According to ChemAnalyst report, “Global Ammonium Nitrate Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032” The Global Ammonium Nitrate market is anticipated to grow at a CAGR of 3.63% during the forecast period and reach 21 million tonnes due to major demand from the Agriculture Industry, Explosives, and Industrial application end-use industries.
Agricultural Demand: The primary driver of the ammonium nitrate market is the growing global population, necessitating increased agricultural productivity. Ammonium nitrate, as a key fertilizer, aids in achieving higher agricultural yields by providing essential nitrogen to plants, promoting healthy growth and increased crop production.
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Explosives Manufacturing: Ammonium nitrate is a key ingredient in the production of explosives, especially in the mining industry. The rising demand for explosives in mining operations for extraction and other industrial applications drives the market growth of ammonium nitrate.
Infrastructure Development: With rapid urbanization and infrastructure development, there is an increasing requirement for explosives in construction and excavation activities. Ammonium nitrate, being a critical component in the manufacturing of explosives, is in high demand to meet these infrastructure needs.
Sustainable Production: In recent years, sustainability has become a crucial trend in the chemicals and fertilizers sector. Manufacturers are focusing on developing more sustainable production methods for ammonium nitrate to reduce environmental impact and energy consumption during its production.
Customized Formulations: Another emerging trend is the development of customized ammonium nitrate formulations tailored to specific agricultural and industrial requirements. These formulations aim to optimize efficiency and minimize wastage.
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According to ChemAnalyst report, “Global Ammonium Nitrate Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032”, Major players for Ammonium Nitrate globally are Acron Group’s Mineral Fertiliser, EuroChem Group AG, Uralchem JSC, CF INDUSTRIES HOLDINGS, INC., Abu Qir Fertilizer, PhosAgro, Fertiberia SA, Deepak Fertilisers And Petrochemicals Corporation Limited, Agroplychim AD, Nitratos del Peru, and others.
“Ammonium Nitrate is a useful chemical which is rich in nitrogen and ammonium, due to which is most widely employed to manufacture fertilizers. The growing demand of fertilizers to enhance crop yield and improve the quality of the crops is anticipated to augment the ammonium nitrate market expansion. Currently, Europe is the leading consumer of Ammonium Nitrate followed by Asia Pacific region. Owing to the rapidly growing population across the globe resulting in rising need for crops will most likely increase the demand of ammonium nitrate in the forecast period and likely to offer potential opportunities for Ammonium Nitrate market players to expand their production capacities in order to reduce demand supply gap of Ammonium Nitrate in the forecast period” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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