Market Analysis
The global ammonium nitrate market is likely to grow at a healthy CAGR between 2023 – 2027, as per the recent report by Market Research Future (MRFR). Ammonium nitrate or the salt of ammonia nitric acid is a nearly odorless and colorless chemical compound that is soluble in water. It comes in a crystalline solid form that can be made into prills for some specific applications. Owing to its alluring features and multiple benefits, ammonium nitrate has wide applications in fertilizers, explosives, and others.
Various factors are adding to the global ammonium nitrate market growth. Such factors, according to the new MRFR report, include increasing repairing infrastructure activities, rising construction activities in developing and developed regions, growth in mining activities resulting in increased consumption of explosives, and increasing mining activities due to increasing consumption of coal for energy production. Besides, growing demand for fertilizers, which is increasing the need for ammonium nitrate, increasing population, and increasing consumption in construction activities explosives, are also adding market growth.
On the contrary, strict regulations laid down by government bodies coupled with workplace impact on health are factors that may limit the global ammonium nitrate market growth over the forecast period.
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Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global ammonium nitrate market based on application and end user.
By application, the global ammonium nitrate market is segmented into fertilizers, explosives, and others. Of these, the fertilizer segment will lead the market over the forecast period for the burgeoning requirement of fertilizer to cater to the increasing demand for food.
By end user, the global ammonium nitrate market is segmented into agriculture, quarry, mining, construction, and others. Of these, the agriculture segment will dominate the market over the forecast period.
Regional Analysis
Based on the region, the global ammonium nitrate market report covers the growth opportunities recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Among these, Europe will lead the ammonium nitrate market over the forecast period. Wide use in fertilizer and explosive applications, increasing investments to revitalize the construction sector, and a strong consumer base for different end use industries are adding market growth in the region. France, Russia, and Germany are the chief contributors in the region.
The APAC region is likely to have healthy growth in the ammonium nitrate market over the forecast period. The soberly strict regulatory framework, the availability of cost-effective land, labor, and material, increasing construction activities, and favorable government regulations are adding to the market growth in the region. Additional factors adding market growth in the region include the booming mining, construction, and agriculture industries and the burgeoning demand in Malaysia, Vietnam, South Korea, India, Japan, China, and Bangladesh for the growing consumer base.
The global ammonium nitrate market in North America is predicted to have moderate growth over the forecast period. Burgeoning demand for ammonium nitrate from construction, quarry, and mining sector coupled with strong demand from the defense sector from the US Canada who are the chief contributors in the region are adding market growth in the region.
The global ammonium nitrate market in Latin America is predicted to have average growth over the forecast period for growing demand from the agriculture sector for ammonium nitrate-based fertilizer.
The global ammonium nitrate market in the MEA is predicted to have remarkable growth over the forecast period for the surging demand from the mining sector. The UAE, Saudi Arabia, Oman, and Qatar are the chief contributors in the region.
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Key Players
Leading players profiled in the global ammonium nitrate market report include Fertiberia SA (Spain), Vijay Gas Industry P Ltd (India), Orica Limited (Australia), OSTCHEM (Austria), Yara International ASA (Norway), Abu Qir Fertilizers and Chemicals Company (Egypt), Austin Powder (U.S.), San Corporation (China), URALCHEM JSC (Russia), Neochim Plc (Bulgaria), Incitec Pivot Limited (Australia), CF Industries Holdings, Inc.(U.S.), EuroChem Group AG (Switzerland), and Enaex (Chile).
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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