Ammonium Nitrate Market Analysis | 2023-2028

Market Insights

"The ammonium nitrate market 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 in 2028".

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Market Dynamics

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.

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.

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.

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Segments Analysis

By Product Type

"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 ammonium nitrate market is segmented as High-Density Ammonium Nitrate (HDAN), Low Density Ammonium Nitrate (LDAN), and Ammonium Nitrate solution.
• 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.

By End-User Type

"The agriculture sector captured the largest share more than 70% of the market in 2022".

• The market is segmented into agriculture, mining & quarrying, civil construction, and others.
• 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 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 growth opportunities during the forecast period.

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Research Methodology

• 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 1,000 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 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both 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?

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)

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 to sales@stratviewresearch.com.