Ammonium Nitrate Market size is expected to have a moderate growth at a CAGR of over 3% from 2016 to 2024. The growth in the demand of fertilizers and explosives will be the major drivers for the market. The fertilizer industry is the major driver for global ammonium nitrate market demand, being more stable than urea and with more usage as fertilizer throughout the globe in the forecast timeframe.
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The global fertilizer nutrient (N+P2O5+K2O) consumption was estimated at over 180 million tonnes in 2013 and reached close to 190 million tonnes in 2015. In the next eight years, this demand is expected to grow significantly.
Another major ammonium nitrate market size driver is the growing demand of explosives and gunpowder. With growing military expenditure and mining activities, the demand for explosives is expected to escalate from 2016 to 2024. According to studies conducted by Global Market Insights Inc., the global mining industry is expected to cross USD 740 billion by 2024. This will have a positive impact on the global ammonium nitrate market demand. However, strict regulations regarding the handling of ammonium nitrate issued jointly by the US Environmental Protection Agency (EPA), Occupational Health and Safety (OSHA) and the Bureau of Alcohol, Tobacco and Firearms (ATF) will pose a threat on the market growth and expansion of the industry. It has been recorded as moderately hazardous and this will act as a major restrain to the ammonium nitrate market share.
Natural and synthetic are key product variations. The naturally occurring mineral (ammonia nitre) is found in the Atacama Desert in Chile. Almost all the ammonium nitrate used in the industry today is synthetically manufactured by Haber’s Process followed by Ostwald Process. Another method to synthetically produce ammonium nitrate crystals is through a variant of the Odda Process.
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Europe is the major market for ammonium nitrate with over 30% of the global ammonium nitrate demand, followed by North America. United States has almost 25% agricultural land. This will affect the ammonium nitrate market in the fertilizer industry in the upcoming future. North America, led by the US, accounted for more than a third of the global military expenditure in 2015. This will drive the market for explosives positively and will ultimately have a great impact on the market demand of ammonium nitrate.
This latest Ammonium Nitrate Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Ammonium Nitrate industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across 108 pages with 225 market data tables & 14 figures & charts from the report “Ammonium Nitrate Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024.” in detail along with the table of contents:
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Key Insights in this Report
- Global Ammonium Nitrate Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Ammonium Nitrate Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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