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    Ammonium Nitrate Market Growth & Forecast | 2023-2028

    Ammonium Nitrate Market Growth & Forecast | 2023-2028
    Report code - SR1242 Delivery - 2 Weeks
    Ammonium Nitrate Market Size, Share, Trend, Forecast, & Industry Analysis – 2023 See more...

    Market Insights

    The global ammonium nitrate market size was estimated at USD 17.04 billion in 2023 and is likely to grow at a CAGR of 3.24% during 2023-2028 to reach USD 19.99 billion in 2028.

    Ammonium-Nitrate-Market-Size

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    What is Ammonium Nitrate?

    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.

    Global Ammonium Nitrate Market Report Overview

    Market Size in 2028

    USD 19.99 Billion

    Market Size in 2023

    USD 17.04 Billion

    Market Growth (2023-2028)

    CAGR of 3.24%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    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-Snapshot

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    Key Players

    Some of the key players in the ammonium nitrate market are-

    Segment Analysis

    Product Type:

    The 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 the melt form to produce water gels or emulsion explosives.

    End-User Type:

    The market is segmented as agriculture, mining & quarrying, civil construction, and others. The agriculture sector captured the largest share more than 70% of the market in 2022. 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 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.

    Region Analysis:

    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 progress opportunities during the forecast period.

    Ammonium-Nitrate-Market-Regional-Analysis

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    Segmentation

    The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    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 report offers high-quality insights and is the outcome of 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 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    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?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Ammonium Nitrate Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players).
    • SWOT analysis of key players (up to 3 players).

    Segmentation

    • Current segmentation of any one of the product types by end-user type.

    Competitive Benchmarking

    • Benchmarking of key players 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 at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    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.

    The global ammonium nitrates market is expected to grow at a CAGR of 3.24% during the upcoming five years.

    Increasing demand to produce adequate food coupled with growing concerns of arable land across the globe and rapid rise in population has continuously encouraged the adoption of quality fertilizers to secure the food demand.

    The global ammonium nitrates market size was estimated to grow from USD 17.04 Bn in 2023 to USD 19.99 Bn by 2028.

    Europe is estimated to lead the market during the forecast period.

    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. are the key companies in the market.

    The agriculture segment has the largest share of the market during the estimated time.

    The study period of the market is 2017-2028.

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