Australia Nitric Acid Market Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

 

Australia Nitric Acid Market
Australia Nitric Acid Market

The primary driver of nitric acid market growth is the rising demand for the chemical's application in the production of ammonium nitrate, which is frequently employed as an explosive in the mining sector. Nitric acid consumption is anticipated to increase as a result of rising fertiliser demand in the agricultural sector and a growing chemical industry. Additionally, expanding mining exploration operations are anticipated to accelerate the growth of the nitric acid market.

An enormous development opportunity for the market is anticipated to result from increased use of nitric acid in the metal refining process of separating precious metal from metalliferous materials by dissolving metalliferous materials using hydrolysis process in nitric acid solution.

Another significant reason driving the Australia Nitric Acid market expansion of nitric acid is the rising replacement of chlorine with nitric acid in the precious metal refining process across numerous nations because chlorine is highly hazardous by nature. For instance, the World Gold Council estimates that 3,924 tonnes of gold were refined worldwide in 2014. Australia is the second-largest producer of gold, contributing close to 10% of the world's total gold production. Australia accounts for over 15% of the world's economic gold sources.

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