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The
global ammonium nitrate marketsurpassed a value of USD 16 billion in 2018
and is projected to reach USD 24 billion by 2026. This report evaluates the
critical aspects of the market, such as size, share, demand, CAGR, gross
profits, earnings, and revenue, to assess the industry's potential rise in the
future. The report analyzes data from 2016 to 2017 to give a comprehensive view
of industry trends and forecasts growth between 2019 and 2026, considering 2018
as the base year.
Ammonium
nitrate is a white crystal solid chemical compound that is highly soluble in
water, used mainly as a high-nitrogen fertilizer in agriculture and as a
component in explosive mixtures for mining, quarrying, and civil construction
purposes. The growing population has increased the demand for ammonium nitrate
in the agriculture and construction industries, making it the primary driving
factor for the global ammonium nitrate market.
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However,
ammonium nitrate is moderately hazardous material with a critical relative
humidity of 59.4%, which can cause it to turn into a solid mass or liquefy.
Hence, strict regulations have been implemented by Occupational Health and
Safety (OSHA), Environmental Protection Agency (EPA), and Bureau of Alcohol,
Tobacco, and Firearms (ATF) to control its transportation, storage, handling,
and usage.
Ammonium
nitrate is a part of ANFO, an industrial explosive widely used in North
America, accounting for 80% of the explosives used in this region. Due to the
potential of its misuse, some countries are prohibiting its usage in consumer
applications. The use of cheaper substitutes such as urea in fertilizers may
also hinder the growth of the market. Nonetheless, the market is expected to
grow due to the better nitrogen uptake and lower carbon footprint of ammonium
nitrate, compared to urea.
The
report categorizes the industry into different segments based on size, share,
demand, trends, gross profit, total earnings, and revenue. The market is
segmented into High-Density Ammonium Nitrate and Low-Density Ammonium Nitrate
based on product type. The fertilizer segment holds a majority of the market
share due to its demand in the food supply applications. The US and China are
expected to witness the highest amount of growth during the forecast period.
The report also profiles the key players in the global ammonium nitrate market,
including EuroChem Group AG, CF Industries, Orica, Austin Powder Company,
Enaex, and Incitec Pivot Limited, among others.
Ammonium Nitrate Market: Drive Factors
1.
Ammonium nitrate
is a chemical compound that is widely used in the agricultural industry as a
high-nitrogen fertilizer. It is also used in the production of explosives, such
as mining explosives and military munitions. The market for ammonium nitrate is
driven by several factors, including:
2.
Growing demand
for food: As the global population continues to grow, there is an increasing
demand for food, which in turn leads to a higher demand for fertilizers like
ammonium nitrate.
3.
Increased use in
mining and construction: Ammonium nitrate is commonly used as a blasting agent
in the mining and construction industries, which is driving demand for the
product.
4.
Government
regulations: Governments around the world are implementing regulations that
require the use of ammonium nitrate in certain industries, such as mining and
construction, to ensure safety and reduce the risk of accidents.
5.
Technological
advancements: Advances in technology are making it easier and more
cost-effective to produce ammonium nitrate, which is driving down prices and
increasing demand.
Overall,
the ammonium nitrate market is expected to continue growing in the coming
years, driven by these and other factors.
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