LOS ANGELES, April 09, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Ammonium Nitrate Market (Product: Ammonium Nitrate Solid and Ammonium Nitrate Solution; End user: Ammonium Nitrate Fertilizer and Ammonium Nitrate Explosive) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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Ammonium nitrate is highly soluble crystalline colorless substance that has melting point 169.6 °C. Ammonium nitrate has wide applicability in agriculture and explosive industry. Solid ammonium nitrate when heated in limited space can act as an explosive. In agriculture sector it is used in fertilizers in order to improve the nitrogen content. Ammonia is important chemical produced globally out of which majorly 85% is used in fertilizers and remaining 15% is used in wide variety of applications such as industrial, explosives and production of polymer.
In 2018 North America ammonium nitrate market accounted for high revenue share this was due to increase in demand from agriculture sector. In addition, increasing mining activities in the countries in this region, coupled with demand for better quality explosive products from mining sector will positively impact the regional market growth. Moreover, presence of prominent agriculture product manufacturers in UK and Germany, along with approach towards improving the quality of fertilizers is factor expected to support the market growth in this region to certain extent.
Asia Pacific market is witnessing a noticeable growth in terms of value and volume this can be attributed to rapid industrialization in emerging economies such as India, China, and Australia, increase in investment by major players on new exploration sites for minerals and metals. India is high producer of spices, pulses, milk, tea, cashew and jute and second largest producer of wheat, rice, fruits and vegetables, sugarcane, cotton and oilseeds. Increasing government spending on development of agriculture sector, coupled with introduction of new innovative products from manufacturers will support the regional growth.
The regional market is divided in to North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The bifurcation of the target market is according to type, application and region. The type is further segment to ammonium nitrate solution and ammonium nitrate solid. The ammonium nitrate solution accounted for significant share due to high demand from chemical manufacturers for various applications.
Among the application segment ammonium nitrate fertilizer segment dominated to growth due to high demand for good quality of fertilizers.
Rising crops production across the globe, developing agriculture sector, and increasing demand for fertilizers are factors propelling the growth of global ammonium nitrate market. Major player are inclining towards developing countries for business expansion, coupled with introduction of new products is expected to further support the target market growth.
However, stringent government regulations related to product approval and availability of various substitutes are factors hampering the growth of global ammonium nitrate market. In addition, ban on selling ammonium nitrate fertilizers in some countries such as the Netherlands, France, Turkey, etc is expected to retrain the target market growth.
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Activities related to business expansion by acquiring the manufacturing plant of other company mostly overseas this will help the company to expand its business presence and increase the revenue. For instance in 2018 the company acquired 70% of the Cachimayo plant, the only plant producing ammonium nitrate in Peru that operated under the Gloria Group. This purchase is expected to allows the company to generate a strategic alliance with the Peruvian holding company which will continue to be part of this company, in order to develop the road map, make investments and guide the growth of Industrias Cachimayo.
Players operating in the target market are Orica, Incitec Pivot Limited, Neochim PLC, URALCHEM Holding P.L.C., Enaex S.A., San Corporation, CF Industries Holdings, Inc., EuroChem Group AG, Austin Powder Company, and Vijay Gas Industry P Ltd. The players are focused on increasing their presence across the globe.
Key Findings
The global ammonium nitrate market was valued at around US$ 4,973 in 2018. Among the type segment the ammonium nitrate solution segment is expected to contribute significant revenue shares in the market globally.
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