The global ammonium nitrate market generated $16 billion in revenue in 2021 and is expected to increase at a CAGR of 3.43% during the forecast period, reaching $22.5 billion by 2028. The study examines the ammonium nitrate market’s drivers, restraints/challenges, and impact on demand during the forecast period. Furthermore, the research investigates potential prospects in the ammonium nitrate market.
Ammonium Nitrate Market: Overview
Ammonium nitrate is a white crystalline solid chemical compound composed of ammonium and nitrate ions. It is highly water-soluble and has the ability to retain water from the environment by absorption or adsorption; nevertheless, the chemical does not hydrate. Because ammonium nitrate is a highly flammable material, there are numerous recommendations and safety procedures listed on the safety data sheets issued by manufacturers and various governments.
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The global ammonium nitrate market is one of the most closely watched markets due to the exceedingly hazardous use of the compound under poor care, as well as a few small and large-scale accidents in the past.
Market Segmentation for Ammonium Nitrate
The global ammonium market is divided into three sections: application, end-user, and region.
The global market is divided into three sections based on application: explosives, fertilizers, and others. Because of the large availability of nitrate in the chemical compound, which is extensively utilized by crops throughout their growth phase, the market is likely to be dominated by its application in fertilizer manufacturing.
The global market segments by end-user include mining, defense, agriculture, and others, with the agricultural sector likely to lead the segment. Because of the widespread usage of ammonium nitrate in agriculture, it accounted for 74% of the global market share in 2020 and is expected to continue in the coming years.
Ammonium Nitrate Market: Competitive Landscape
The key players in the global ammonium nitrate market are 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
Global Ammonium Nitrate Market is segmented as below:
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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