NEW YORK, July 6, 2022 /PRNewswire/ -- As per Zion Market Research study, The global ammonium nitrate market generated a market revenue of $16B in 2021 and is anticipated to grow at a CAGR of 3.43% during the forecast period amassing a revenue of $22.5B by 2028.
Key Industry Insights & Finding of the Ammonium Nitrate Market Reports:
- As per the analysis shared by our research analyst, the Ammonium Nitrate Market is expected to grow annually at a CAGR of around 3.43 % (2022-2028).
- Through the primary research, it was established that the Ammonium Nitrate Market was valued approximately USD 16 Billion in 2021 and is projected to reach to roughly USD 22.5 Billion by 2028.
- The global ammonium nitrate market is expected to be dominated by Asia-Pacific owing to increased food safety regulations in countries like India, China, Japan, and South Korea with higher revenues both in terms of consumption and production.
- This is also propelled by the exponential rise of population in these regions aiding the demand for food products along with the availability of large land segments, growing interest in organic farming, and adoption of technologically advanced equipment in farming.
- North America is expected to generate high revenue because of rising demand in the mining and defense sector for infrastructure maintenance and further development mainly in regions like the USA and Canada where the economic stability and government spending are high.
- The global ammonium nitrate market growth may also be restricted because of other harmful effects of the compound like health issues as prolonged exposure to nitrate can lead to eye irritation and other uncomfortable physical reactions.
Zion Market Research published the latest report titled as "Ammonium Nitrate Market By Application (Explosives, Fertilizers, and Others), By End-User (Mining, Defense, Agriculture, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 - 2028." into their research database.
Ammonium Nitrate Market: Overview
Ammonium nitrate is a white crystalline solid chemical compound made of ions of ammonium and nitrate. It is highly water-soluble while also displaying properties of retaining water from the environment either through absorption or adsorption, however, the compound does not hydrate. Since ammonium nitrate is an extremely volatile substance, there are numerous guidelines and safety measures mentioned on the safety data sheets provided by the manufacturers and by different governments.
Pure ammonium nitrate is not inflammable but is a strong oxidizer and supports the combustion of organic & some inorganic material, however, storing it near combustible items should be avoided. Ammonium nitrate is stable at normal temperature pressure but a strong initiation charge may cause it to detonate and its storage near blasting agents or explosives is prohibited.
The global ammonium nitrate market is one of the highly observed markets because of the extremely disastrous application of the compound under improper care along with a few small and large-scale incidents in the past.
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Industry Dynamics:
Ammonium Nitrate Market: Growth Drivers
- Rising demand in agriculture, defense, and mining sectors to aid market growth.
Ammonium nitrate is used extensively as a fertilizer with an NPK rating of 34-0-0. It is preferred over urea owing to its higher stability and lesser dispersion of nitrogen to the atmosphere making it more acceptable in the field of agriculture since crops consume nitrogen in the form of nitrate. The agriculture sector has been growing exponentially because of the rising population and subsequent food demand. Agriculture is one of the most essential as well as key driving sectors for many economies which is aided by the adoption of technology and extensive R&D in food cultivation. The differential rise in the agricultural products and the food sector is anticipated to propel the global ammonium nitrate market growth.
Ammonium nitrate is capable of creating explosive mixtures of different properties when combined with other products or fuels. Hence, the military and defense segments of many economies use the product for creating explosives. However, a key point to note is that the use in the military is for defense purposes only and the mixtures are created as per military-dictated guidelines and under extreme supervision. The global market is projected to grow in the coming years because of rising demand in mining and construction as well.
Ammonium Nitrate Market: Restraints
- Safety issues related to the use of ammonium nitrate to restrain the market growth.
Since ammonium nitrate is used for creating explosives, the product has already been used in terrorist activities multiple times raising safety-related concerns. Because of the rising misuse of ammonium nitrate in anti-national activities, many governments have established stringent rules for the manufacturing of the chemical compound. These rules apply to all sectors where ammonium nitrate is used thus making it difficult for regular manufacturers as well to create the compound easily or hassle-free.
The global ammonium nitrate market growth may also be restricted because of other harmful effects of the compound like health issues as prolonged exposure to nitrate can lead to eye irritation and other uncomfortable physical reactions.
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Ammonium Nitrate Market: Opportunities
- Growing demand in the mining and construction industry to provide ample market growth opportunities.
