Global Ammonium Nitrate Market size was valued at USD 19.1 Billion in 2023 and is expected to reach USD 33.1 Billion by 2032, at a CAGR of 5.75% during the forecast period 2023 – 2032.
Ammonium Nitrate Market: Overview
Ammonium Nitrate (NH4NO3) is produced by a chemical reaction of nitric acid and ammonia. Ammonium nitrate, a salt of ammonia and nitric acid, is used widely as fertilizers and explosive applications in agricultural, mining and quarrying end use industries.
The commercial grade of Ammonium Nitrate contains about 33.5%, all of which are in forms utilizable by plants; it is the most common nitrogenous component of artificial fertilizers.
The global Ammonium Nitrate market is driven by a variety of factors such as the rapidly expanding agricultural industry, growing demand for organic and synthetic fertilizers, and growing demand for ammonium nitrate as explosive in the mining and quarrying industry.
With the growing population across the globe, the demand for food is also increasing, which in turn propels the demand for Fertilizers. Ammonium nitrate is the most popular fertilizer since it provides half of the Nitrogen in the nitrate form and half in the ammonium form.
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However, the market faces certain restraints, such as stringent regulations, less adaption in many underdeveloped economies, and lack of universal directives about the usage of ammonium nitrate are restraining the market growth.
The rising mining and quarrying activities across the globe are expected to create lucrative opportunities for the market during the forecast period. With the increasing demand for minerals, metals and high end mining products the mining activities are also increasing in China, India, Australia, Indonesia, the U.S. and South Africa, which in turn boosts the demand for ammonium nitrate, thereby driving the market growth.
The global Ammonium Nitrate market is segmented by application, by end use industry, by sales channels and by region. By Application, the fertilizer segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period.
Growing demand for food due to the increasing population is boosting the agriculture cultivation area, which in turn drives the demand for Fertilizer, thereby driving market growth of this segment. The explosive segment is expected to grow at significant growth rates during the forecast period.
Increasing demand for explosives from the mining, quarrying and defence industry is expected to boost the market growth of this segment during the forecast period.
By end user industry, the Agricultural end user industry held the highest market share in 2022 and is expected to keep its dominance during the forecast period. The rapidly expanding agricultural sector in Emerging economies is mainly boosting the demand for fertilizer, thereby increasing consumption of ammonium nitrate.
By region, the Ammonium Nitrate market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa. The Asia Pacific dominated the global Ammonium Nitrate market in 2022 with a market share of 43.00% and is expected to keep its dominance during the forecast period. Major countries China, India, Japan, South Korea, and Indonesia are driving the market growth in this region.
Custom Market Insights has comprehensively analyzed Ammonium Nitrate market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict depth scenarios of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Ammonium Nitrate industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players ate studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, the Report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships, and emerging business models.
List of the prominent players in the Ammonium Nitrate Market:
- Yara International ASA
- Orica Ltd
- Sigdo Koppers Group
- CF Industries Holdings Inc.
- Incitec Pivot Ltd
- Neochim Ad
- Enaex
- EuroChem Group AG
- OSTCHEM Holding Company
- Fertiberia SA
- Borealis AG
- San Corporation
- Abu Qir Fertilizers Co
- Deepak Fertilisers and Petrochemicals
- CSBP Limited
- Uralchem
- Other
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