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Ammonium Nitrate Market: COVID – 19 Outbreak, Key Player profile, Demand, Segments, Research Report and Regional Outlook by 2023

The global ammonium nitrate market is classified into five regions– North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among them, Europe dominated with the largest market share in 2016 and is predicted to grow at a significant CAGR over the assessment period 2016-2023. The European market is segmented into Germany, Spain, Russia, France, Italy, and Rest of Europe. The market in Europe is estimated to witness significant growth on account of continuous demand from explosive manufacturers. Moreover, increasing spending on defense activities along with the flourishing growth of arms and ammunition industry is predicted to drive the demand for regional ammonium nitrate market growth. Technological advancement and evolution of smart weapon are expected to further the explosive industry growth across various countries in Europe.

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Europe accounted for the largest market share for ammonium nitrate followed by Asia Pacific and North America. Asia Pacific market is segmented into Japan, India, China, Malaysia, South Korea, and the Rest of Asia Pacific. Comparatively, China and India together dominated the largest market share and is estimated to continue to register speedy growth over the assessment period owing to increasing use of ammonium nitrate in the agriculture and mining sector. Expanding population coupled with the burgeoning need for high-quality food has led to increase in fertilizer usage, which in turn is predicted to fuel the market growth during the forecast period. Additionally, key players operating in the market has increased the investments in emerging economies of Asia Pacific such as India and China owing to the low cost of setting up manufacturing facilities and inexpensive raw materials. In addition, availability of inexpensive labor, favorable weather condition, and governmental support to the farmers are some other factors driving the ammonium nitrate market. North America is expected to register moderate growth due to rapid technological advancement and growing demand from an extensive range of end-use industries such as agriculture and mining sector. Furthermore, the U.S. and Canada are estimated to hold the largest regional market share and is predicted to retain their dominance over the forecast period on account of the continuous growth of arms and ammunition industry as well as rising military budgets. Latin America and the Middle East & Africa region are expected to register above-average growth due to increasing construction activities and average growth of local mining companies in these regions. Local mining and quarry companies available in Brazil, Argentina, Israel, Saudi Arabia, and Qatar has generated a higher growth potential for multinational mining and quarry companies.

Segmentation

The global ammonium nitrate market is categorized on the basis of application, end user, and region. Based on the application, the market is categorized into explosives, fertilizers, and others. Among the application segment, the fertilizer sub-segment accounted for more than 56% market share in 2016 due to rising need for fertilizer to meet the growing demand for food. Based on the end user, the market is segmented into construction, mining, quarry, agriculture, and others. Based on the region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Key Players

Key players operating in the ammonium nitrate market are 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), OSTCHEM (Austria), Orica Limited (Australia), Vijay Gas Industry P Ltd (India), and Fertiberia SA (Spain) among others.

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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