Ammonium Nitrate Market Analysis 2023 by Top Manufacturers, Size ($28.87 Billion) Trends, Growth Rate (5.55%) and Forecast

The ammonium nitrate market size was valued at USD 17.46 billion in 2021. The Ammonium Nitrate market industry is projected to grow from USD 18.10 Billion in 2022 to USD 28.87 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.55% during the forecast period (2022 – 2030). A crystal substance called ammonium nitrate has ions of both ammonium and nitrate in it. They are frequently utilized as fertilizer in the agriculture industry because of their high nitrogen content. They have the capacity to violently decompose when exposed to high temperatures. As a result, they are indeed utilized as explosions in excavation. Because of this, the storing and transportation of chemical compounds are subject to strict limitations under the laws of industrialized nations. Ammonium nitrate is relatively safe, but inappropriate handling, such as keeping it next to huge fuel cylinders, in severe heat, or in poor ventilation locations, can cause a disastrous blast. These elements are regarded as the main growth inhibitors for the ammonium nitrate industry.

However, because of the molecular molecules’ humidity properties, the food industry has begun using them as food preservatives. Other uses include the production of commercial dynamite using rapid ice packs, which is essential considering the increasing need and expanding manufacturing industries. The need for crop production, efficient farming techniques, and fertilizers has increased as a result of the expanding world population. Additionally, the expansion of the ammonium nitrate business has been fueled by changes in eating habits and their impact on food stability. These are regarded as the main drivers of the ammonium nitrate industry in developing countries.

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The King Abdullah Science and Technology University in Saudi Arabia has developed an effective chiller that solely relies on renewable power and seawater evaporating technologies and does not require any power. The group made use of the chilling impact that occurs when particular chemical compounds dissolve into water. The cooled water is produced as the salt dissolves; after each cooling period, the numbing sensation is used up, and the salt is renewed for the following round of absorption before the sun’s energy is even fully spent. Due to its superior dispersion as contrasted to certain other ions and its remarkable chilling properties, ammonium nitrate is regarded as the star performer.

Market segmentation:

Just on basis of Product Type, Final Consumer, and Regional, the ammonium nitrate industry is segmented into subgroups. The industry is divided into categories for fertilizers, explosions, and other applications. Due to the increasing need for fertilizer to fulfil the increasing consumption of food, the fertilizer semi of the treatment market held over 56% of the industry shares in 2016. The Ammonium Nitrate Industry is divided into buildings, mines, quarrying, agricultural, and other segments based on the final user. The Ammonium Nitrate Business is divided into the following regions: Asia Pacific, European, North America, Latin America, Africa, and the Middle East.

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Regional Classification:

The market for Ammonium Nitrate is classified based on geographical regions North America, Europe, the Middle East, Africa, and the Asia-Pacific.

Key Players

Enaex (Chile), EuroChem Group AG (Switzerland), CF Industries Holdings Inc.(U.S.), Incitec Pivot limited (Australia), Neochim Plc (Bulgaria), URALCHEM JSC (Russia), San Corporation (China), Austin Powder (U.S.), Abu Qir Fertilizers and Chemicals Company (Egypt), Yara International ASA (Norway),and OSTCHEM (Austria)

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