The Global Ammonium Nitrate Market Growth Accelerated By Rising Demand From Agriculture Industry

Ammonium Nitrate Market 

 Ammonium nitrate is an extensively used fertilizer, which is inexpensive and highly effective. It contains nitrogen, a major nutrient needed for plant growth and development. It provides plants with a continuous and balanced supply of nitrogen which helps in increasing crop yields. The ammonium nitrate market is driven by the growing agriculture sector across the globe. The increasing global population has accelerated the demand for food, resulting in high usage of for boosting agricultural production.

The global ammonium nitrate market is estimated to be valued at US$ 21.18 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand from agriculture is one of the major trends fueling the growth of the ammonium nitrate market. Agriculture accounts for over 80% of the ammonium nitrate consumption globally. The demand for food is increasing due to the rising population, which is further boosting the usage of nitrogen-based like ammonium nitrate to increase crop yields. According to the Food and Agriculture Organization (FAO), nitrogen-based are expected to account for over 40% of the global food production. This growing reliance on is expected to propel the ammonium nitrate market growth over the forecast period.

Segment Analysis

The global ammonium nitrate market is dominated by the explosives sub-segment. Ammonium nitrate is widely used in the manufacturing of commercial and defense explosives owing to its high oxidizing power. Around 60% of the total ammonium nitrate produced globally is used to manufacture explosives for quarrying, mining, and construction activities. Other major application segments include and other industrial uses. The segment is the second largest and accounts for over 30% share in the overall market. Ammonium nitrate is a highly effective nitrogen fertilizer and helps boost crop yield.

Key Takeaways

The global ammonium nitrate market demand is estimated to be valued at US$ 21.18 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.

Regional analysis: The Asia Pacific region holds the largest share in the global ammonium nitrate market currently. The growth in the region can be attributed to the rising agricultural and construction activities in major economies such as India and China. The demand for ammonium nitrate as an explosive for mining and infrastructure development is quite high. Furthermore, the region is emerging as a leading producer and consumer of nitrogen fertilizers. Countries like India and China have a huge population dependent on agriculture for livelihood. This is expected to drive fertilizer consumption and fuel the usage of ammonium nitrate.

Key players: Key players operating in the ammonium nitrate market are BASF SE, Clariant International Limited, DIC Corporation, Huntsman International LLC, Tronox, Inc, Rockwood Holdings, Inc., Lanxess AG. BASF is one of the leading producers and suppliers of high-grade ammonium nitrate for both agricultural and industrial applications. Clariant International and DIC Corporation are other prominent manufacturers focusing on developing innovative product formulations. Huntsman International has a well-established global distribution network for marketing ammonium nitrate.

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