The global ammonium nitrate market surpassed a value of USD 16 billion in 2018 and is projected to reach USD 24 billion by 2026. This report evaluates the critical aspects of the market, such as size, share, demand, CAGR, gross profits, earnings, and revenue, to assess the industry’s potential rise in the future. The report analyzes data from 2016 to 2017 to give a comprehensive view of industry trends and forecasts growth between 2019 and 2026, considering 2018 as the base year.
Ammonium nitrate is a white crystal solid chemical compound that is highly soluble in water, used mainly as a high-nitrogen fertilizer in agriculture and as a component in explosive mixtures for mining, quarrying, and civil construction purposes. The growing population has increased the demand for ammonium nitrate in the agriculture and construction industries, making it the primary driving factor for the global ammonium nitrate market.
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However, ammonium nitrate is moderately hazardous material with a critical relative humidity of 59.4%, which can cause it to turn into a solid mass or liquefy. Hence, strict regulations have been implemented by Occupational Health and Safety (OSHA), Environmental Protection Agency (EPA), and Bureau of Alcohol, Tobacco, and Firearms (ATF) to control its transportation, storage, handling, and usage.
Ammonium nitrate is a part of ANFO, an industrial explosive widely used in North America, accounting for 80% of the explosives used in this region. Due to the potential of its misuse, some countries are prohibiting its usage in consumer applications. The use of cheaper substitutes such as urea in fertilizers may also hinder the growth of the market. Nonetheless, the market is expected to grow due to the better nitrogen uptake and lower carbon footprint of ammonium nitrate, compared to urea.
The report categorizes the industry into different segments based on size, share, demand, trends, gross profit, total earnings, and revenue. The market is segmented into High-Density Ammonium Nitrate and Low-Density Ammonium Nitrate based on product type. The fertilizer segment holds a majority of the market share due to its demand in the food supply applications. The US and China are expected to witness the highest amount of growth during the forecast period. The report also profiles the key players in the global ammonium nitrate market, including EuroChem Group AG, CF Industries, Orica, Austin Powder Company, Enaex, and Incitec Pivot Limited, among others.
Ammonium Nitrate Market: Drive Factors
- Ammonium nitrate is a chemical compound that is widely used in the agricultural industry as a high-nitrogen fertilizer. It is also used in the production of explosives, such as mining explosives and military munitions. The market for ammonium nitrate is driven by several factors, including:
- Growing demand for food: As the global population continues to grow, there is an increasing demand for food, which in turn leads to a higher demand for fertilizers like ammonium nitrate.
- Increased use in mining and construction: Ammonium nitrate is commonly used as a blasting agent in the mining and construction industries, which is driving demand for the product.
- Government regulations: Governments around the world are implementing regulations that require the use of ammonium nitrate in certain industries, such as mining and construction, to ensure safety and reduce the risk of accidents.
- Technological advancements: Advances in technology are making it easier and more cost-effective to produce ammonium nitrate, which is driving down prices and increasing demand.
Overall, the ammonium nitrate market is expected to continue growing in the coming years, driven by these and other factors.
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