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Ammonium nitrate is a pure, crystalline, water-soluble powder formed by vaporous ammonia reacting to nitric acid. The use of ammonium nitrate in gardens promotes plant growth.It is primarily used in explosives, fertilizers, freezing mixtures and nitrous oxide manufacturing. Ammonium nitrate is also a chemical commonly used in farm fertilizers, is a highly explosive compound. The growing worldwide agriculture industry has triggered the demand for fertilizers that are essential for the growth of crops Plants consume nitrogen in the form of nitrate which is readily available in ammonium nitrate. The conversion of the nitrogen portion to anitrate into urea results in a high loss of nitrogen. Furthermore, fertilizers based on ammonium nitrate release nitrogen in the atmosphere at a much slower rate which improves longevityTherefore, fertilizers based on ammonium nitrate are commonly used in the agricultural industry. The large increase in demand for high quality crops has also increased the use of fertilizers.
Key Market Driver -
Increasing fertilizer demand in the world drives the market.
Key Market Restraint -
Implementation of stringent rules along with availability of substitutes restraints the market.
Ammonium nitrate is a good fertilizer as it dissolves readily in soil water, where it is available for plant to uptake immediately. Most vegetable growers tend to use ammonium nitrate which proves to be an immediate available source for plant nutrition. As it is less vulnerable to volatilization losses when left on the soil surface, livestock farmers like it for pasture and hay fertilization. The high solubility of ammonium nitrate makes it ideal for the manufacture of fertilisation solutions or sprays. Thus, the increasing demand for fertilizers has in turn increased the requirement and consumption of ammonium nitrate thus driving the market.
However, the availability of alternatives restrains market growth. The Government has issued strict rules on the manufacture, storage, transportation and use of ammonium nitrate to avoid being misused in a terrorist act. This will hinder the growth of the demand for ammonium nitrate as the use of the other available alternatives has increased in the application segments of fertilizers and explosives.
On the basis of application, the market of ammonium nitrate is segmented fertilizers,explosives and others .On the basis of end-use industry, the market is segmented into agriculture, mining, defense and others. From a geographical standpoint, the market is categorised into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The Ammonium Nitrate market is fairly fragmented with a number of global & regional players operating. Some of the key players in the global Ammonium Nitrate includes Yara International ASA, Orica Ltd, Sigdo Koppers Group,CF Industries Holdings, Inc., Incitec Pivot Ltd, Neochim Ad, EuroChem Group AG, OSTCHEM Holding Company, Fertiberia SA, Borealis AG, San Corporation, Abu Qir Fertilizers Co, Deepak Fertilisers and Petrochemicals, CSBP Limited, Uralchem and others.
The global Ammonium Nitrate market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The Ammonium Nitrate market is dominated by the Asia-Pacific region in terms of both consumption and production. China, India, Taiwan, Japan, South Korea are the major manufactures of Ammonium Nitrate in the World and thus, the use of ammonium nitrate is high in these countries due to increased food safety concerns around the globe. This, in turn, has led to concerted efforts by governments, farmers and organizations to increase the yield per unit of cultivated land, resulting in a significant increase in the demand for fertilizers, thereby driving market growth.
North America's global market for ammonium nitrate has seen a high growth. This huge demand for ammonium nitrate is a consequence of the increasing demand for ammonium nitrate fuel oil and increased demand for defence explosives. Growth of agricultural activities in the region due to the growth in application in fertilizers over the forecast period is one of the reasons for the growth in this region
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Europe holds a significant share in the market. This rise is driven by a rapidly rising market for civil explosives to accelerate mining & quarrying and construction. Countries like Brazil, Mexico and Argentina in Latin America are expected to experience average and significant growth due to fertilizers based on ammonium nitrate. Countries in the Middle East and Africa including Qatar, Oman, Saudi Arabia expected to experience strong demand for accounting in the mining sector.
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