The Australia Nitric Acid Market was is expected to reach US$ 1.3 billion by the end of 2024



 By the end 2024, the Australia nitric acid market is expected to have grown by 1.8X. The widespread use of ammonium nitrate in several industries, such as metal refining and ammonium nitrate, is expected to fuel this expansion. The mining industry, along with the agriculture sector, is expected to develop the nitric acid market in Australia, opening new expansion opportunities. Explosives are expected to lead the market with a major market share by the end of the forecast period.

The COVID-19 epidemic has halted production in a variety of industries, including mining, and the market is likely to grow slowly during the crisis. The surge in fresh and handmade consumption, on the other hand, is expected to benefit agriculture by increasing the use of nitric acid.

With time, the market is likely to restore normal operations. In the foreseeable term, regions such as Queensland and Western Australia are expected to provide attractive prospects for market players. To stay ahead of the competition, market companies are increasing their production capacity by adding new manufacturing facilities. Orica Limited, Incitec Pivot Ltd, and Wesfarmers Chemicals, Energy & Fertilisers are some of the well-known competitors in the global industry.

In 2016, the Australia nitric acid market was estimated to be worth US$ 725.3 million, and by the end of 2024, it is predicted to be worth US$ 1.3 billion. In 2015, the market was estimated to be 1,723.3 kilotons, and it is expected to grow at a CAGR of 7.8% in terms of volume over the projected period (2016–2024). The main raw material for the synthesis of ammonium nitrate is nitric acid. It is also employed in the production of fertilizers, as well as precious metal refining and litho printing.

Increased mining exploration efforts in Australia, particularly in Western Australia and Queensland is predicted to increase nitric acid output and consumption. However, increased attempts in the mining industry to discover alternatives to ammonium nitrate-based explosives could limit the growth of the nitric acid market in Australia during the forecast period.

The nitric acid market in Australia is experiencing a new trend in the shape of capacity increases. Ammonium nitrate manufacturers in Australia are expanding their existing production facilities and focusing on new production capacity increases to meet the growing demand for explosives from the mining industry.

Product Type (Fuming and Non-fuming); Grade (Commercial Grade and Others); Application (Explosives, Fertilizers, and Others); and Region have all been used to segment the nitric acid market in Australia (Western Australia, Queensland, New South Wales, Victoria, Rest of Australia).

In 2015, the non-fuming product type section of the Australian nitric acid market was worth US$ 609.7 million, and by 2024, it is expected to be worth US$ 1.24 billion.

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