Ammonium Nitrate Market Size Worth USD 21.74 Billion in 2032 | Emergen Research

Rising demand for ammonium nitrate fuel oil is a major driving factor driving Ammonium Nitrate market revenue growth.

Vancouver, Dec. 07, 2023 (GLOBE NEWSWIRE) — The global ammonium nitrate market size was USD 15.5 Billion in 2023 and is expected to register a revenue CAGR of 3.4 % during the forecast period. A key driver of this growth is the rising demand for ammonium nitrate fuel oil, particularly in the mining industry, as it plays a crucial role in blasting rocks and accelerating the burning of combustible materials.

The International Energy Agency reports a surge in mining projects globally, with around 4,700 projects valued at USD 318 billion planned for construction in 2023. This robust demand for minerals, essential for clean energy production, underscores the pivotal role ammonium nitrate plays in the sector. Small-scale mining, notably in developing countries, has contributed to the increased procurement of ammonium nitrate, and the International Institute for Environment and Development projects further growth in these activities.

Technological advancements in mining, including the adoption of autonomous mining systems, have further propelled the market’s revenue growth. These automated systems operate with minimal human assistance, enhancing efficiency and safety in mining operations.

However, government regulations on ammonium nitrate pose a challenge to market growth. Various countries enforce stringent regulations due to its explosive potential, mandating the regulation of production and usage. Recent rules dictate that ammonium nitrate received at ports must be stored 500 meters away for safety concerns, adding complexity to its handling.

Application Insights: Fertilizers Lead the Way

In terms of applications, the fertilizer segment dominated the global ammonium nitrate market in 2022. Ammonium nitrate serves as a vital raw material in the manufacturing of agricultural fertilizers, and the American Farm Bureau Federation notes that two-thirds of global fertilizer demand is driven by key crops such as corn, wheat, and rice.

Manufacturers are scaling up production capacities to meet this growing demand. Notably, Azoty Group S.A. collaborated with Thyssenkrupp Uhde to construct a plant in Tarnow, aiming to enhance daily production capacity while minimizing energy consumption in the process.

The explosives segment, particularly ammonium nitrate fuel oil, secured the second-largest revenue share in 2022. Orica Limited, an Australian-based company, introduced 4D explosives technology, allowing real-time control for improved blast outcomes in mining and construction.

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End-Use Insights: Agriculture Leads, Mining Gains Traction

The agriculture segment claimed the largest revenue share in 2022, driven by rising global agricultural and crop production. Ammonium nitrate’s role as a primary raw material for fertilizer manufacturing aligns with the World Economic Forum’s projection of a 15% growth in global demand for agricultural products over the next decade.

The mining segment is poised to witness the fastest revenue growth rate, with ammonium nitrate’s significance in explosives production for mining activities. The demand for ammonium nitrate is rising, especially in the extraction of lithium and other rare earth materials.

Regional Insights: North America Takes the Lead

North America led the global market in 2022, with the increasing use of ammonium nitrate in mining activities driving revenue growth. The U.S. Environmental Protection Agency reports that approximately 60% of ammonium nitrate produced in the U.S. is sold as solid products, with significant applications in fertilizer production.

Asia Pacific is anticipated to experience the fastest revenue growth, with China, India, and Japan emerging as major consumers and exporters of ammonium nitrate. China’s exports have surged, and the demand for agricultural fertilizer production in the region continues to drive market growth.

Europe is expected to maintain a steady revenue growth rate, driven by high fertilizer demand and initiatives to reduce dependence on imported fertilizers. The Russian Federation, a major exporter of ammonium nitrate, plays a significant role in meeting the region’s demands.

In conclusion, the global ammonium nitrate market is on a growth trajectory, fueled by increased demand in both the mining and agriculture sectors. While government regulations present challenges, technological advancements and strategic collaborations are expected to shape the market’s future landscape.

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Scope of Research

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Major Companies and Competitive Landscape

The global ammonium nitrate market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions. Some major players included in the global ammonium nitrate market report are:

• CF Industries Holdings, Inc.
• Enaex
• EuroChem Group
• MAXAM
• Orica Limited
• Sasol
• San Corporation
• URALCHEM JSC
• Vijay Gas Industry Pvt. Ltd
• Austin Powder

Strategic Development

• On 4 May 2023, Austin Powder developed a lead-free primary explosive detonator for its clients that, it says, comes ahead of regulators mandating the use of such an alternative. Austin Powder started looking for a lead-free alternative to lead azide back in 2007 at its detonator facility, Austin Star Detonator. The initial work was started by Morris Bannerman and Göran Jidestig.
• On 8 Feb 2023, Explosives and blasting services provider Enaex SA selected the K-GreeN technology offered by ammonia process licensor KBR Inc. for deployment as part of the HyEx green ammonia project in Chile. Ammonia is the main raw material for Enaex, which uses it to produce the ammonium nitrate needed for its blasting services and exports. However, ammonia imports currently account for about 90% of the company’s total carbon footprint in the production process, it estimates.

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For the purpose of this report, Emergen Research has segmented the global ammonium nitrate market on the basis of application, end-use, and region:

• Application Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019-2032)
  • Fertilizers
  • Explosives
  • Others
• End-Use Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019-2032)
  • Agriculture
  • Mining
  • Defense
  • Construction
  • Quarry
• Regional Outlook (Revenue, Volume, USD Billion, Kilotonnes; 2019-2032)

• • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of MEA

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