PUBLISHER: The Business Research Company | PRODUCT CODE: 1531867
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531867
Ammonium nitrate is composed of ammonium and nitrate ions, forming a white crystalline solid that is highly soluble in water and remains solid at room temperature. It serves primarily as a high-nitrogen fertilizer in agriculture, providing essential nutrients to plants.
Ammonium nitrate is categorized into different types including high density, low density, and others. High-density ammonium nitrate (HDAN) specifically possesses a greater density compared to standard ammonium nitrate. It finds applications in fertilizers, explosives, and other uses, catering to various industries such as agriculture, mining, defense, among others.
The ammonium nitrate market research report is one of a series of new reports from The Business Research Company that provides ammonium nitrate market statistics, including ammonium nitrate industry global market size, regional shares, competitors with an ammonium nitrate market share, detailed ammonium nitrate market segments, market trends and opportunities, and any further data you may need to thrive in the ammonium nitrate industry. This ammonium nitrate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ammonium nitrate market size has grown strongly in recent years. It will grow from $18.40 billion in 2023 to $19.40 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The increase in the historical period can be linked to higher crop production for food security, a rise in demand for explosives in mining and construction, increased usage of ammonium nitrate in mining and quarrying, heightened demand for ammonium nitrate in defense, and greater utilization of ammonium nitrate in pharmaceuticals.
The ammonium nitrate market size is expected to see strong growth in the next few years. It will grow to $24.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to the escalating demand for ammonium nitrate-fuel oil, the increasing need for fertilizers in the agricultural sector, the expanding utilization of ammonium nitrate in agriculture due to its high nitrogen content, and the drive for improved crop yield and quality. Key trends expected in the forecast period include the demand for coated granules of ammonium nitrate, the development of new formulations for enhanced efficiency and safety, the adoption of innovative production methods to improve product quality, the promotion of high-nitrogen fertilizers for enhanced agricultural productivity, and the introduction of new products and partnerships.
The ammonium nitrate market is poised for growth driven by increasing construction activities. Construction involves the physical development of buildings, infrastructure, and other structures, spurred by rapid urbanization, infrastructure growth, and a focus on building efficiency and precision. Ammonium nitrate plays a crucial role in construction for breaking up tough materials and facilitating large-scale excavation and demolition projects, ensuring worker safety and environmental control. For instance, in December 2021, construction activity in the United States surged from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, marking a 10.2% growth rate. This trend underscores how construction expansion propels the ammonium nitrate market.
Leading companies in the ammonium nitrate market are concentrating on innovation, such as developing low-carbon-footprint ammonium nitrate to align with sustainability objectives. This type of ammonium nitrate is manufactured using advanced technologies and sustainable practices to significantly reduce greenhouse gas emissions compared to conventional methods. For example, in September 2023, Fertiberia, a Spain-based chemicals manufacturer, introduced the world's first low-carbon technical ammonium nitrate produced using green hydrogen at its plant in Puertollano (Ciudad Real). This product targets mining and civil infrastructure markets across Europe, the Middle East, and Africa, showcasing its production from renewable hydrogen, replacing natural gas.
In April 2022, Casale, a Swiss fertilizer company, acquired Green Granulation Ltd. This acquisition strengthens Casale's footprint in the Chinese market and enhances its offerings in nitrogen-based fertilizers. Green Granulation Ltd. is a Hong Kong-based company that manufactures urea and ammonium nitrate (AN), high-density ammonium nitrate (HDAN), and calcium ammonium nitrate (CAN) granulation systems.
Major companies operating in the ammonium nitrate market are Nutrien Ltd., Yara International ASA, Abu Qir Fertilizers and Chemicals Company, Sasol Ltd., Borealis AG, Potash Corporation of Saskatchewan Inc., CF Industries Holdings, Inc., Ube Industries Ltd., EuroChem Group AG, Orica Limited, Incitec Pivot Ltd., Chambal Fertilisers and Chemicals Ltd., Dyno Nobel, Austin Powder Company, Enaex, OSTCHEM Holding AG, URALCHEM JSC, Fertiberia S.A., Neochim Plc, JSC Belaruskali, Machhar Industries Limited, GPN GmbH, Lovochemie A.S., San Corporation, Vijay Gas Industry Pvt. Ltd.
North America was the largest region in the ammonium nitrate market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ammonium nitrate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the ammonium nitrate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The ammonium nitrate market consists of sales of high-density ammonium nitrate, porous-filled ammonium nitrate, and low-density prilled ammonium nitrate. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Ammonium Nitrate Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ammonium nitrate market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ammonium nitrate ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ammonium nitrate market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.