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Ammonium Nitrate Market to Record 5% CAGR Growth Through 2029 | Global Analysis Report
Ammonium Nitrate Market
Ammonium Nitrate Market Outlook: How is the Market Expected to Grow by 2025?
Over the years, the market size of ammonium nitrate has been on a consistent upward trend. Projected to surge from $19.4 billion in 2024 to $20.28 billion by 2025, it exhibits a compound annual growth rate (CAGR) of 4.5%. Factors contributing to its growth during the historic period include enhanced agricultural yield for bolstering food security, escalated demand for explosives in the fields of mining and construction, a rise in the utilization of ammonium nitrate within mining and quarrying sectors, an increase in the defence needs for ammonium nitrate, and its expanded usage within the pharmaceutical industry.
Ammonium Nitrate Market Forecast: What Size Will It Reach By 2029?
The market size of ammonium nitrate is predicted to observe stable expansion over the upcoming years. It is predicted to reach $24.62 billion in 2029, expanding at a compound annual growth rate (CAGR) of 5.0%. The surge for this period could be due to the increasing need for ammonium nitrate-fuel oil, surging demand for fertilizers in the farming sector, escalating usage of ammonium nitrate in agriculture, the high nitrogen content of ammonium nitrate, escalating crop yields, and superior-quality crop production. Key trends in the forecast period include the rising demand for coated ammonium nitrate granules, new enhanced efficiency and safety formulations, innovative manufacturing processes for better product quality, high-nitrogen fertilizers for agricultural productivity, and new product introductions and collaborations.
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Which Key Market Drivers Will Shape Ammonium Nitrate Industry Trends in 2025-2029?
The escalation in construction activities is predicted to fuel the ammonium nitrate market's expansion. Various construction activities ranging from the creation of buildings, infrastructure, to other constructions, have seen a surge due to rapid urbanization, focus on infrastructure growth, and precision in construction projects. The usage of ammonium nitrate in these activities is vital as it efficiently breaks down difficult materials and aids large-scale digging and destruction endeavors. It is applied strictly to safeguard the labor force and the nearby environments. For example, the US Census Bureau, a US government agency, reported in July 2024 that the worth of construction procedures climbed from $2.01 trillion in May 2023 to $2.14 trillion in May 2024. Hence, the augmented construction activities are propelling the ammonium nitrate market.
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What Are the High-Growth Segments in the Ammonium Nitrate Market?
The ammonium nitrate market covered in this report is segmented -
1) By Product Type: High Density, Low Density, Other Product Types
2) By Application: Fertilizers, Explosives, Other Applications
3) By End-User Industry: Agriculture, Mining, Defense, Other End-User Industries
Subsegments:
1) By High Density: High-Density Ammonium Nitrate For Industrial Explosives, High-Density Ammonium Nitrate For Mining And Quarrying, High-Density Ammonium Nitrate For Agricultural Fertilizers, High-Density Ammonium Nitrate For Demolition And Construction
2) By Low Density: Low-Density Ammonium Nitrate For Fertilizer Production, Low-Density Ammonium Nitrate For Explosives In Agriculture, Low-Density Ammonium Nitrate For Controlled-Release Fertilizers
3) By Other Product Types: Ammonium Nitrate Solution (Liquid Form), Ammonium Nitrate With Additives (Prilled With Anti-caking Agents), Specialty Ammonium Nitrate For Specific Applications (Automotive Or Military Use)
Which Global Trends Are Driving Ammonium Nitrate Market Expansion?
Leading entities in the ammonium nitrate industry are focusing on the development of innovative products such as low-carbon-footprint ammonium nitrate, which aligns with their sustainability objectives. This type of ammonium nitrate is generated through the application of innovative techniques and sustainable methods that contribute to a significant reduction of greenhouse gas emissions compared to traditional production methods. As an illustration, Fertiberia, a Spain-origin fertilizer and chemicals production company, launched in September 2023 the first ever low carbon technical ammonium nitrate manufactured with green hydrogen. This unique low-carbon TAN, produced at Fertiberia's facility in Puertollano (Ciudad Real), is intended for the mining and civil infrastructure markets in Europe, the Middle East, and Africa. The distinguishing aspect of this product is that it is generated from renewable hydrogen, in place of natural gas.
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Who Are the Fastest-Growing Companies in the Ammonium Nitrate Industry?
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.
What Is the Regional Outlook for the Ammonium Nitrate Market by 2029?
North America was the largest region in the ammonium nitrate market in 2024. 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.
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