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Statistics Report: Global Ammonium Nitrate Market Size & Share to Surpass USD 22.5 Billion by 2028, Predicts Zion Market Research | Industry Trends, Growth, Value, Segmentation Analysis & Forecast by ZMR
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Ammonium nitrate is a white crystalline solid chemical compound made of ions of ammonium and nitrate. It is highly water-soluble while also displaying properties of retaining water from the environment either through absorption or adsorption, however, the compound does not hydrate. Since ammonium nitrate is an extremely volatile substance, there are numerous guidelines and safety measures mentioned on the safety data sheets provided by the manufacturers and by different governments.
Pure ammonium nitrate is not inflammable but is a strong oxidizer and supports the combustion of organic & some inorganic material, however, storing it near combustible items should be avoided. Ammonium nitrate is stable at normal temperature pressure but a strong initiation charge may cause it to detonate and its storage near blasting agents or explosives is prohibited.
The global ammonium nitrate market is one of the highly observed markets because of the extremely disastrous application of the compound under improper care along with a few small and large-scale incidents in the past.
Ammonium nitrate is used extensively as a fertilizer with an NPK rating of 34-0-0. It is preferred over urea owing to its higher stability and lesser dispersion of nitrogen to the atmosphere making it more acceptable in the field of agriculture since crops consume nitrogen in the form of nitrate. The agriculture sector has been growing exponentially because of the rising population and subsequent food demand. Agriculture is one of the most essential as well as key driving sectors for many economies which is aided by the adoption of technology and extensive R&D in food cultivation. The differential rise in the agricultural products and the food sector is anticipated to propel the global ammonium nitrate market growth.
Ammonium nitrate is capable of creating explosive mixtures of different properties when combined with other products or fuels. Hence, the military and defense segments of many economies use the product for creating explosives. However, a key point to note is that the use in the military is for defense purposes only and the mixtures are created as per military-dictated guidelines and under extreme supervision. The global market is projected to grow in the coming years because of rising demand in mining and construction as well.
Since ammonium nitrate is used for creating explosives, the product has already been used in terrorist activities multiple times raising safety-related concerns. Because of the rising misuse of ammonium nitrate in anti-national activities, many governments have established stringent rules for the manufacturing of the chemical compound. These rules apply to all sectors where ammonium nitrate is used thus making it difficult for regular manufacturers as well to create the compound easily or hassle-free.
The global ammonium nitrate market growth may also be restricted because of other harmful effects of the compound like health issues as prolonged exposure to nitrate can lead to eye irritation and other uncomfortable physical reactions.
With the expanding population, there is a rise in the demand for necessities which in turn has propelled the growth of consumer products. When coupled with the higher demands for products like vehicles, buildings, or other such products, leads to the increased need for coal which acts as a first source of energy generator to manufacture these products. The subsequent rise in mining activities is expected to provide for multiple growth opportunities in the global market, especially in developing nations that have recently expanded the consumer product database owing to urbanization and high income amongst the general population.
The growth in construction of newer sites as well as restoration of older buildings may also provide expansion opportunities in the global market.
Owing to the misuse of ammonium nitrate in unacceptable and unpleasant activities, there are ongoing research activities conducted worldwide for the substitute of ammonium nitrate, for example, a mixture of urea and ammonium sulfate which is expected to deliver the same results as ammonium nitrate minus the harmful properties. This poses a major challenge in the global market growth along with detailed protocols to be followed while handling ammonium nitrate to prevent any hazardous event. Many economies are now phasing out the use of the chemical compound because of many fatal explosions that have occurred in the past.
Based on application, the global market is segmented as explosives, fertilizers, and others. The segment is expected to be dominated by its application in manufacturing fertilizers owing to the abundant presence of nitrate in the chemical compound which is used extensively by crops during their growth phase.
Based on end-user, the global market segments are mining, defense, agriculture, and others where the agricultural sector is expected to dominate the segment. In 2020, because of the high use of ammonium nitrate in agriculture, it alone accounted for 74% of the global market share and is anticipated to showcase the same effect in the coming years.
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The global ammonium nitrate market is expected to be dominated by Asia-Pacific owing to increased food safety regulations in countries like India , China , Japan , and South Korea with higher revenues both in terms of consumption and production. This is also propelled by the exponential rise of population in these regions aiding the demand for food products along with the availability of large land segments, growing interest in organic farming, and adoption of technologically advanced equipment in farming.
North America is expected to generate high revenue because of rising demand in the mining and defense sector for infrastructure maintenance and further development mainly in regions like the USA and Canada where the economic stability and government spending are high.
This is followed by Europe owing to the growing civil explosives and construction market and the keen interest of the government to expand their agricultural sector
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