Ammonium Nitrate Market Size is projected to reach USD 19.37 Billion by 2031, growing at a CAGR of 3.6%: Straits Research

The global ammonium nitrate market size was valued at USD 14.09 billion in 2022. It is projected to reach USD 19.37 billion by 2031, growing with a CAGR of 3.6% during the forecast period (2023–2031). Europe is expected to hold the largest share in the ammonium nitrate market during the forecast period.

 | Source: Straits Research Straits Research

New York, United States, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Ammonium nitrate is a compound made up of ions of nitrate and ammonium that is white and crystalline in solid form. Ammonium nitrate can aggressively break down at high temperatures, which makes it useful as an explosive in the mining industry. Additionally, the chemical compound is widely employed in food preservation applications due to its hygroscopic nature. Considering how rich in nitrogen it is, it is frequently used as fertilizer. The demand for high-quality crops is rising quickly, which has increased the use of fertilizers in recent years. Aging production facilities have been expanded and renovated, and new ammonium nitrate manufacturing facilities have been built to keep up with the demand. All these factors are expected to propel the market.


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Increasing Agricultural Activities Drive the Global Market

By 2050, there will be around 10 billion people on Earth, which means there will be roughly 3 billion more people to feed than there were in 2010. In order to nourish the expanding population, agricultural activities will need to expand. The use of ammonium nitrate as fertilizer is anticipated to rise because of this reason. Ammonium nitrate-based fertilizers are much more efficient than other types of fertilizers and produce fewer greenhouse gases.

Regional Analysis

Europe is expected to hold the largest share in the ammonium nitrate market during the forecast period due to the region's substantial consumer base across a range of end-use sectors and significant investments made to revive its construction sector. Ammonium nitrate explosives are widely used in the civil construction sector. Additionally, European nations like Germany, France, and Russia have become significant market participants, further solidifying the region's position. Additionally, the growing use of ammonium nitrate in fertilizer and explosive applications has supported the market expansion. Although it is anticipated that fewer acres will be utilized for crops, permanent grassland, and oilseeds in the region over the coming years, more acres will probably be used for fodder, cereals, and protein crops. The consumption of cereal in the region is anticipated to rise quickly as a result of its rising demand for industrial use. In the next few years, it is projected that the areas used for growing wheat and maize will rapidly increase, which would, in turn, raise the demand for fertilizers.

Asia Pacific is expected to grow at the fastest rate over the forecast period due to the growth of numerous end-use sectors in the area, including the mining industry, agriculture, and construction. Due to the expanding consumer base and the favorable regulatory environment, the demand for ammonium nitrate is anticipated to increase in a number of nations like China, India, Japan, and South Korea. Other factors anticipated to contribute to the market expansion in the region include rising construction activity as well as the affordability of labor and land. India's agricultural sector will expand significantly as a result of increased spending on improving agricultural infrastructure, including warehousing, irrigation systems, and storage. Additionally, local farmers will use more fertilizers as a result of government initiatives and programs to educate them on the use of fertilizers.

North America is expected to witness noteworthy growth in the global ammonium nitrate market, owing to the growing demand from the quarry, mining, and construction sectors. The significant demand from the defense industries in developed nations like the U.S. and Canada is also a major factor in the market growth in the region. There is a high demand for ammonium nitrate because of the demand for explosives used in defense, as well as the demand for ammonium nitrate fuel oil. The fertilizer market is anticipated to grow as a result of the growing expansion of agricultural operations in the region over the course of the projected period.

The LAMEA region is expected to witness steady growth, owing to the increasing demand for ammonium nitrate-based fertilizers from the region’s agriculture sector. In Latin America, ammonium nitrate is used as a protective agent to help prevent internal food item degradation for convenience foods and foods transported over long distances. Demand for agricultural production has increased due to growing populations, especially in developing countries in Latin America. As agricultural production increases, there is a greater need for ammonium nitrate, a crucial component of fertilizers. The region's overall ammonium nitrate market is expanding due to the region's expanding mining industry and the adaptability of explosives based on ammonium nitrate.


