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Ammonium Nitrate Market in the Asia Pacific will show exponential growth in the coming years owing to rise CAGR more than 3.1% | Top Key Players Austin Powder Company, Yara International, Orica, Enaex, CF Industries, Incitec Pivot Limited, Neochim PLC, Eu
Ammonium Nitrate Market
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The agriculture industry has emerged as the key end-user domain for ammonium nitrate market
Since plant roots are incapable of directly absorbing nitrogen(N) from urea-based fertilizers on a large extent, many farmers nowadays prefer a quick absorbing nitrate source for plant nutrition and opt for ammonium nitrate as their N fertilizer. It is widely used for pasture and broadacre crops due to almost zero ammonia volatilization loss offering, compared to urea-based fertilizers.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Yara International
2. Orica
3. Enaex
4. CF Industries
5. Incitec Pivot Limited
6. Neochim PLC
7. Austin Powder Company
8. EuroChem
9. OSTCHEM Holding AG
10. Grupo Fertiberia
11. Borealis
12. SAN Corp.
13. ABU QIR Fertilizers and Chemicals Industries Company
14. Deepak Fertilisers And Petrochemicals Corp. Ltd.
15. CSBP
16. UralChem
According to reports, around 37 MMt (million metric tons) of fertilizer grade ammonium nitrate is annually consumed in agriculture worldwide, of which about 14 MMt is used as calcium ammonium nitrate (CAN). Due to its high crop recovery, easy application and suitability for in-season top dressing, ammonium nitrate has witnessed widespread application in agriculture, particularly in several European countries.
Ammonium nitrate is also a vital ingredient for making mining explosives worldwide. The mining industry mostly relies on low-density ammonium nitrate (LDAN) that is used as a high-quality, cost-efficient mining explosive & blasting agent, particularly with ANFO (Ammonium Nitrate/ Fuel Oil) or in emulsion-type explosives. On account of the product’s fast oil absorbing property, excellent sensitivity to shock waves and flexibility, LDAN market is anticipated to grow at a CAGR of 4% over 2018-2025.
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Apart from the agricultural industry, the mining & quarrying sector is a vital end-use domain for the ammonium nitrate market. Indeed, several mining, quarrying & construction industries use ammonium nitrate as an essential part for their blasting operations. Ammonium nitrate in its prill form is the primary ingredient in ANFO-based products and the key component in a full range of customized bulk explosive blends. Aided by the expansive number of drilling operations in the global oil and gas exploration sector, ammonium nitrate market share from mining & quarrying applications will register a CAGR of 1.7% over 2018-2025.
Speaking of the regional terrain, it is pivotal to mention that the Asia Pacific will stand as a pivotal revenue ground for the ammonium nitrate market. The growth can be aptly attributed to the fact that China is rapidly emerging as one of the largest mining countries in the world, particularly for rare-earth commodities. Increasing exploration activities in the oil & gas sector and rising mining and quarrying activities in the countries like India & China will boost the demand for ammonium nitrate for manufacturing explosives in the coming years. Furthermore, rapid growth in the agriculture sector owing to increasing development in agro-based countries will propel the APAC ammonium nitrate market share.
Another regional contributor, India, has also been making massive strides in terms of sales and revenue. According to the IBEF 2018 report, during the 2017-18 crop year, India’s food grain production was estimated to record 284.83 million tons, while, in 2018-19, the Government of India anticipates garnering enhanced food grain production, which would help augment the market growth. As per estimates, APAC ammonium nitrate market size is set to register a CAGR of 3.1% over 2018-2025.
Browse key industry insights spread across 250 pages with 294 market data tables & 28 figures & charts from the report, “Ammonium Nitrate Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/ammonium-nitrate-market
Resembling a crystalline chemical compound, ammonium nitrate is highly water soluble and stable at lower temperatures, however, decomposes explosively at the temperatures above 200°C (390°F). The chemical is widely used in agriculture fertilizers and mining explosives. The growing demand for fertilizers, increasing food demand and rising mining activities around the world will drive the growth of the ammonium nitrate market. Furthermore, reports from Global Market Insights, Inc., cite that the global ammonium nitrate market will exceed $23 billion by 2025.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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