Ammonium Nitrate Market Size, Share, Growth Analysis, By Product(High Density, Low Density), By Application(Fertilizers, Explosives, Others), By Region - Industry Forecast 2024-2031

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.