NewswireToday - /newswire/ -
New York, NY, United States, 2017/06/28 - According to a report by Persistence Market Research (PMR), the Australia nitric acid market, which was valued at $725.3 million in 2016 is anticipated to grow 1.8X, reaching $1.3 billion by 2024-end.
In terms of volume share, market is expected to increase at 7.8% CAGR during 2016-2024. The report by PMR titled ‘Australia Nitric Acid Market: Industry Analysis and Forecast, 2016-2024’, provides an in-depth analysis on the performance of Australian nitric acid market, along with important trends and factors influencing the market.
Growing mining activities and expansion in capacity of facilities of ammonium nitrate are the factors expected to fuel the growth of nitric acid market in Australia during 2016-2024. An increase in demand for ammonium nitrate explosives has resulted in an increase in production of ammonium nitrate. This is expected to fuel demand for nitric acid during 2016-2024.
Due to the high dependency of ammonium nitrate explosives on mining exploration activities, the increase in mining exploration activities in Australia, especially in Queensland and Western Australia is set to witness growth in the production as well as consumption in the country. However, the rise in alternatives being developed for ammonium nitric-based explosives could hamper the growth of Australian nitric acid market.
In terms of application of nitric acid, the explosives accounted for volume share of 90% in 2015. However, registering 8.0% CAGR during the forecast period, explosives is expected to influence the Australian nitric acid market. Non-fuming product is expected to have largest share in nitric acid market in the country, registering 8.2% CAGR during 2016-2024. This will also create an opportunity of $580.4 million in the region.
The market value of non-fuming product is expected to rise to $1.24 billion by 2024-end from $609.7 million in 2015. Fuming nitric acid applied in litho printing and precious metal refining is anticipated to act as a driving force in growth of fuming segment, by application. In 2015, in terms of value, commercial grade accounted for 95.3% market share of nitric acid in Australia. Commercial grade is expected to expand at 7.9% CAGR between 2016 and 2024. In 2015, by application of nitric acid, explosives accounted for 95.4% Australia nitric acid market share on basis of value. The explosives market share in terms of value is expected to register 8.0% CAGR during 2016-2024.
Region-wise, the report has segmented Australia nitric acid market into Queensland, New South Wales, Western Australia, Victoria and rest of Australia. Among all these regions, Western Australia and Queensland are considered to be the largest market in Australia for nitric acid. In 2015, both the regions together accounted for 58.0% market share. According to the report, during 2016-2024, Queensland, Western Australia and New South Wales will be considered as the most attractive markets in Australia for nitric acid. Nitric acid consumption in all these three regions together was projected to reach 1,444.9 kilotons in 2016 end.
The report has also profiled some of the leading players in nitric acid market in Australia such as Energy & Fertilizers, Orica Limited, Incitec Pivot Limited and Wesfarmers Chemicals.
About Persistence Market Research (PMR)
Persistence Market Research (persistencemarketresearch.com) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.