30-Jun-2022 | Zion Market Research
The global ammonium nitrate market generated a market revenue of $16B in 2021 and is anticipated to grow at a CAGR of 3.43% during the forecast period amassing a revenue of $22.5B by 2028.
Ammonium nitrate is an industrial chemical compound with extensive use in manufacturing explosives along with fertilizers. The explosives manufactured with the help of ammonium nitrate are generally used in mining and quarrying activities. It is an oxidizer and is relatively safe to use only if stored properly and remains contamination free. However, the chemical compound can prove to be fatal in case it is mixed with other fuels, gets contaminated, or is stored incorrectly.
Ammonium nitrate when suspended in a liquid form can form ammonium nitrate suspension, gel, or emulsion and when it undergoes combustion, toxic oxides of nitrogen are released hampering the environment's health.
During Covid-19, the global ammonium nitrate market growth was hampered owing to transport restrictions and the scarce availability of raw materials. The global market is anticipated to register moderate growth during the projection period.
Due to increasing urbanization, there is significant growth recorded in the infrastructure segment. Many countries are investing heavily in developing their architecture aided by assistance from government agencies as well as private companies. The infrastructure segment is mainly driven by the mining and metal sector because of the extensive use of mining processes to procure raw materials used in construction. Ammonium nitrate is a key component used in the production of mining explosives since these explosives are produced under controlled conditions like quantities, temperature, and pressure. With the rise in infrastructural activities worldwide, the global ammonium nitrate market is anticipated to register high revenues during the forecast period. One of the major segments contributing to the expansion of the global market is the agricultural sector. Since ammonium nitrate is used to create agricultural fertilizers and since agriculture is one of the largest sectors of the global economy and is projected to grow exponentially due to the rising population, the global market is anticipated to follow the same trend.
Safety issues related to ammonium nitrate use may restrain the global market growth whereas growing demand in the mining and construction industry provides ample global market expansion opportunities along with some challenges due to the presence of substitutes along with the prevention of hazardous incidents.
The global ammonium market is segmented based on application, end-user, and region.
Based on application, the global market is segmented as explosives, fertilizers, and others. The segment is expected to be dominated by its application in manufacturing fertilizers owing to the abundant presence of nitrate in the chemical compound which is used extensively by crops during their growth phase.
Based on end-user, the global market segments are mining, defense, agriculture, and others where the agricultural sector is expected to dominate the segment. In 2020, because of the high use of ammonium nitrate in agriculture, it alone accounted for 74% of the global market share and is anticipated to showcase the same effect in the coming years.
Asia-Pacific is expected to generate the highest revenue in the global ammonium nitrate market owing to increased investment in infrastructure development, a rise in population, and the subsequent demand for the urbanization of residential regions. This is also coupled with the growing food sector in regions like China, India, Malaysia, and Bangladesh. China is the leading economy in the agricultural sector and is expected to aid regional growth.
North America and Europe are expected to register high CAGR due to the growing use of ammonium nitrate in military segments to produce explosives for national security.
Africa is anticipated to grow significantly during the forecast period because of exhaustive mining activities carried out in the region.
The key players in the global ammonium nitrate market are Abu Qir Fertilizers Co., Fertiberia SA, Enaex S.A, Austin Powder International, Borealis, OSTCHEM Holding Company, CF Industries Holdings, Orica Ltd., Yara International, Inc., EuroChem Group AG, CSBP Limited, San Corporation, URALCHEM Holding P.L.C., Neochim Ad, DFPCL, and Incitec Pivot Limited
Browse the full “Ammonium Nitrate Market By Application (Explosives, Fertilizers, and Others), By End-User (Mining, Defense, Agriculture, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/ammonium-nitrate-market
Global Ammonium Nitrate Market is segmented as below:
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