Nitric acid is also referred to as aqua fortis, 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 chemical are some of the major end-users of nitric acid. Among many major any application, it is also used to manufacture various organic and inorganic nitro and nitrate compounds. It is also used to manufacture dye compounds. The Nitric Acid market in Australia is estimated at US$ 843.4 Mn in terms of value and 2152.8 Thousand Tons in terms of volume for the year 2018.
Expanding the chemical industry coupled with the increasing utilization of nitric acid across the various end-user industry is expected to foster the market growth of nitric acid over the forecast period. Moreover, increasing application of nitric acid in the acidulation process of phosphate rock is further projected to augment 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. Besides, growing construction, automotive, chemicals, and pharmaceutical industries are further expected to augment the market growth of nitric acid.
The rising trend of using nitric acid in the precious metal refining process as it is a good substitute for chlorine acid is a major factor that is projected to provide lucrative growth opportunity to the market of nitric acid over the forecast period. Growing 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 various exterior and interior components is also presumed to be a major growth opportunity to the market. Furthermore, the 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 propel the market growth of nitric acid over the forecast period.
Increasing production of alternative of ammonium nitrate-based explosive owing to its negative impact on health and environment is projected to hinder the market growth of nitric acid over the forecast period. Moreover, environmental concern on the usage of ammonium nitrate fertilizers due to nitrification and leaching, use of ammonium nitrate fertilizers leads to the loss of nitrogen to underground water are projected to impact the market negatively
Australia Nitric Acid market was valued at US$ 843.4 Mn in 2018 and is forecast to reach a value of US$ 1650.0 Mn by 2025 at a CAGR of 8.0 % between 2015 and 2025 Explosives segment dominated the global Nitric Acid market in 2018, accounting for 96.1% share in terms of volume, followed by followed by fertilizers and others.
Rising expansion of production facilities for increasing the production of nitric acid in order to cater to rising demand from mining and chemical industry is expected to foster the market growth of nitric acid over the forecast period.
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