Market Size –
The ammonium nitrate market size has grown strongly in recent years. It will grow from $18.40 billion in 2023 to $19.40 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increased crop production for food security, rise in demand for explosives in mining and construction, increased use of ammonium nitrate in mining and quarrying, increased demand for ammonium nitrate in defense, and increased utilization of ammonium nitrate in pharmaceuticals.
The ammonium nitrate market size is expected to see strong growth in the next few years. It will grow to $24.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rising demand for ammonium nitrate-fuel oil, increasing demand for fertilizers in agricultural sector, growing utilization of ammonium nitrate in agriculture, high nitrogen content in ammonium nitrate, growing crop yield and high-quality crop production. Major trends in the forecast period include demand for coated ammonium nitrate granules, new formulations for enhanced efficiency and safety, innovative production methods for improved product quality, high-nitrogen fertilizers for agricultural productivity, and product launches and partnerships.
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Scope Of Ammonium Nitrate Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Ammonium Nitrate Market Overview
Market Drivers –
The increasing construction activities are expected to propel the growth of the ammonium nitrate market going forward. Construction activities involve the physical development of buildings, infrastructure, and other structures. The increasing construction activities are due to rapid urbanization, infrastructure development, and a focus on efficiency and accuracy in building projects. Ammonium nitrate’s role in construction is crucial due to its effectiveness in breaking up hard materials and facilitating large-scale excavation and demolition projects. It is strictly used to control workers’ safety and the surrounding environment. For instance, in December 2021, according to the United States Census Bureau, a US-based government agency, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2%. Therefore, the increasing construction activities drive the ammonium nitrate market.
Market Trends –
Major companies operating in the ammonium nitrate market focus on developing innovative products such as low-carbon-footprint ammonium nitrate to meet sustainability goals. Low-carbon footprint ammonium nitrate refers to ammonium nitrate produced using innovative technologies and sustainable practices to reduce greenhouse gas emissions significantly compared to conventional production methods. For instance, in September 2023, Fertiberia, a Spain-based fertilizer and chemicals manufacturing company, launched the world’â„¢s first low-carbon technical ammonium nitrate produced with green hydrogen. The special feature of this low-carbon TAN, which is produced at Fertiberia’â„¢s plant in Puertollano (Ciudad Real) and will be used in the mining and civil infrastructure markets across Europe, the Middle East, and Africa, is that it is produced from renewable hydrogen, replacing natural gas.
The ammonium nitrate market covered in this report is segmented –
1) By Product Type: High Density, Low Density, Other Product Types
2) By Application: Fertilizers, Explosives, Other Applications
3) By End-User Industry: Agriculture, Mining, Defense, Other End-User Industries
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Regional Insights –
North America was the largest region in the ammonium nitrate market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ammonium nitrate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the ammonium nitrate market are Nutrien Ltd., Yara International ASA, Abu Qir Fertilizers and Chemicals Company, Sasol Ltd., Borealis AG, Potash Corporation of Saskatchewan Inc., CF Industries Holdings, Inc., Ube Industries Ltd., EuroChem Group AG, Orica Limited, Incitec Pivot Ltd., Chambal Fertilisers and Chemicals Ltd., Dyno Nobel, Austin Powder Company, Enaex, OSTCHEM Holding AG, URALCHEM JSC, Fertiberia S.A., Neochim Plc, JSC Belaruskali, Machhar Industries Limited, GPN GmbH, Lovochemie A.S., San Corporation, Vijay Gas Industry Pvt. Ltd.
Table of Contents
1. Executive Summary
2. Ammonium Nitrate Market Characteristics
3. Ammonium Nitrate Market Trends And Strategies
4. Ammonium Nitrate Market – Macro Economic Scenario
5. Global Ammonium Nitrate Market Size and Growth
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31. Ammonium Nitrate Market Other Major And Innovative Companies
32. Global Ammonium Nitrate Market Competitive Benchmarking
33. Global Ammonium Nitrate Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ammonium Nitrate Market
35. Ammonium Nitrate Market Future Outlook and Potential Analysis
36.Appendix
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