According to the report by Expert Market Research (EMR), the global ammonium nitrate market size is projected to grow at a CAGR of 3.8% between 2024 and 2032. Aided by the rising demand from agriculture sector, the market is expected to grow significantly by 2032.
Ammonium nitrate, a chemical compound extensively used in fertilisers and explosives, has gained significant traction in various industries due to its high nitrogen content and water-soluble properties. It is predominantly used in agriculture as a high-nitrogen fertiliser, contributing to the enhanced growth and yield of crops. Moreover, its application in the mining and construction industries as a key component in explosives has further propelled the ammonium nitrate market growth.
The demand for ammonium nitrate is primarily driven by the ever-growing agricultural sector, where the need for high-quality fertilisers is continuously on the rise to meet the food demand of the expanding global population. The effectiveness of ammonium nitrate in providing essential nutrients to plants has made it a preferred choice among farmers. Additionally, the growing emphasis on sustainable agricultural practices has led to the adoption of ammonium nitrate-based fertilisers, which offer a balanced nutrient supply while minimising environmental impact.
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Furthermore, the construction and mining industries have posed a positive impact on the ammonium nitrate market outlook. Its use as an explosive in these sectors is critical for activities like tunnelling, excavation, and quarrying. The compound’s ability to generate a large amount of gas upon detonation makes it an efficient and cost-effective solution for these industries.
Another key factor driving the ammonium nitrate market growth is the rising demand for industrial explosives in the defense sector. Ammonium nitrate’s application in manufacturing explosives used for military purposes has seen a considerable uptick, especially with the advancement in military technologies and the increasing global defense expenditure.
The Asia Pacific region stands as the largest market for ammonium nitrate, primarily due to the robust agricultural activities in countries like India and China. The region’s significant contribution to the global food supply chain necessitates a high demand for efficient fertilisers, thereby driving the ammonium nitrate market. Additionally, the rapid industrialisation and growing construction activities in these emerging economies are further bolstering the market’s growth.
Ammonium Nitrate Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- Fertilisers
- Explosives
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape Ammonium Nitrate Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ammonium nitrate market. Some of the major players explored in the report by Expert Market Research are as follows:
- CF Fertilisers UK
- Croda International Plc
- Yara International ASA
- Orica Limited
- Maxamcorp Holding, S.L.
- Sasol Limited
- Others
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