Who are the key players in Ammonium Nitrate Market?

URALCHEM JSC, Yara International ASA, CF Industries Holdings, Inc., EuroChem Group and Orica Limited are the major companies operating in the Ammonium Nitrate Market. Read More

Which is the fastest growing region in Ammonium Nitrate Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Ammonium Nitrate Market?

In 2024, the North America accounts for the largest market share in Ammonium Nitrate Market. Read More

What years does this Ammonium Nitrate Market cover, and what was the market size in 2023?

In 2023, the Ammonium Nitrate Market size was estimated at 48.49 million tons. The report covers the Ammonium Nitrate Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Ammonium Nitrate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Ammonium Nitrate Market Size

Market Size of Ammonium Nitrate Industry

Study Period	2019 - 2029
Market Volume (2024)	49.13 Million tons
Market Volume (2029)	52.43 Million tons
CAGR (2024 - 2029)	1.31 %
Fastest Growing Market	Asia Pacific
Largest Market	North America
Market Concentration	Low
Major Players *Disclaimer: Major Players sorted in no particular order

Ammonium Nitrate Market Analysis

The Ammonium Nitrate Market size is estimated at 49.13 Million tons in 2024, and is expected to reach 52.43 Million tons by 2029, growing at a CAGR of 1.31% during the forecast period (2024-2029).

During 2020, the ammonium nitrate market growth was hampered owing to the transport restrictions and the scarce availability of raw materials caused by the COVID-19 outbreak. However, the market has recovered steadily thereafter and is growing at a moderate pace, owing to increased consumption of ammonium nitrate from various industries post-pandemic.

Increasing consumption of ammonium nitrate in the production of agricultural products or fertilizers is a major factor fueling the market growth.
On the flip side, the presence of alternatives for ammonium nitrate in the market, such as urea and nitrogen-based fertilizers, is increasing and is anticipated to hinder the market's growth over the forecast period.
Furthermore, the growing usage of ammonium nitrate as a vital component in numerous explosives employed in the mining industry for seismic exploration is likely to create profitable growth opportunities for the global market in the future.
North America dominated the global market, wherein a significant share of ammonium nitrate consumption was observed from countries such as the United States and Canada.

Ammonium Nitrate Industry Segmentation

Ammonium nitrate (NH4NO3) is a chemical compound composed of ammonium ions (NH4+) and nitrate ions (NO3-). It is a white, crystalline solid that is highly soluble in water. Ammonium nitrate is well-known for its use in various industrial, agricultural, and commercial applications due to its unique properties.

The ammonium nitrate market is segmented by application, end-user industry, and geography. By application, the market is segmented into fertilizers, explosives, and other applications (cold packs, gas generators, pyrotechnics, rocket propulsion, and industrial processes). By end-user industry, the market is segmented into agriculture, mining, defense, and other end-user industries (automotive, food, chemical, oil and gas, medical, and construction). The report also covers the market size and forecasts for the ammonium nitrate market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).

Application
		Fertilizers
		Explosives
		Other Applications (Gas Generators, Cold Packs, Pyrotechnics, Rocket Propulsion, and Industrial Processes)

End-User Industry
		Agriculture
		Mining
		Defense
		Other End-user Industries (Automotive, Food Industry, Oil and Gas, Medical, and Construction)

Geography

Asia-Pacific
	China
	India
	Japan
	South Korea
	Rest of Asia-Pacific

North America
	United States
	Canada
	Mexico

Europe
	Germany
	United Kingdom
	Italy
	France
	Rest of Europe

South America
	Brazil
	Argentina
	Rest of South America

Middle East & Africa
	Saudi Arabia
	South Africa
	Rest of Middle East & Africa

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Ammonium Nitrate Market Size Summary

The ammonium nitrate market is experiencing a steady recovery and moderate growth following the disruptions caused by the COVID-19 pandemic. The market's expansion is primarily driven by the increasing demand for ammonium nitrate in agricultural fertilizers, which are essential for providing nitrogen nutrition to plants. This demand is further bolstered by the growing agricultural activities worldwide. However, the market faces challenges from alternative nitrogen-based fertilizers, such as urea, which could potentially hinder its growth. Despite these challenges, the use of ammonium nitrate in the mining industry, particularly for explosives in seismic exploration, presents promising growth opportunities. North America, with significant consumption in the United States and Canada, leads the global market, supported by government initiatives to boost domestic fertilizer production and the region's robust agricultural sector.

The ammonium nitrate market is characterized by its fragmented nature, with key players including EuroChem Group, Orica Limited, CF Industries Holdings, Inc., URALCHEM JSC, and Yara International ASA. Recent developments in the industry, such as Yara Clean Ammonia's collaboration with Bunker Holding to explore ammonia as a shipping fuel, highlight the market's dynamic nature. Additionally, new projects, like Chambal Fertilisers' planned technical ammonium nitrate plant in India, indicate ongoing investments and expansion efforts. The market's growth trajectory is supported by the increasing demand for ammonium nitrate in both agricultural and defense sectors, with the latter driven by rising defense spending and the need for advanced explosives.

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Ammonium Nitrate Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Drivers
  1. 1.1.1 Rising Demand for Ammonium Nitrate-Fuel Oil (ANFO)
  2. 1.1.2 Increasing Demand for Fertilizers in Agricultural Sector
  3. 1.1.3 Other Drivers
2. 1.2 Restraints
  1. 1.2.1 Stringent Regulations on Using Ammonium Nitrate
  2. 1.2.2 Availability of Substitute Products
3. 1.3 Industry Value Chain Analysis
4. 1.4 Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Buyers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat of Substitute Products and Services
  5. 1.4.5 Degree of Competition
2. MARKET SEGMENTATION (Market Size in Volume)
1. 2.1 Application
  1. 2.1.1 Fertilizers
  2. 2.1.2 Explosives
  3. 2.1.3 Other Applications (Gas Generators, Cold Packs, Pyrotechnics, Rocket Propulsion, and Industrial Processes)
2. 2.2 End-User Industry
  1. 2.2.1 Agriculture
  2. 2.2.2 Mining
  3. 2.2.3 Defense
  4. 2.2.4 Other End-user Industries (Automotive, Food Industry, Oil and Gas, Medical, and Construction)
3. 2.3 Geography
  1. 2.3.1 Asia-Pacific
    1. 2.3.1.1 China
    2. 2.3.1.2 India
    3. 2.3.1.3 Japan
    4. 2.3.1.4 South Korea
    5. 2.3.1.5 Rest of Asia-Pacific
  2. 2.3.2 North America
    1. 2.3.2.1 United States
    2. 2.3.2.2 Canada
    3. 2.3.2.3 Mexico
  3. 2.3.3 Europe
    1. 2.3.3.1 Germany
    2. 2.3.3.2 United Kingdom
    3. 2.3.3.3 Italy
    4. 2.3.3.4 France
    5. 2.3.3.5 Rest of Europe
  4. 2.3.4 South America
    1. 2.3.4.1 Brazil
    2. 2.3.4.2 Argentina
    3. 2.3.4.3 Rest of South America
  5. 2.3.5 Middle East & Africa
    1. 2.3.5.1 Saudi Arabia
    2. 2.3.5.2 South Africa
    3. 2.3.5.3 Rest of Middle East & Africa