What is the global market size of Ammonium Nitrate Market?

Global Ammonium Nitrate Market size was valued at USD 17.46 billion in 2021 and is poised to grow from USD 18.1 billion in 2022 to USD 28.87 billion by 2030, growing at a CAGR of 5.55% in the forecast period (2023-2030).

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

Report ID: SQMIG15E2540 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 62 | Figures: 75

Ammonium Nitrate Market Insights

Ammonium Nitrate Market size was valued at USD 17.46 billion in 2019 and is poised to grow from USD 18.1 billion in 2023 to USD 28.87 billion by 2031, growing at a CAGR of 5.55% in the forecast period (2024-2031).

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 biofertilizer. 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.

US Ammonium Nitrate Market is poised to grow at a sustainable CAGR for the next forecast year.

Ammonium Nitrate Market Report Snapshots

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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. 'Yara International ASA', 'EuroChem Group AG', 'CF Industries Holdings, Inc.', 'Orica Limited', 'The Mosaic Company', 'URALCHEM JSC', 'Borealis AG', 'Potash Corporation of Saskatchewan Inc.', 'Abu Qir Fertilizers and Chemicals Company', 'OSTCHEM Holding AG', 'Austin Powder Company', 'Neochim AD', 'JSC Belaruskali', 'Ube Industries, Ltd.', 'GPN Chemicals', 'Enaex', 'Fertiberia S.A.', 'Lovochemie A.S.', 'Guizhou Chanhen Chemical Corporation', 'Sasol Nitro'

The ammonium nitrate market has increased as a result of increasing defense spending globally. One essential component that serves as the basis for a number of explosives is ammonium nitrate. The global ammonium nitrate market has been exhibiting signs of growth across geographies, which is not surprising given that the demand for explosives and weapons is strongly correlated with a nation's military spending.

Fertilizers are being used in the agriculture sector to boost crop life. They supply crops with the necessary minerals for optimal growth and pest resistance. Fertilizers come in a variety of forms, including aqueous, dry crystals, and time-release. One such fertilizer is ammonium nitrate, which is used to provide plants with the right amount of nitrogen. Many vegetable cultivators use ammonium nitrate, an easily accessible nitrate source for plant nutrition. Ammonium nitrate is frequently combined with other fertilizers, however, because of their propensity to soak moisture in the air, these combinations cannot be kept for extended periods of time. Therefore, the demand for solid ammonium nitrate is predicted to develop quickly throughout the projected timeline given the fast-expanding agricultural activities and the environment.

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.

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

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