Ammonium Nitrate Market

Ammonium Nitrate Market Insights

"The global ammonium nitrate market size was estimated at USD 16.43 billion in 2022 and is likely to grow at a CAGR of 3.24% during 2023-2028 to reach USD 19.99 billion by 2028."

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Introduction

Ammonium nitrate, chemically known as NH4NO3, is a chemical compound. Made up of ammonium and nitrate ions, it is a white crystalline substance. Owing to its high source of nitrogen, it is commonly used as a fertilizer.

At an elevated temperature, ammonium nitrate can be decomposed violently, leading to its application as an explosive in the mining industry. Furthermore, on account of its remarkable hygroscopic nature, the chemical compound is largely used in various food preservation applications.

Ammonium Nitrate Market Drivers

These factors are expected to boost the demand for market in the coming year-

• Increasing demand to produce adequate food coupled with growing concerns of arable land across the globe and rapid growth in population has continuously encouraged the adoption of quality fertilizers to secure the food demand.
• Rising population and increasing income in the emerging economies are driving the world food demand. Furthermore, the agriculture sector has witnessed tremendous changes over the years as farmers are focusing on increasing the crop production across the globe.
• Limitations of total arable land across the world will considerably enhance the use of fertilizers.

Ammonium Nitrate Market Segments' Analysis

Product Trends

"The high-density ammonium nitrate (HDAN) segment accounted for the largest market share."

The ammonium nitrate market is segmented as high-density ammonium nitrate (HDAN), low density ammonium nitrate (LDAN), and ammonium nitrate solution. HDAN led the market in 2022 at a CAGR of more than 3.0% and is estimated to maintain its vanguard during the forecast period as well. The segment’s growth is owing to the product being mainly used as an oxidizing agent in the agriculture industry. The rapidly growing demand for HDAN in agricultural applications on account of the increasing crop yield, improving fertility of soil types, controlling growth of vegetation mass, and increasing gluten & protein content in grains will fuel the overall market over the forecast period. Also, High-Density HDAN being low porous, can be transformed into a melt form to produce water gels or emulsion explosives.

End-User Trends

"The agriculture segment accounted for the largest market share."

The market is segmented into agriculture, mining & quarrying, civil construction, and others. The agriculture sector captured the largest share more than 70% of the market in 2022, and the segment is expected to continue its dominance during the forecast period as well, owing to the increasing product usage as fertilizers, which are majorly applied on plants or soils to improve yield, fertility, and plant growth. Factors including the need for improving the crop production rate to meet the ever-increasing food demand across the globe along with government initiatives & programs to create awareness about the use of fertilizers among farmers will significantly contribute to the progress of the market in the coming years.

Regional Insights

"Europe accounted for the largest market share."

Europe is estimated to lead the market during the forecast period. The region’s growth is driven by countries, including Germany, the UK, France, and Italy, which have a matured agriculture industry. As per the European Environment Agency, grassland and cropland together account for 39% of Europe’s land cover. Furthermore, government initiatives and programs to enhance the use of fertilizers in the agriculture sector will augment the demand for ammonium nitrate in the region. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

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Key Players

The following are the key players in the ammonium nitrate market (arranged alphabetically).

• Austin Powder Company
• CF Industries Holdings, Inc.
• Enaex S.A
• EuroChem Group AG
• Fertiberia SA
• Incitec Pivot Ltd
• Neochim AD.
• Orica Ltd.
• OSTCHEM Holding
• Yara International ASA.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at [email protected]

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Market Segmentation

The ammonium nitrate market is segmented into the following categories:

By Product Type

• High Density Ammonium Nitrate (HDAN)
• Low Density Ammonium Nitrate (LDAN)
• Ammonium Nitrate Solution

By End-User Type

• Agriculture
• Mining & Quarrying
• Civil Construction
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s ammonium nitrate market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players based on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]