Global Ammonium Nitrate Market to Touch Valuation of $24.29 Billion by 2028 | Russian Federation Produces 67% of the Global Ammonium Nitrate
Global ammonium nitrate market size was valued at USD 15.53 billion in 2021, and it is expected to reach a value of USD 24.29 billion by 2028, at a CAGR of 6.6% over the forecast period (2022-2028).
Westford, USA, Dec. 20, 2022 (GLOBE NEWSWIRE) — The ammonium nitrate market is a supplier of the raw material for explosives, propellants and fertilizers. Explosive production requires large amounts of ammonium nitrate and other ingredients, so the industry employs about 550,000 people worldwide. The manufacture and sale of fertilizer relies on ammonium nitrate as well.
SkyQuest provides an in-depth analysis of market. The report covers topics such as market overview, market drivers, key considerations for potential participants, and market opportunities. According to our study, the global ammonium nitrate supply is estimated to grow at a CAGR of 3.4% annually through 2028. In 2021, the global ammonium nitrate production was pegged at 21 million tons, which was around 16.82 million tons 5 years prior. This growth is chiefly due to increasing demand from the fertilizer market, which is compounded by steadily rising global oil prices.
However, there are several challenges faced by the Ammonium Nitrate market. One such challenge is scarcity of raw materials that are needed for manufacturing ammonium nitrate. This scarcity is due to increasing demand from various sectors, as well as unrest in certain regions that restrict access to key materials. In addition, environmental concerns related to ammonium nitrate usage continue to pose a challenge for manufacturers. SkyQuest’s assessment points out that while opportunities exist across all regions of the world, North America and Europe are likely to enjoy the healthy growth over the next five years. Manufacturers in Asia Pacific and Latin America are also expected to witness growth during this period due to rising demand from rapidly expanding economies in these regions. The report provides a detailed analysis of the key players in the ammonium nitrate market, their strategies and emerging markets
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Forecast
SkyQuest forecasts that global demand for ammonium nitrate will increase by almost 20% over the next five years, despite limited capacity expansions. Investment opportunities in the ammonium nitrate market include improved production technologies, such as low-cost smelters using heavy metals instead of more polluting materials; expanding production into emerging markets, such as China and India; and development of new applications for the compound, such as fertilizer production from farm wastes. Consumers could benefit from aggressive price competition among producers, as well as innovation in safety features and alternatives to the compound for specific applications.
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Russian Federation Produces 67% of the Global Ammonium Nitrate
Russia produces 67% of the global ammonium nitrate, which translates to over 11 million metric tons. This finding has implications for both the global supply and demand for this type of fertilizer in the global ammonium nitrate market. The country is able to produce this fertilizer due to its abundant mineral resources and experienced production capacity. Russia has been mining and manufacturing ammonium nitrate since the 18th century. The country’s main producers are the Republic of Karelia, the Volga Federal District, and Murmansk Oblast.
As per our findings Russia, Ukraine, Poland, Lithuania, and Canada producers over 92% of the global ammonium nitrate. Ammonium nitrate is used in manufacturing explosives and fertilizer.
The report on the global ammonium nitrate market states that the demand for ammonium nitrate is likely to increase as economies in China and other emerging markets continue to grow. However, this growth in demand may be offset by a decline in the use of ammonium nitrate in Europe, where environmental restrictions are increasing. The use of ammonium nitrate has been linked to several major accidents, including the Oklahoma City bombing and the Bhopal disaster. The report notes that efforts are being made to reduce its use, but that it remains a vital component of many products.
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Trend Analysis of the Global Ammonium Nitrate Market
The market has seen steady growth over the past decade, driven by increasing demand for fertilizers and explosives and it was was worth $15.53 billion in 2021 and is expected to grow at a CAGR of 6.6% over the next 7 years. In this article, we will analyze the trends driving the ammonium nitrate market and discuss some of the challenges faced by companies operating in this market. We will also highlight some of the key companies involved in the production of ammonium nitrate and its derivatives.
1. Ammonium nitrate is used as a fertilizer and as an explosive propellant. The fertilizer industry is expected to be the biggest driver of growth in the ammonium nitrate market, with an annual growth rate of 7%. This is due to increasing demand for food crops that require higher levels of nitrogen fertilizer, such as maize and soybeans. The explosion sector is expected to grow at a slower rate, due to stricter regulations imposed by governments across the globe. This is also impacting the performances of some key companies in this market.
2. Effect of environment regulations on the industry Ammonium nitrate manufacturers have been largely affected by various environmental regulations in recent years. These regulations have resulted in increased production costs for the industry as a whole, but also increased the demand for ammonium nitrate from sectors such as construction. The most significant environmental regulation to impact the ammonium nitrate market has been the stricter norms put in place for air quality in major cities around the world. This has resulted in an increase in the use of ammonium nitrate products for anti-icing applications, such as in wind turbines or transport systems.
3. Increasing popularity of biocomposites: The increasing popularity of biocomposites has led to an increase in the demand for ammonium nitrate products as a component material. These composites are made up of multiple types of materials, including wood and straw, which are combined together using a binding agent such as ammonia Nitrate. ammonium nitrate is used as a natural adhesive because it is non-toxic and does not form any residue after curing. This has led to its increasing use in automotive components such as airbags.
Key Players in the Global Ammonium Nitrate Market
- Enaex (Chile)
- EuroChem Group AG (Switzerland)
- CF Industries Holdings Inc. (US)
- Incitec Pivot limited (Australia)
- Neochim Plc (Bulgaria)
- URALCHEM JSC (Russia)
- San Corporation (China)
- Austin Powder (US)
- Abu Qir Fertilizers and Chemicals Company (Egypt)
- Yara International ASA (Norway)
- OSTCHEM (Austria)
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