High Fertilizer Consumption Is Encouraging Dinitrogen Tetroxide Demand Through 2026
Dinitrogen tetroxide also known as nitrogen tetroxide is a red brown liquid that is highly oxidizing in nature and utilized as a hypergolic propellant in rocket fuel and intermediate in chemical synthesis. Global Dinitrogen tetroxide is observing an increasing demand as a raw material for the production of nitric acid worldwide. Large scale manufacturing of nitric acid involves the utilization of dinitrogen tetroxide as an intermediate that reacts with water to produce nitric acid and nitrous acid in a considerable amount. As per American chemical society, nitric acid production was valued at 65.5 million metric tons for the year 2018 that helped to boost the demand for dinitrogen tetroxide. Furthermore, according to the Essential Chemical Industry an online resource by Centre for Industry Education Collaboration (UK), 80% of nitric acid produced is commercially utilized in the production of fertilizer out of which over 96% is used for the preparation of fertilizers such as ammonium nitrate and calcium ammonium nitrate. Thus, increasing demand for fertilizers during the forecast years is projected to impact the demand for dinitrogen tetroxide indirectly.
As per the International Fertilizer Association, global demand for fertilizers is expected to show steady growth of 3.8% through 2022 creating lucrative opportunities for dinitrogen tetroxide manufacturers in fertilizer sector. Moreover, dinitrogen tetroxide consumption to produce nitric acid for fertilizer is expected to remain higher in developing countries such as India, China, Brazil, Nigeria, Pakistan etc. as annual growth rate of fertilizer in developing region is expected to remain at 5% through 2022 as per association.
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Dinitrogen tetroxide is set to revolutionize the market in advanced power generation systems
Utilization of dinitrogen tetroxide for the development for advanced power generation system (Brayton cycle) by utilizing this compound as a dissociating gas also has a promising potential to offer lucrative opportunities. The technology involves the conversion of cool dinitrogen tetroxide into hot nitrogen dioxide expanding to move the turbine for power generation. The gas is again cooled to convert into dinitrogen tetroxide for reutilization. The technology is expected to offer revolutionary growth to the global dinitrogen tetroxide market. According to the study by Journal of Sustainable Real Estate, increase need for energy storage technologies can be observed owing to development of large amount of renewable energy sources and high energy demand across the globe.
Moreover, research and development of novel application of dinitrogen tetroxide is expected to demand increasing production capacity of the chemical compound. Contrary to it, presence of limited number of market players may raise challenging situation. In order to overcome this, existing players are expected to expand their production potential or new players may dive into the market to benefit from the upcoming opportunities.