Nitric acid is also referred as aqua fortis. It is a very strong corrosive mineral acid. Nitric acid that has concentration above 90% is known as fuming nitric acid, and the one which has concentration below 90% is called non-fuming nitric acid. It has a chemical formula– HNO3 with molecular weight 63.0. Mining acid, agriculture, and chemicals are some of the major end users of nitric acid. It is used to manufacture various organic and inorganic nitro and nitrate compounds. It is used to manufacture dye compounds. Australia nitric acid market was valued at US$ 1,177.5 Million in terms of value for the year 2022.
Australia Nitric Acid Market- Drivers
Growing chemical industry coupled with increasing utilization of nitric acid in various end user industry is expected to drive the market growth over the forecast period. Moreover, increasing application of nitric acid in the acidulation process of phosphate rock is further expected to boost the market growth of nitric acid. Furthermore, rising demand for fertilizers for improving crop yields, in order to meet the rising demand for food is also expected to boost the market growth of nitric acid. Growing construction, automotive, chemicals, and pharmaceutical industries are further expected to drive the market growth.
Australia Nitric Acid Market- Opportunities
Rising trend of using nitric acid in the precious metal refining process, as it is a good substitute for chlorine acid is expected to offer lucrative growth opportunity to the market over the forecast period. Rising demand for adipic acid in the production of nylon 6, 6 resins and fibers, which has application in the automotive industry as a replacement of exterior and interior components is also expected to offer major growth opportunity to the market. Furthermore, growing demand for nitrobenzene as an intermediate for the manufacturing of various chemicals such as 2, 4-dinitrochlorobenzene, and 3, 4-dichloronitrobenzene is further expected to drive the market growth over the forecast period.
Australia Nitric Acid Market- Restraints
Increasing production of alternative of ammonium nitrate-based explosives, owing to its negative impact on health and environment is projected to hinder the market growth over the forecast period. Moreover, environmental concern on the usage of ammonium nitrate fertilizers due to nitrification and leaching, and usage of ammonium nitrate fertilizers leads to the loss of nitrogen to underground water are expected to hamper the market growth.
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Key Takeaways:
Australia Nitric Acid market was valued at US$ 1,177.5 Million in 2022 and is estimated to reach a value of US$ 2,377.3 Million by 2030 at a CAGR of 9.18% between 2023 and 2030. Explosives segment dominated the global Nitric Acid market in 2022, accounting for 96.1% share, in terms of volume, followed by followed by fertilizers and others.
Australia Nitric Acid Market- Trends
Rising expansion of manufacturing facilities for increasing the production of nitric acid, in order to cater to rising demand from mining and chemical industry is expected to drive the market growth over the forecast period.
Australia Nitric Acid Market- Competitive Section
- Orica Limited
- Wesfarmers Chemicals, Energy & Fertilisers
- Incitec Pivot Ltd
- Australia Nitric Acid Market- Recent developments
- In 2015, Orica Limited, formed a joint venture company with Yara International called Yara Pilbara Nitrates Pty Ltd, to manufacture technical ammonium nitrate (nitric acid capacity of ~260 kilotons). Yara International does production activities, while Orica Limited handles marketing activities.
- Australia Nitric Acid Market is segmented as follows:
By Product Type (Fuming, Non-Fuming), By Grade (Commercial, Specialty), By End User (Explosives, Fertilizers, and Others), and By Regions (Western Australia, Queensland, New South Wales, Victoria Rest of Australia)
