Albany, NY -- (SBWIRE) -- 02/17/2017 -- The Australia nitric acid market is expected to be valued at US$ 725.3 Mn in 2016 and is expected to grow 1.8X by the end of 2024 to be valued at US$ 1.3 Bn. The market was pegged at 1,723.3 kilotons in 2015 and is anticipated to increase at a CAGR of 7.8% in terms of volume over the forecast period (2016–2024). Nitric acid is the basic raw material used for the production of ammonium nitrate. It also finds application in the production of fertilizers and is also used in precious metal refining and litho printing.

Market Dynamics

In Australia, a significant amount of nitric acid is used in the production of ammonium nitrate, which is used as an explosive in the mining industry and as a fertilizer in the agriculture sector. There exists a strong linkage between the production of nitric acid and ammonium nitrate. An increased production of ammonium nitrate owing to increasing demand for ammonium nitrate-based explosives is in turn expected to drive demand for nitric acid during the forecast period. Ammonium nitrate production accounts for 90%–96% of the total nitric acid produced in Australia. Demand for ammonium nitrate explosives is highly dependent on mining exploration activities. Increasing mining exploration activities in Australia – especially in Western Australia and Queensland – are expected to boost the production and consumption of nitric acid in the country. However, enhanced efforts toward development of alternatives for ammonium nitrate-based explosives in the mining industry could restrain the growth of the nitric acid market in Australia during the forecast period.

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The Australia nitric acid market is witnessing a new trend in the form of capacity expansions. In order to cater to an increasing demand for explosives from the mining industry, ammonium nitrate manufacturers in Australia are expanding their existing production facilities and are focusing on new production capacity additions.

Market segmentation

The nitric acid market in Australia has been segmented on the basis of Product Type (Fuming and Non-fuming); Grade (Commercial Grade and Others); Application (Explosives, Fertilizers, and Others); and Region (Western Australia, Queensland, New South Wales, Victoria, Rest of Australia). In terms of value, the explosives segment accounted for 95.4% share of the Australia nitric acid market in 2015 and is expected to remain the dominant segment over the forecast period.

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Market forecast by segmentation

The non-fuming product type segment in the Australia nitric acid market was valued at US$ 609.7 Mn in 2015 and is projected to increase to US$ 1.24 Bn by the end of 2024. This segment is estimated to dominate the nitric acid market in Australia and is expected to expand at a CAGR of 8.2% over the forecast period, creating total incremental opportunity of US$ 580.4 Mn between 2015 and 2024. The commercial grade segment accounted for 95.3% share of the Australia nitric acid market in terms of value in 2015 and is anticipated to register a CAGR of 7.9% over the forecast period. The explosives segment accounted for 95.4% share of the nitric acid market in Australia in terms of value in 2015 and is anticipated to register a CAGR of 8.0% over the forecast period.

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Key regions

On the basis of region, the Australia nitric acid market has been segmented into New South Wales, Victoria, Queensland, Western Australia, and Rest of Australia. Queensland and Western Australia are the largest markets for nitric acid in Australia, cumulatively accounting for 58.0% share in 2015. Western Australia, New South Wales, and Queensland are expected to be the most attractive markets for nitric acid in Australia over the forecast period.

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