Global Ammonium Nitrate Market Size, Share, Growth Analysis, By Product(High Density, Low Density), By Application(Fertilizers, Explosives) - Industry Forecast 2022-2028

Global Ammonium Nitrate Market size was valued at USD 17.46 billion in 2021 and is poised to grow from USD 18.1 billion in 2022 to USD 28.87 billion by 2030, growing at a CAGR of 5.55% in the forecast period (2023-2030).

The global ammonium nitrate market is expected to grow at a significant rate in the coming years, driven by the growing demand for fertilizers in the agricultural sector. Ammonium nitrate is a chemical compound that is widely used in the production of fertilizers, explosives, and other industrial applications. The increasing population and the need for higher agricultural productivity are key factors that are expected to drive the demand for ammonium nitrate in the coming years. However, concerns regarding the safety of ammonium nitrate usage and the availability of alternative fertilizers may hamper market growth.

Top-down and bottom-up approaches were used to estimate and validate the size of Ammonium Nitrate market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The global ammonium nitrate market segmentation is based on product, application, and region. Based on product, the ammonium nitrate market is segmented into high density and low density. Based on application, the ammonium nitrate market is segmented into fertilizers, explosives, and others. Based on region, the global Ammonium nitrate market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Driver

The surge in global defense spending has led to an upswing in the ammonium nitrate market, a vital ingredient in various explosive materials. It comes as no surprise that the demand for explosives and weaponry is closely linked to a country's military expenditure, and as a result, the ammonium nitrate market has been showing growth indicators worldwide.

Restraint

The strict regulations imposed by the state on the handling, storage, transportation, and utilization of ammonium nitrate are posing a challenge for the market of this chemical compound, which is recognized as a potentially hazardous substance.

Trend

Fertilizers play a vital role in agriculture by providing essential nutrients to crops for optimal growth and pest resistance. These nutrients are available in different forms such as aqueous, dry crystals, and time-release. Among these, ammonium nitrate is a commonly used fertilizer as it supplies an adequate amount of nitrogen to plants. This easily available nitrate source is popular among vegetable cultivators. However, due to its tendency to absorb moisture from the air, it cannot be stored for extended periods, and thus, it is often combined with other fertilizers. With the agricultural sector expanding rapidly, there is a predicted surge in demand for solid ammonium nitrate in the near future.