Nitric acid is witnessing rising demand for the manufacturing of fertilizers, nylon, explosives, and a variety of industrially useful organic and inorganic compounds, including adipic acid, toluene diisocyanate (TDI), and nitrobenzene. The vastly rising application of nitric acid in making several nitrogenous fertilizers, notably urea and ammonium nitrate, is accentuating the market. Nitric acids occupy an increasingly significant role in the preparation of dyes, perfumes, and drugs as the acids are used in the making of coal tar products. The use of nitric acid in etching steel and photoengraving and its wide application in the metal processing industries are key factors fueling the growth of the market. The growing use of concentrated nitric acid in the purification of metals and in the manufacturing of drugs are notable trends expected to unlock exciting opportunities for market players in the coming years. Owing to its marked oxidizing properties, nitric acid is preferred as an oxidizer in liquid-fueled rockets.