April 14, 2020
As per the report titled, ‘Ammonium Nitrate Market Size By Product, By End-user, Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, global ammonium nitrate market is projected to cross USD 20 billion by the year 2025.
Surging demand for fertilizers across the globe owing to the need to ensure food security for the ever-growing population is driving the growth of ammonium nitrate market. Improved production and high-quality yields through slow release of nitrogen in optimum amounts is encouraging the use of ammonium nitrate fertilizers. Rising concerns over food safety due to the shrinkage of arable land and unprecedented rate of food consumption will boost the product use in the agriculture sector.
On the downside, volatile prices of raw materials coupled with growing availability of substitutes such as urea, and NPK (nitrogen, phosphorous, and potassium) fertilizers may hamper the demand for ammonium nitrate fertilizers in the coming years. Stringent government regulations on account of hazardous and explosive nature of ammonium nitrate will further slowdown the market growth.
Based on the end user spectrum, ammonium nitrate industry is categorized into agriculture, civil construction, and mining & quarrying, wherein mining & quarrying segment is estimated to expand at 5% CAGR during the study period. Extensive use of ammonium nitrate in the production of explosives in tandem with rise in mining activities around the world, especially in U.S. and China are supporting the segment growth.
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As per the reginal analysis, Europe currently holds a significant share of global ammonium nitrate industry owing to increasing number of building constructions and infrastructure development projects in major European countries.
On the other hand, Asia Pacific is expected to emerge as a lucrative growth avenue for ammonium nitrate market in the coming years, owing to the growing mining activities and rapid expansion of the agriculture sector in emerging Asian countries.
Major players in global ammonium nitrate market are Yara International ASA, Enaex S.A, Orica Ltd., CF Industries Holdings, Inc., Neochim Ad, Incitec Pivot Ltd., Austin Powder International, OSTCHEM Holding Company, EuroChem Group AG, Fertiberia SA, San Corp., Borealis, Abu Qir Fertilizers Co, CSBP Ltd., DFPCL, and Uralchem.
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