Ammonium Nitrate Market Size, Share, Industry Analysis, Overview – Forecast to 2023 by Top Manufacturers Include Enaex, EuroChem Group AG, CF Industries Holdings, Inc., Incitec Pivot limited, Neochim Plc, URALCHEM JSC, San Corporation, Austin Powder, Ab

This Ammonium Nitrate Market report has been analyzed the data to offer readers in-depth and accurate analysis all major trends likely to play a key role in the growth of the Ammonium Nitrate Market from 2018 to 2023. It also focuses on restraining factors, market drivers, and opportunities for the Ammonium Nitrate Market. This report covers brief analysis of geographical regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Top Manufacturers:

Some of the prominent players operating in the global ammonium nitrate market are Enaex (Chile), EuroChem Group AG (Switzerland), CF Industries Holdings, Inc.(U.S.), Incitec Pivot limited (Australia), Neochim Plc (Bulgaria), URALCHEM JSC (Russia), San Corporation (China), Austin Powder (U.S.), Abu Qir Fertilizers and Chemicals Company (Egypt), Yara International ASA (Norway), OSTCHEM (Austria), Orica Limited (Australia), Vijay Gas Industry P Ltd (India), and Fertiberia SA (Spain) among others.

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Ammonium nitrate, a salt of ammonia and nitric acid is a colorless and nearly odorless chemical compound. It is commercially available in a crystalline solid form and can be processed into prills for specific applications. It is soluble in water. It is generally used to make explosives, fertilizers, and as nutrient while producing antibiotics and yeast.

Ammonium nitrate is hygroscopic in nature and readily absorbs moisture from the air, so it is generally stored in an air-conditioned warehouse or in sealed bags. It is a prominent fertilizer as the nitrate form present in the compound moves readily with soil water to the roots, where it is immediately available for the plant uptake. Moreover, it is utilized in food preservation as it can make an instant cold pack.

Some of the important market factors and trends identified in the global ammonium nitrate market are, increasing construction activities, rising consumption in explosives, growing defense sector, and others. Furthermore, increasing population along with rising demand for good quality food in limited arable land compelled farmers to raise the crop production yields, which has resulted in increased demand for fertilizer, which in turn is expected to drive the demand for ammonium nitrate over the forecast period.

Market Segments:

The global ammonium nitrate market is categorized on the basis of application, end user, and region. On the basis of application, the market is categorized into explosives, fertilizers, and others. Among the application segment, the fertilizer sub-segment accounted for more than 56% market share in 2016 due to rising need for fertilizer to meet the growing demand for food. On the basis of the end user, the market is segmented into construction, mining, quarry, agriculture, and others. On the basis of the region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

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In recent years, coal consumption has increased for energy production which has increased the mining activities across the globe. Growth in mining activities leads to the higher consumption of explosives, which in turn is estimated to propel the demand for ammonium nitrate over the estimated period. Moreover, increasing construction activities along with repairing infrastructure activities in developed and developing regions are predicted to drive the growth of the market in the upcoming years. However, stringent regulations imposed by government bodies as well as workplace effect on health is predicted to hinder the growth of the market.

Regional Analysis:

The global ammonium nitrate market is classified into five regions– North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among them, Europe dominated with the largest market share in 2016 and is predicted to grow at a significant CAGR over the assessment period 2016-2023. The European market is segmented into Germany, Spain, Russia, France, Italy, and Rest of Europe. T

he market in Europe is estimated to witness significant growth on account of continuous demand from explosive manufacturers. Moreover, increasing spending on defense activities along with the flourishing growth of arms and ammunition industry is predicted to drive the demand for regional ammonium nitrate market growth. Technological advancement and evolution of smart weapon are expected to further the explosive industry growth across various countries in Europe.

Europe accounted for the largest market share for ammonium nitrate followed by Asia Pacific and North America. Asia Pacific market is segmented into Japan, India, China, Malaysia, South Korea, and the Rest of Asia Pacific. Comparatively, China and India together dominated the largest market share and is estimated to continue to register speedy growth over the assessment period owing to increasing use of ammonium nitrate in the agriculture and mining sector. Expanding population coupled with the burgeoning need for high-quality food has led to increase in fertilizer usage, which in turn is predicted to fuel the market growth during the forecast period.

Additionally, key players operating in the market has increased the investments in emerging economies of Asia Pacific such as India and China owing to the low cost of setting up manufacturing facilities and inexpensive raw materials. In addition, availability of inexpensive labor, favorable weather condition, and governmental support to the farmers are some other factors driving the ammonium nitrate market. North America is expected to register moderate growth due to rapid technological advancement and growing demand from an extensive range of end-use industries such as agriculture and mining sector.

Furthermore, the U.S. and Canada are estimated to hold the largest regional market share and is predicted to retain their dominance over the forecast period on account of the continuous growth of arms and ammunition industry as well as rising military budgets. Latin America and the Middle East & Africa region are expected to register above-average growth due to increasing construction activities and average growth of local mining companies in these regions. Local mining and quarry companies available in Brazil, Argentina, Israel, Saudi Arabia, and Qatar has generated a higher growth potential for multinational mining and quarry companies.

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