The “Ammonium Nitrate Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Ammonium Nitrate Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global ammonium nitrate market reached USD 15.01 billion in 2020. The market is further expected to reach USD 23.21 billion by 2027 and is projected to grow at a CAGR of 6.1% during 2021-2027 (forecast period).
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The growing demand for agricultural products is driving the growth of the market. According to the Food & Agriculture Organization (FAO), the rising female participation in the workforce and rapid urbanization levels around the world are expected to increase the demand for food products, thereby contributing to the growing demand for agricultural products. As a result, a rise in agriculture products positively impacts the demand for fertilizers, which in turn helps enhance the agricultural yield to meet the rising demand. These are the primary factors driving the global ammonium nitrate market.
Global Ammonium Nitrate Market Overview
Ammonium nitrate is a chemical compound that leverages nitrogen as a source for production of artificial fertilizers on a large scale. The chemical formula of ammonium nitrate is NH�??NO�??. It is produced in small porous pellets, popularly known as “prills”. It is also one of the most widely used chemical components for making fertilizers.
Ammonium Nitrate is also used as an integral component in explosives and demolition activities wherein a combination of ammonium with fuel oil is created and detonated for an explosive charge. Ammonium nitrate is an odorless and almost colorless crystal salt. By leveraging ammonium nitrate in agricultural fields, farmers can enhance their production levels and plant growth, thereby offering abundant supply. To make fertilizer, ammonia gas is combined with nitric acid, and the chemical reaction that follows is a concentrated form of ammonium nitrate.
Growth Drivers
Growing population contributes to the growth of agricultural production
The growth of agricultural production has been witnessing a rising trend in the middle and low-income countries where the population growth rate has been rising even though at a diminishing rate. Population growth has a positive effect on agricultural production, which in turn impacts fertilizer demand. Higher agricultural demand necessitates increased productivity, which can only be met through higher-yielding methods, and fertilizers act as a catalyst in such a pursuit. Ammonium nitrate, as one of the main compounds used in fertilizer production, is therefore experiencing increasing demand in the global ammonium nitrate industry.
Rising demand for convenience food around the world
The rising demand for convenience food around the world has been a major contributing factor to the growth of the ammonium nitrate market. Ammonium nitrate serves as a food protection agent, helping to protect food from internal degradation and contamination while also preserving the food’s taste and flavor. Additionally, when combined with water, ammonium nitrate makes an excellent cold pack. It immediately reduces the temperature inside the package by 2 to 3 degrees Celsius.
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The surge in defense expenditure propelling the market growth
According to the April 2020 report from the Stockholm International Peace Research Institute, the global military expenditure stood at USD 1,917 billion in 2019, which is estimated to be 3.6% higher than in 2018. It grew more than 7.2% over the past decade. The rising geopolitical tensions around the world have contributed to the rise in military expenditure worldwide. Because ammonium nitrate has been a major ingredient in the defense sector for the production of ammunition and as an agent in explosives, the market for this particular compound has been increasing and is expected to remain steady in the coming years.
Restraints
The delicacy of the material may hinder its growth
Ammonium nitrate is an explosive material compound that must be handled with extreme caution. Because of its combustible qualities, the material is mainly used in the manufacture of explosives and serves in a variety of military applications. Additionally, it is used in quarrying and mining activities as well. The compound is used as an explosive after mixing it with various oxidizers and fuels of non-explosive properties. However, it has been one of the most controversial compounds in recent times. When the capital of Lebanon (Beirut) was rocked in August 2020 due to an explosion in a building near the seaport where ammonium nitrate was improperly stored, the compound was discovered to be the main culprit. Because of its explosive properties, the material could see a decline in consumption in a variety of sectors around the world.
