Ammonium Nitrate Market Research Report- Forecast till 2030
Overview:
Ammonium
nitrate can be defined as a salt of ammonia and nitric acid that is colorless
and almost odorless compound. This chemical compound is soluble in water and
has wide-scale applications as fertilizers, major component in the
manufacturing of explosives, production of medicines like antibiotics and
yeast. The compound is hygroscopic in nature owing to which its moisture
consumption is quite high and its use as fertilizer is quite varied. In food
industry, its use to preserve food can be taken into consideration for significant
growth. The global market for ammonium nitrate can make sure that the market
grows ahead significantly.
The global market for ammonium nitrate
can benefit from the rising need for the product as fertilizer for the
agricultural benefits, as explosives for mining and defense sectors, in various
construction sites, and others. these factors can trigger high market uptake
for the ammonium nitrate. However, stringent government policies can deter easy
growth of the market in the coming years.
Segmentation:
The global ammonium nitrate market finds a proper
segmentation on the basis of application and end user. This would facilitate better understanding of
the market.
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By application, the market for ammonium nitrate can be
segmented into fertilizers, explosives, and others. The fertilizer segment held
over 56% market share in 2016. This rise is getting supported by demand for
fertilizer as the need for food is gaining significant weightage.
By end user, the market for ammonium nitrate can be segmented
by mining, construction, agriculture, quarry, and others.
Regional Analysis:
Asia
Pacific is showing the immense potential to register the fastest CAGR during
the forecast period as several countries in the region are showing significant
market growth due to their revamped end-use industries like construction, agriculture,
mining industry, and others. The market in this region would witness a surge in
countries like Vietnam, Bangladesh, Japan, China, South Korea, India, and
Malaysia. The government regulations are quite favorable due to which the
market growth would be greater than the expected rate. Various construction
activities are also expected to inspire market growth. Inexpensive raw
material, labor, land, and others are expected to make sure that the market
gains significant traction in the coming years.
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Europe’s market would be the largest
owing to its high acceptance in various end user industries. Various countries
like Russia, Germany, and France are expected to contribute substantially. The
North American market would also benefit from the growing acceptance of the
product in industries from the US and Canada. In various other regions like the
Middle East & Africa and South America, the growth of the market would
witness rise in Brazil, Argentina, Mexico, Qatar, Kuwait, and others. In these
regions, the market would witness growth due to the contribution the mining
sector is expected to make.
Competitive Landscape:
There are several companies who are expecting significant
growth from their participation in the market as a return for their strategic
moves that cemented their individual footing and expects to take the global
market ahead in the coming years. MRFR listed these companies and profiled them
to gauge what is in the store for the market in the coming years. These
companies are EuroChem Group AG (Switzerland), Enaex (Chile), Incitec
Pivot limited (Australia), CF Industries Holdings, Inc.(U.S.), URALCHEM JSC
(Russia), Neochim Plc (Bulgaria), Austin Powder (U.S.), San Corporation
(China), Yara International ASA (Norway), Vijay Gas Industry P Ltd (India), Abu
Qir Fertilizers and Chemicals Company (Egypt), Orica Limited (Australia),
OSTCHEM (Austria), and Fertiberia SA (Spain) among others.
In September 2019, the Australian government decided to back
two definitive studies using solar and wind power that would assist in the
manufacturing of hydrogen for ammonia. The support means a grant worth USD 2
million. This would also assist the growth for the market of ammonium nitrate.
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