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Report Scope

Report MetricDetails
Market SizeUSD 19.37 Billion by 2031
CAGR3.6% (2023-2031)
Historical Data2020-2021
Base Year2022
Forecast Period2023-2031
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredApplication, End User
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsEnaex (Chile), San Corporation (China), OSTCHEM (Austria), Incitec Pivot Limited (Australia), EuroChem Group AG (Switzerland), Yara International ASA (Norway), Neochim Plc (Bulgaria), Abu Qir Fertilizers and Chemicals Company (Egypt), URALCHEM JSC (Russia), Vijay Gas Industry P Ltd (India), Austin Powder (U.S.), Orica Limited (Australia), CF Industries Holdings, Inc. (U.S.), and Fertiberia SA (Spain)
Key Market DriversIncreasing Agricultural Activities


Key Highlights

  • The global ammonium nitrate market size was valued at USD 14.09 billion in 2022. It is projected to reach USD 19.37 billion by 2031, growing with a CAGR of 3.6% during the forecast period (2023–2031).
  • By application, the ammonium nitrate market can be segmented into explosives and fertilizers. The explosive segment witnessed the highest growth in the ammonium nitrate market.
  • By end user, the ammonium nitrate market can be segmented into mining, construction, quarry, and agriculture. The agriculture segment is expected to hold a prominent share of the market.
  • Europe is expected to hold the largest share of the ammonium nitrate market during the forecast period.

 Competitive Analysis of the Global Ammonium Nitrate Market

  • Enaex (Chile)
  • San Corporation (China)
  • OSTCHEM (Austria)
  • Incitec Pivot Limited (Australia)
  • EuroChem Group AG (Switzerland)
  • Yara International ASA (Norway)
  • Neochim Plc (Bulgaria)
  • Abu Qir Fertilizers and Chemicals Company (Egypt)
  • URALCHEM JSC (Russia)
  • Vijay Gas Industry P Ltd (India)
  • Austin Powder (U.S.)
  • Orica Limited (Australia)
  • CF Industries Holdings, Inc. (U.S.)
  • Fertiberia SA (Spain)


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Global Ammonium Nitrate Market Segmentation

By Application

  • Explosives
  • Fertilizer

By End User

  • Mining
  • Construction
  • Quarry
  • Agriculture

By Region

  • Europe
  • Asia Pacific
  • North America
  • LAMEA


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Ammonium Nitrate Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Application Overview
    1. Introduction
      1. Market Size & Forecast
    2. Explosives
      1. Market Size & Forecast
    3. Fertilizer
      1. Market Size & Forecast
  5. End User Overview
    1. Introduction
      1. Market Size & Forecast
    2. Mining
      1. Market Size & Forecast
    3. Construction
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Application
        2. By End User
      3. Canada
        1. By Application
        2. By End User
      4. Mexico
        1. By Application
        2. By End User
      5. Latin America
        1. By Application
        2. By End User
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Application
        2. By End User
      3. France
        1. By Application
        2. By End User
      4. U.K.
        1. By Application
        2. By End User
      5. Italy
        1. By Application
        2. By End User
      6. Spain
        1. By Application
        2. By End User
      7. Rest of Europe
        1. By Application
        2. By End User
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Application
        2. By End User
      3. China
        1. By Application
        2. By End User
      4. Australia
        1. By Application
        2. By End User
      5. India
        1. By Application
        2. By End User
      6. South Korea
        1. By Application
        2. By End User
      7. Rest of Asia-Pacific
        1. By Application
        2. By End User
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Application
        2. By End User
      3. South Africa
        1. By Application
        2. By End User
      4. Kuwait
        1. By Application
        2. By End User
      5. Rest of Middle East & Africa
        1. By Application
        2. By End User
  7. Company Profile
    1. Enaex
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. San Corporation
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. OSTCHEM
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/ammonium-nitrate-market/toc


Market News

  • In December 2021, Smartchem Technologies, a fully-owned subsidiary of Deepak Fertilisers & Petrochemicals Corporation, laid the foundation for its Rs 2,200-crore technical ammonium nitrate (TAN) complex at the Gopalpur industrial park. The project at the Tata Steel industrial park in Gopalpur will have an annual capacity of 377 kilotonnes and is scheduled for commissioning by August 2024.
  • In January 2021, Chemical engineers at UNSW Sydney discovered a method to generate "green" ammonia using air, water, and renewable electricity without using the high temperatures, high pressures, or extensive infrastructure currently required to produce this essential compound.


News Media

Rising Use of Magnesium Nitrate in the Manufacturing of Fertilizers Drives the Magnesium Nitrate Market Growth

Europe to Remain the Frontrunner in the Global Ammonium Nitrate Market During the Forecast Period, 2019–2026, Backed by High Consumption in the Region’s Fertilizer and Explosive Sectors


Have a Look at the Related Research Report

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Ammonium Bifluoride Market: Information by Type (Analysis Grade, Industrial Grade), Application (Disinfection, Etching Agent, Preservatives), and Region — Forecast Till 2025


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