The global ammonium nitrate market size reached US$ 16.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 21.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028. The significant growth in the agriculture industry, widespread product adoption in the mining industry, and extensive research and development (R&D) activities represent some of the key factors driving the market.
|Market Size in 2022
||US$ 16.3 Billion
|Market Forecast in 2028
||US$ 21.4 Billion
|Market Growth Rate (2023-2028)
Ammonium nitrate (NH4NO3) is a white crystalline chemical compound that is highly soluble in water. It is formed by reacting ammonia gas with nitric acid. It is commonly used as a high-nitrogen fertilizer in pyrotechniques, herbicides, and insecticides and in the manufacturing of nitrous oxide. Ammonium nitrate is also used as an absorbent for nitrogen oxides, an ingredient of freezing mixtures, an oxidizer in rocket propellants, and a nutrient for yeast and antibiotics. It is cost-effective, easy to handle and transport, and a versatile product. It also offers numerous advantages as it contains a high concentration of nitrogen, which is essential for plant growth. As a result, ammonium nitrate finds extensive application across various industries, including agriculture, mining, and defense.
Ammonium Nitrate Market Trends:
Significant growth in the agriculture industry across the globe is one of the key factors driving the market growth. Ammonium nitrate is widely used as a nitrogen fertilizer for crops such as corn, wheat, and barley, which helps to improve soil structure and nutrient content. In line with this, the widespread product adoption as a fertilizer used to enrich the growth of plants as it contains essential nutrients for plants, which provide healthy growth and keep them disease-free, is favoring the market growth. Moreover, the increasing product utilization as a key ingredient in many explosives used in the mining industry used in seismic exploration is acting as another growth-inducing factor. Apart from this, researchers are also exploring new methods for producing ammonium nitrate that is more environmentally friendly and is produced using renewable energy sources while reducing greenhouse gas emissions during the manufacturing process, which in turn is providing a considerable boost to the market growth. Additionally, the widespread product adoption in the construction industry as a blasting agent for rock excavation, tunneling, and quarrying is propelling the market growth. Furthermore, the increasing product demand as an important raw material in the chemical industry owing to its versatility and high nitrogen content is positively influencing the market growth. Other factors, including extensive research and development (R&D) activities, growing infrastructural development, rising demand for ammonium nitrate fuel oil (ANFO), expanding metal mining industry, and increasing demand for food, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global ammonium nitrate market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on application and end user.
The report has provided a detailed breakup and analysis of the ammonium nitrate market based on the application. This includes fertilizers, explosives, and others. According to the report, fertilizers represented the largest segment.
End User Insights:
A detailed breakup and analysis of the ammonium nitrate market based on the end user has also been provided in the report. This includes agriculture, mining, defense, and others. According to the report, agriculture accounted for the largest market share.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for ammonium nitrate. Some of the factors driving the Asia Pacific ammonium nitrate market included extensive research and development (R&D) activities, widespread product adoption in the construction industry, and increasing demand for food.
The report has also provided a comprehensive analysis of the competitive landscape in the global ammonium nitrate market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Austin Powder Company, CF Industries Holdings Inc., CSBP Limited (Wesfarmers Limited), Enaex SA (Sigdo Koppers SA), EuroChem Group AG, Fertiberia S.A., MaxamCorp Holding S.L., Neochim PLC, Orica Limited, Sasol Limited, Yara International ASA, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Ammonium Nitrate Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- End User
||Fertilizers, Explosives, Others
||Agriculture, Mining, Defense, Others
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Austin Powder Company, CF Industries Holdings Inc., CSBP Limited (Wesfarmers Limited), Enaex SA (Sigdo Koppers SA), EuroChem Group AG, Fertiberia S.A., MaxamCorp Holding S.L., Neochim PLC, Orica Limited, Sasol Limited, Yara International ASA, etc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
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|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global ammonium nitrate market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global ammonium nitrate market?
- What is the impact of each driver, restraint, and opportunity on the global ammonium nitrate market?
- What are the key regional markets?
- Which countries represent the most attractive ammonium nitrate market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the ammonium nitrate market?
- What is the breakup of the market based on the end user?
- Which is the most attractive end user in the ammonium nitrate market?
- What is the competitive structure of the global ammonium nitrate market?
- Who are the key players/companies in the global ammonium nitrate market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the ammonium nitrate market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global ammonium nitrate market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the ammonium nitrate industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.