With the expanding population, there is a rise in the demand for necessities which in turn has propelled the growth of consumer products. When coupled with the higher demands for products like vehicles, buildings, or other such products, leads to the increased need for coal which acts as a first source of energy generator to manufacture these products. The subsequent rise in mining activities is expected to provide for multiple growth opportunities in the global market, especially in developing nations that have recently expanded the consumer product database owing to urbanization and high income amongst the general population.
The growth in construction of newer sites as well as restoration of older buildings may also provide expansion opportunities in the global market.
Ammonium Nitrate Market: Challenges
- Presence of substitutes along with the prevention of hazardous incidents to pose challenges to market expansion.
Owing to the misuse of ammonium nitrate in unacceptable and unpleasant activities, there are ongoing research activities conducted worldwide for the substitute of ammonium nitrate, for example, a mixture of urea and ammonium sulfate which is expected to deliver the same results as ammonium nitrate minus the harmful properties. This poses a major challenge in the global market growth along with detailed protocols to be followed while handling ammonium nitrate to prevent any hazardous event. Many economies are now phasing out the use of the chemical compound because of many fatal explosions that have occurred in the past.
Global Ammonium Nitrate Market: Segmentation
- The global ammonium market is segmented based on application, end-user, and region.
Based on application, the global market is segmented as explosives, fertilizers, and others. The segment is expected to be dominated by its application in manufacturing fertilizers owing to the abundant presence of nitrate in the chemical compound which is used extensively by crops during their growth phase.
Based on end-user, the global market segments are mining, defense, agriculture, and others where the agricultural sector is expected to dominate the segment. In 2020, because of the high use of ammonium nitrate in agriculture, it alone accounted for 74% of the global market share and is anticipated to showcase the same effect in the coming years.
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List of Key Players of Ammonium Nitrate Market :
- Abu Qir Fertilizers Co.
- Fertiberia SA
- Enaex S.A
- Austin Powder International
- Borealis
- OSTCHEM Holding Company
- CF Industries Holdings
- Orica Ltd.
- Yara International Inc.
- EuroChem Group AG
- CSBP Limited
- San Corporation
- URALCHEM Holding P.L.C.
- Neochim Ad
- DFPCL
- Incitec Pivot Limited
Key questions answered in this report:
- What are the growth rate forecast and market size for Ammonium Nitrate Market ?
- What are the key driving factors propelling the Ammonium Nitrate Market forward?
- What are the most important companies in the Ammonium Nitrate Market Industry?
- What segments does the Ammonium Nitrate Market cover?
- How can I receive a free copy of the Ammonium Nitrate Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 16 Billion |
Revenue forecast in 2028 | USD 22.5 Billion |
Growth Rate | CAGR of almost 3.43 % 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Abu Qir Fertilizers Co., Fertiberia SA, Enaex S.A, Austin Powder International, Borealis, OSTCHEM Holding Company, CF Industries Holdings, Orica Ltd., Yara International, Inc., EuroChem Group AG, CSBP Limited, San Corporation, URALCHEM Holding P.L.C., Neochim Ad, DFPCL, and Incitec Pivot Limited |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Recent Developments
- In December 2021, Deepak Fertilisers and Petrochemicals Corporation Limited, a leading giant of agricultural chemicals, crop nutrients, and fertilizers in India, announced the launch of a Rs 2200 Cr technical ammonium nitrate plant in Odisha state. The installation of the plant will make the corporation a key supplier of ammonium nitrate in the entire eastern region of India.
- In August 2020, after the fatal explosion of ammonium nitrate containers at Beirut port, the country's government changed rules and regulations related to the storage of the chemical compound by introducing fire-fighting provisions along with better handling and storage procedures to be followed.
Regional Dominance:
- Asia Pacific to dominate the global market in the coming period.
The global ammonium nitrate market is expected to be dominated by Asia-Pacific owing to increased food safety regulations in countries like India, China, Japan, and South Korea with higher revenues both in terms of consumption and production. This is also propelled by the exponential rise of population in these regions aiding the demand for food products along with the availability of large land segments, growing interest in organic farming, and adoption of technologically advanced equipment in farming.
North America is expected to generate high revenue because of rising demand in the mining and defense sector for infrastructure maintenance and further development mainly in regions like the USA and Canada where the economic stability and government spending are high.
This is followed by Europe owing to the growing civil explosives and construction market and the keen interest of the government to expand their agricultural sector
Global Ammonium Nitrate Market is segmented as follows:
Ammonium Nitrate Market: By Application Outlook (2022-2028)
- Explosives
- Fertilizers
- Other
Ammonium Nitrate Market: By End-User Outlook (2022-2028)
- Mining
- Defense
- Agriculture
- Others
Ammonium Nitrate Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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