Impact of COVID-19 on global ammonium nitrate market
The pandemic has had a severe impact on almost all the industries owing to lockdown restrictions imposed by the governments of different countries to check the spread of the deadly virus. The coronavirus-induced pandemic did not spare the ammonium nitrate sector as well. The industry witnessed a sharp decline in demand in the initial months of the pandemic. However, the global ammonium nitrate market was able to regain confidence and started growing despite the pandemic as the governments around the world started easing the lockdown restrictions. During the pandemic, the demand for necessary food increased dramatically, necessitating the production of more food grains. The global ammonium nitrate demand began to grow as ammonium nitrate became one of the most influential compounds in the fertilizers industry for increasing food grain production.
Global Ammonium Nitrate Market- By Product Type
Based on product type, the market can be bifurcated into solid form and liquid form. Because of the higher percentage of consumption around the world, the solid form product category for ammonium nitrate currently has a greater market share. The solid form segment is expected to retain a larger share in the market during the forecast period as well. The solid form of the ammonium nitrate comprises high-density and low-density compounds of ammonium nitrate. Among these distinct density compounds, high-density ammonium nitrate has a wider reach in the global ammonium nitrate market for its use in fertilizers. High-density ammonium nitrate also serves as a raw material for producing explosives or water gels. As a result, the growth of the solid form of ammonium nitrate really does have a positive effect on overall market demand.
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Global Ammonium Nitrate Market- By End-User
Based on the end-user, the global ammonium nitrate market can be segmented into agriculture, mining, construction, defense, aerospace, and others. The agriculture segment held the largest market share. It is further projected to hold the largest share in the coming years as well. The agriculture sector leverages the ammonium nitrate compound as an integral component for fertilizers for boosting agricultural production and meeting the growing demand for food grains around the world in less time than usual.
Global Ammonium Nitrate Market- By Region
Based on region, the global ammonium nitrate market is segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market has grown in revenue due to increased agricultural production and fertilizer use making it the biggest region in the market. The region grew at a CAGR of 6.7% during the historical period. Furthermore, due to the rising demand of a growing population and the abundance of surplus agricultural produce, India, and China are known as the world’s agriculture powerhouses, contributing to the region’s demand for ammonium nitrate. Furthermore, ammonium nitrate is extensively used in building activities, and since these two countries are home to nearly 2.8 billion people worldwide, construction remains an important area of demand for ammonium nitrate in the region, driving the growth of theglobal ammonium nitrate industry.
Competitive Landscape
The global ammonium nitrate industry is highly fragmented, with various players engaged in ammonium nitrate production in both developed and developing countries.
The global ammonium nitrate market is providing a lot of opportunities for new entrants as well. The key market players include firms like Orica Limited, Yara International ASA, Enaex S.A., CF Industries Holdings, EuroChem Group AG, Uralchem Group, Austin Powder International, OSTCHEM Holding Company, Fertiberia S.A., San Corporation, Incitec Pivot Limited Inc., CSBP Limited Clutch Group LLC, and other prominent players. The market players are competing intensively in terms of producing cost-effective and efficient ammonium nitrate compounds.
Recent Developments
— In July 2020, Sasol and Enaex S.A. announced that the companies are getting into a joint venture to start operations in Southern Africa. The new venture is expected to operate under the name Enaex Africa. Enaex S.A. is expected to hold the majority stake in the company and possess the management and operational control of the enterprise.
— In July 2019, Florikan announced its partnership with EuroChem Group AG. for purchasing standard fertilizers and market premium products from EuroChem Group AG for augmenting its new product line of controlled-release fertilizers.
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By Product Type
�? Solid Form
�? Liquid Form
By Application
�? Fertilizers
�? Explosive
�? Food Preservation
�? Others
By End-User
�? Agriculture
�? Mining
�? Construction
�? Defense
�? Aerospace
�? Others
By Region
�? North America
�? Europe
�? The Asia-Pacific
�? Latin America
�? The Middle East and Africa
What is the goal of the report?
-The market report presents the estimated size of the market at the end of the forecast -period.
-The report also examines historical and current market sizes.
-During the forecast period, the report analyzes the growth rate, market size, and market valuation.
-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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