Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to the latest market study on "Ammonium Nitrate Market Forecast to 2030 - COVID-19 Impact and Global Analysis – by Form, Application and End Use," the global ammonium nitrate market size was valued at US$ 21.77 billion in 2022 and is projected to reach US$ 30.40 billion by 2030; it is anticipated to record a CAGR of 4.3% from 2022 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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Ammonium Nitrate Market: Competition Landscape
CSBP Limited, TradeMark Nitrogen, CF Industries Holdings Inc, Orica Limited, Yara International ASA, Uralchem, Acron Group, Enaex SA, Maxam Corp Holding SL, Sasol Limited, are among the key players in the global ammonium nitrate market.
Ammonium nitrate is used in the mining industry as an explosive in the form of ammonium nitrate/fuel oil (ANFO) explosives. ANFO is considered a cost-effective solution and is widely used in mining operations. Ammonium nitrate explosives are used for rock blasting in mining, quarrying, and construction applications. The demand for ammonium nitrate explosives is region-specific and depends on mining operations and mineral reserves. According to the report published by the US Geological Survey in 2022, China was the largest supplier of twenty-five non-fuel mineral commodities to several other countries in 2021. Out of twenty-five listed minerals, China produced sixteen critical minerals. Moreover, China, Tajikistan, Australia, and Vietnam accounted for major antimony mine production and reserves.
In addition, as per the International Trade Administration, Saudi Arabia's untapped mineral reserves accounted for US$ 1.3 trillion in 2021. Further, the World Mining Data 2022 report by the Federal Ministry Republic of Austria revealed that Africa accounted for 889.63 million metric tons of mineral production (excluding bauxite). According to the World Mineral Production report by the British Geological Survey published in 2023, the mine production of gold in the UK rose from 41.8 tons in 2019 to 43.3 tons in 2021. ANFO is commonly used in gold mining to dislocate gold-bearing ore from the surrounding rock. Ammonium nitrate is also widely used in copper mining for rock blasting. According to a report published by the International Energy Agency in 2023, Latin America recorded 40% of global copper production, which included Chile (27%) and Peru (10%). Latin America's share of global copper exploration expenditure increased from 35% to 45% between 2012 and 2022, thus indicating potential growth in mining production. Thus, adopting ammonium nitrate in the mining sector is expected to drive the market.
The report includes the segmentation of the global Ammonium Nitrate market as follows:
The "Global Ammonium Nitrate Market Analysis to 2030" is a specialized and in-depth study of the chemicals & materials industry, focusing on the global ammonium nitrate market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The global ammonium nitrate market is segmented on the basis of form, application, and end-use. Based on form, the ammonium nitrate market is segmented into solid, and liquid. Based on application, the market is categorized into fertilizer, explosives, and others. Based on end use, the market is divided into agriculture, mining, construction, pharmaceuticals, and others. The rising emphasis on increasing crop yield and producing high-quality crops has boosted the demand for fertilizers. Ammonium nitrate is extensively used as fertilizer due to its high nitrogen content. Further, ammonium nitrate is a fast-release fertilizer, thereby offering an advantage in cases of quick fertilization. The mining and quarrying industry also utilizes ammonium nitrate for rock blasting applications. The rising mining activities across the globe for the extraction of metals are further influencing the demand for ammonium nitrate.
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Impact of COVID-19 Pandemic on Global Ammonium Nitrate Market Growth
During the COVID-19 pandemic, disruptions in chemicals & materials manufacturing operations significantly impacted global supply chains and hindered product manufacturing activities, delivery schedules, and sales. Various chemicals & materials companies reported product delivery delays and a sales slump in 2020. Moreover, restrictions on international travel imposed by governments of various European and Asia Pacific countries compelled manufacturers and suppliers to discontinue their business strategies, such as partnerships temporarily. All these factors hampered many sectors during the pandemic and restrained the growth of the chemicals & materials industry. Mining operations and construction activities were severely impacted during the pandemic, thereby negatively affecting demand for mining and construction materials.
In 2020, supply chain shortages, increased labor costs, and high demand for raw materials resulted in price inflation of materials required in construction and mining industries across the region. In 2021, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to a conducive environment for the mining industry. The sales of ammonium nitrate increased with the resumption of mining as well as construction operations. Governments of several countries globally designed policies to support the construction industry and negate losses that occurred during the pandemic.
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