AUSTRALIA NITRIC ACID MARKET ANALYSIS

Australia Nitric Acid MarketSize and Trends

Australia nitric acid market was valued at US$ 1,177.5 Million in 2022 and is expected to reach 2337.3 by 2030 following a CAGR of 9.18% over the forecast period (2023-2030)

Nitric acid is used as an alternative to chlorine in various countries in precious metal refining process, as chlorine is highly toxic in nature, and this is expected to drive the market growth. For instance, According to the World Gold Council, around 3,924 tons of gold was refined in 2014 around the globe. Australia accounts for 15% share in world economic gold sources, and is the second-largest producer of gold, accounting for 10% of overall global gold output.

Australia Nitric Acid Market: Drivers

Demand for Nitric Acid from Fertilizers Industry

Rising demand for nitric acid from fertilizers industry across the globe is expected to drive ammonium thiosulphate market growth over the forecast period. For instance, according to the FAO- Food and Agriculture Organization (U.S.), the Australia’s demand for fertilizer nutrients including sulfur, nitrogen, potash, and phosphates increased to 200,552 Kilo tons in 2021 from 197,190 Kilo tons in 2017.

Increasing Mining Exploration Activities

Rising demand for nitric acid for the production of ammonium nitrate that is widely used as explosives in the mining industry is expected to drive the market growth. Increasing mining exploration activities in Australia, especially in western Australian and Queensland, is expected to boost the production and consumption of nitric acid in the country.