components (capital investment details, production cost details, economics for another plant location, dynamic cost model). In addition, the report incorporates the production process with detailed process and material flow, capital investment, operating costs along with financial expenses and depreciation charges.
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Procurement Resource’s detailed report describes the stepwise consumption of material and utilities along with a detailed process flow diagram. Furthermore, the study assesses the latest developments within the industry that might influence Nitric Acid production cost, looking into capacity expansions, plant turnarounds, mergers, acquisitions, and investments.
Procurement Resource Assessment of Nitric Acid Production Process:
1. Nitric Acid Production Cost From Ammonia: This report presents the extensive cost requirement of nitric acid industrial production across nitric acid manufacturing plants. In this method, ammonia is oxidized at a high temperature to nitric oxide with the occurrence of platinum and rhodium gauze. Further, the obtained product is reacted with oxygen to form nitrogen dioxide and absorbed in water to form nitric acid and nitric oxide.
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Product Definition:
Nitric acid, also referred to as aqua fortis, is a highly potent and corrosive compound that is composed of hydrogen, nitrogen, and oxygen. The chemical formula of this compound is HNO3, and the molecular weight is 63.01 g/mol. This chemical compound is widely utilized in various industrial applications, particularly in the production of fertilizers such as ammonium nitrate. It is also commonly used in the manufacturing of other chemicals like nitrobenzene, adipic acid, and chloronitrobenzene, which are crucial components in various industries such as automotive, plastics, and construction. Over time, nitric acid tends to decompose into nitrogen and water oxides, causing it to turn yellow in color. Despite its highly reactive nature, this chemical compound is an essential component in numerous industrial processes.
Market Drivers:
The global market for nitric acid is poised for significant growth, driven by the increasing demand for fertilizers in agricultural economies across the world. The demand for lightweight vehicles is on the rise, leading to manufacturers concentrating on innovation and development in the automotive sector, thereby creating a high consumption potential for nitric acid. The manufacturing of lightweight vehicles is supported by the high demand for individual automobiles, along with the ever-increasing population. Moreover, government regulations to reduce CO2 emissions have encouraged chemical companies to leverage cutting-edge technology to create fuel-efficient and cost-effective automobile solutions, which are supported by these regulations. The trend toward lightweight vehicles is also contributing to the growth of the nitric acid market. In conclusion, the growing demand for lightweight materials in various industries, especially the automotive sector, is expected to drive the nitric acid market’s growth in the coming years.
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