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Ammonium Nitrate Market to witness substantial growth from 2019 to 2024 due to rising mining & quarrying industries

Author : Ronak Bora | Published Date : 2019-04-15 

Global ammonium nitrate market will be primarily driven by the increasing demand for fertilizers around the globe. The key factor responsible for rising fertilizer demand in the agriculture sector is an excessive food demand driven by a steep rise in global population. Fertilizers enhance the crop production volume along with improving quality. Increasing usage of fertilizers in agriculture sector is also driven by the rising concerns over food safety around the world. Major usage of the product as fertilizers during the crop production is owing to its ability to slow release of nitrogen. Product demand will be driven by the shrinkage of agriculture land, increasing food consumption and rising concerns about food safety. Ammonium Nitrate Market will likely surpass USD 20 billion by 2025; according to a new research report.

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The product Ammonium Nitrate Market growth may be hindered due to the availability of the substitutes and fluctuating raw material prices over the forecast time frame. The availability of the substitute products including urea, NPK (nitrogen, phosphorous, and potassium) fertilizers, etc. may slow down the market growth. Due to the hazardous and explosive nature of the product, it is governed by stringent governmental regulations which will further drive the need for alternative products in the upcoming years.

The industry has been categorized according to product and end-use. High-density ammonium nitrate (HDAN) is expected to have the largest share among the product segments and will grow at approximately 5.5% CAGR in the upcoming years. Owing to its non-porous structure and purified state, HDAN is used as an oxidizing agent in a wet environment.

Based on end-user, Ammonium Nitrate Market has been further segmented as civil construction, mining & quarrying, agriculture and others such as pyro techniques, defense, etc. Ammonium nitrate is used in the manufacturing process of explosives that are used for mining applications. U.S. and China are the major countries involved in mining activities. The growth in mining activity in these countries will create further opportunities, leading to around 5% CAGR of the mining and quarrying sector.

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Ammonium Nitrate Market in Europe held the largest share among all the regions due to rising building and infrastructure activities in major European countries. The growing construction industry will further create an opportunity for the product in the region owing to its wide usage as an explosive in the construction industry. The Asia Pacific will also be a key region due to growing mining activities in Asian countries and the proliferation of the agriculture sector in the emerging countries, which will further push the product demand across the region. Latin America will also increase its market share in the forecast time period owing to the rising demand for the explosive products in the major countries.

Fertiberia, Yara International, Ostchem, Eurochem, CF Industries Holdings, Austin Powder International, Orica are some of the key ammonium nitrate market participants.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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