Selbyville, Delaware, Oct. 13, 2021 (GLOBE NEWSWIRE) -- As per the latest report by Global Market Insights Inc., the Ammonium Nitrate Market was estimated at $14.86 billion in 2020 and is slated to exceed USD 20 billion by 2027, registering a CAGR of 3.3% from 2021 to 2027. The report offers an in-depth analysis of major investment pockets, market size & estimations, wavering market trends, drivers & opportunities, competitive scenario, and top winning strategies.
The rising civil construction activities are proliferating the industry growth. Changing food consumption habits and consumer preferences due to modern lifestyles and rise in per capita incomes will aid in the demand for food products.
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Rising investments for infrastructure development in emerging countries, such as China, India, Brazil, and Indonesia, coupled with increasing farming activities are positively compelling the product demand. Ammonium nitrate is the main ingredient for commercial explosives, which is widely used in the mining and civil construction industries. However, volatile raw material prices due to the fluctuating prices of natural gas restrict the industry growth. Moreover, the recent COVID-19 pandemic negatively impacted the overall market share.
Based on products, the ammonium nitrate solution is expected to register considerable growth at a CAGR of 2.8% through 2027. The solution is widely used to manufacture liquid fertilizers and ammonium nitrate-based emulsion products. Rising demand for fertilizers is expected to drive the ammonium nitrate solution demand in the coming years.
The mining and quarrying industry held about 15% share in 2020 and will grow at a considerable rate throughout the forecast time period. The segment uses ammonium nitrate in industrial grade explosives manufacturing. Ammonium Nitrate Fuel Oil (ANFO) is one of the most cost-effective blasting agents, which can be used for dry hole blasting operations. Rapidly growing oil & gas exploration activities across developed countries, such as the U.S. and China, will augment the ammonium nitrate market growth in near future.
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North America will exhibit significant growth over the assessment period and is anticipated to reach around USD 4.2 billion by the end of 2027. The key factors responsible for driving the product demand in the region are rising mining & quarrying activities, increasing construction investments, and the growing need for quality fertilizers over the years. In addition, major investments across infrastructure projects will drive the ammonium nitrate market share in the coming years.
Leading market players:
Leading industry players operating in the global ammonium nitrate industry include Yara International, Orica Ltd, Enaex S.A, CF Industries Holdings, Incitec Pivot Limited, Inc., Neochim Ad, Austin Powder International, OSTCHEM Holding Company, Fertiberia SA, Abu Qir Fertilizers Co., CSBP Limited, EuroChem Group AG, Borealis, San Corporation, DFPCL, and URALCHEM Holding P.L.C.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
