USD 15.53 billion
Report ID: SQSG15E2024 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Ammonium Nitrate Market size was valued at USD 15.53 billion in 2021, and it is expected to reach a value of USD 24.29 billion by 2028, at a CAGR of 6.6% over the forecast period (2022-2028).
A white crystalline solid chemical substance made of ammonium and nitrate ions is known as ammonium nitrate. Due to its abundant source of nitrogen, it is frequently utilized as fertilizer. Ammonium nitrate can aggressively break down at high temperatures, which makes it useful as an explosive in the mining sector. Additionally, this substance is widely employed in food storage procedures due to its great hygroscopic character. Fertilizers containing nitrogen are frequently used in farming to promote crop development.
The segment is predicted to develop due to the rising demand for the chemical as a source of nitrogen in fertilizers. Additionally, the substance is popular as an oxidant in the production of explosives, which is predicted to boost industrial expansion.
Global Market Size
USD 15.53 billion
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The global ammonium nitrate market segmentation is based on product, application, and region. Based on product, the market is segmented into high density and low density. Based on application, the market is segmented into fertilizers, explosives, and others. Based on region, the global Ammonium nitrate market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Product
In 2021, due to its primary usage as an oxidant in the farming sector, high-density ammonium nitrate held the major market share. Due to its exceptionally compact, non-porous, and natural form prills, HDAN is a widely supported substance in the agriculture sector and will contribute to rapid expansion. Over the following period, the global ammonium nitrate market value will increase due to the quickly expanding requirement for HDAN in agricultural activities due to rising crop yields, improved soil fertility, reduced development of vegetative mass, and rising gluten & diet composition in cereals.
Analysis by Application
In 2021, owing to increasing company expenditures in the agriculture industry globally, the fertilizers category held the largest market share and is expected to continue dominating the ammonium nitrate market over the forecast period. Ammonium nitrate is a starting ingredient in fertilizer manufacture, which helps to increase agricultural productivity. The increasing population has forced farmers to boost agricultural yields, leading to a growing demand for fertilizers and fueling the sector's expansion.
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In 2021, Asia Pacific had the largest share of the global market, and it is projected that it will continue to keep that position during the projected timeline. The majority of the economies in the Asia Pacific area are farming, which is projected to increase the requirement for ammonium nitrate in the region’s fertilizer industry. Higher nutritional demand is caused by the growing world population, particularly in China and India, and is then met by a concentration on modern agricultural techniques including hydroponic and rotating crops, as well as agro-forestry- forestry techniques. The ammonium nitrate market is estimated to be significantly influenced by this during the projected period.
The global ammonium nitrate market is expected to experience moderate expansion in North America over the coming years. Due to rising interest for explosives used in defense as well as the rising need for ammonium nitrate fuel, there is a huge market for ammonium nitrate. One of the factors driving this area's growth is an increase in farming activity brought on by the region's increased use of fertilizers over the projection period. Although Canada's fertilizer business has recently seen expansion, the US still serves as the region's main agricultural market.
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A large number of customers and producers make the market fairly challenging. Leading players constantly engage in Research and development projects, capacity expansion, and regional coverage through a variety of techniques to provide their clients with top-notch outcomes. The threat from new companies is likely to be reduced by the large initial investment in plants like dryers, screeners, and recycle-slurry mixers combined with narrow profitability, which will reduce industry competition over the projected period. For instance, Ammonium nitrate, according to Enaex, is a premium blasting agent that is made specifically for explosive mixes. Additionally, it has a high potential to absorb oil.
Top Players in the Global Ammonium Nitrate Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, in 2021, high-density nitrate held the major market share due to its primary usage as an oxidant in the farming sector. In 2021 the fertilizers category held the largest market share and is expected to continue dominating the market over the forecast period. In 2021, Asia Pacific had the largest share of the global market, and it is projected that it will continue to keep that position during the projected timeline.
|Market size value in 2021||USD 15.53 billion|
|Market size value in 2028||USD 24.29 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Ammonium Nitrate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ammonium Nitrate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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