New York, USA, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Ammonium Nitrate Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ammonium Nitrate Market Information by Application, End-User, and Region - Forecast till 2027”, the market is estimated to grow at a 6.33% CAGR to reach USD 25.17 Billion by 2027.
Market Synopsis
Ammonium nitrate can be described as a chemical compound with extensive use in the agriculture industry, where it acts as a nitrogen fertilizer. It is a crystalline, odorless white compound with high solubility in water that can be processed into flakes. It also finds use as a nutrient in the manufacturing of yeast and antibiotics.
Ammonium nitrate is produced by a synthetic process and is generally kept in air conditioner warehouses for storage. It is available in powder and granular form. Granular ammonium nitrate can also be used as a blasting agent since it has significant absorption properties. It finds use as an explosive and sees substantial demand.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 25.17 Billion |
| CAGR | 6.33% (2021–2027) |
| Base Year | 2020 |
| Forecast Period | 2021–2027 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, End-User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Expanding development exercises, rising utilization in explosives, developing safeguard area, and others. |
| Coal utilization has expanded for energy creation which has expanded the mining exercises across the globe. |
Market Competitive Landscape:
The important vendors in the ammonium nitrate industry are
- Orica, Enaex S.A
- CF Industries Holdings Inc.
- San Corporation
- OSTCHEM Holding Company
- EuroChem Group AG
- Austin Powder International
- Abu Qir Fertilizers Co
- Neochim PLC
- Fertiberia SA
- Uralchem JSC
- Vale Fertilizantes
- Dorogobuzh JSC
Adoption of advanced manufacturing technologies, extensive R&D activities, and acquisitions are the top strategies used by the players in the market to elevate their standings.
Market USP Covered:
Market Drivers:
Factors like the fast-urbanization rate, surging disposable income in emerging nations, and rapidly evolving dietary behaviors all have an impact on food security. The food demand will be escalating in line with the rising population worldwide. The United Nations says that the worldwide population was nearly 8.5 billion in 2018, which should touch 10.4 billion by 2050. This expansion of the population as well as the rise in people’s incomes will bolster the agriculture industry, ultimately fostering the demand for ammonium nitrate.
The agriculture industry is experiencing phenomenal changes with farmers now more focused on enhancing their crop production using innovative, modern ways. The shortage of arable lands will considerably elevate the usage of fertilizers, which should eventually foster the expansion rate of the ammonium nitrate market in the years to come.
Furthermore, supportive agro-food policies encouraging the use of ammonium nitrate will also be favorable. Rapid changes in the climate combined with adverse weather conditions will further bolster the growth scope of the industry. Other than the agricultural sector, the demand is significantly high in metal mining and construction sectors as well.
Market Restraints:
The ammonium nitrate industry’s growth rate can be hindered by strict government laws and restrictions as well as the volatile prices of raw materials.
Browse In-depth Market Research Report (137 Pages) on Ammonium Nitrate: https://www.marketresearchfuture.com/reports/ammonium-nitrate-market-5259
COVID 19 Analysis
The COVID-19 outbreak as well as the subsequent lockdown has had a brutal effect on the automotive industry, with the temporary shutdown of manufacturing facilities and a reduction in road traffic. Many industries like packaging, and construction faced revenue losses following the SARS-CoV-2 pandemic due to travel bans and the overall economic downfall worldwide.
Disruptions in supply chains and the fall in demand in various countries following the pandemic outbreak affected the melamine formaldehyde market. Weakened investments and exports are the latest trends, with the trend becoming more pronounced now with the rising trade tensions between countries.
However, with the lockdown now being lifted up and a major focus on curbing the spread of the novel coronavirus, players are now able to continue with their business and also concentrate on strengthening their supply chains. This can mean a quicker recovery for the worldwide market in the upcoming period.
Market Segmentation
By Application
Fertilizers, Explosives, and others are the top applications of ammonium nitrate.
By End User
Mining, Construction, Agriculture, and Quarry are the key end-users in the worldwide industry.
The agriculture sector is now leading the ammonium nitrate industry, on account of the surging product use as a fertilizer. Fertilizers are largely used on soils or plants to enhance fertility, plant growth and yield. Factors like the rampant need to elevate the crop production rate to cater to the rising food demand worldwide couple with government programs and initiatives to spread awareness regarding fertilizers and their benefits among farmers will enhance the market share in the following years.
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Regional Insights
The APAC construction sector has been seeing stunning growth owing to the surge in the urbanization rate and the escalating economic standards in the region. An increase in mining and construction activities in various countries like Japan, India, and China is fostering the demand for explosives. In July 2015, the ammonium nitrate export from China to other countries like Thailand, and Malaysia rose by more than 25%. Plus, the soaring fertilizer manufacturing industry in the region thanks to the surge in domestic consumption should further propel the market growth rate.
The European market, on the other hand, will be performing exceedingly well in the following years, headed by Germany, France, Italy, and the UK, with all of these countries having a thriving agriculture industry. The European Environment Agency reveals that cropland and grassland together come to about 42% of the region’s total land cover. Government initiatives as well as programs to augment the usage of fertilizers in agriculture will also bolster the demand for ammonium nitrate.
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