$4550
[Research Report] The ammonium nitrate market size was valued at US$ 21.77 billion in 2022 and is projected to reach US$ 30.40 billion by 2030; it is anticipated to record a CAGR of 4.3% from 2022 to 2030.
MARKET ANALYSIS
Ammonium nitrate is produced by a chemical reaction of nitric acid and ammonia. It is used predominantly in the mining and agriculture sectors. It is available in solid (granules & prills) and liquid form. Ammonium nitrate's ease of production and cost-effectiveness have stimulated its demand in the past few decades. Many manufacturers also offer medical-grade ammonium nitrate, a significant ingredient for gas used in surgery and dentistry. However, utilization and trade of ammonium nitrate are regulated worldwide due to the potential for misuse. Growing construction activities and a high emphasis on enhancing crop yield are creating potential opportunities in the ammonium nitrate market.
GROWTH DRIVERS AND CHALLENGES
Growing mining operations and the adoption of ammonium nitrate in fertilizer production are the factors driving the ammonium nitrate market. Ammonium nitrate is a widely used chemical for the formulation of explosives and blasting agents. Utilization of high energy explosives results in efficient fragmentation of rocks. According to the World Mining Data 2022 report, the US is among the major mining countries in the world, accounting for 12.2% of the global share. In 2023, the US Department of Energy announced an investment of US$ 16 million for critical mineral supply chains in the US and to reduce dependency on competitors such as China. The investment aimed to support development projects of rare earth elements and critical minerals extraction in the US. The mineral and metal reserves in Asia Pacific are high, thus indicating broad potential for mining exploration activities. The lucrative mining exploration opportunities in several regions across the globe are expected to boost the demand for ammonium nitrate during the forecast period. The stringent government regulations pose a challenge to the ammonium nitrate market. The global mining industry operates in a complex web of national, regional, and local regulatory frameworks. Several countries have their own set of laws, regulations, and guidelines related to mining operations, utilization of ammonium nitrate, safety standards, environmental protection, and community engagement. Navigating these regulatory requirements can be time-consuming and resource-intensive for manufacturers, restraining the ammonium nitrates market growth.
Strategic Insights
REPORT SEGMENTATION AND SCOPE
The "Global Ammonium Nitrate Market Analysis to 2030" is a specialized and in-depth study with a significant focus on global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation on the basis of form, application, end use, and geography. The report provides key statistics on the consumption of ammonium nitrate worldwide, along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the ammonium nitrate market performance in major regions and countries. It also includes a comprehensive analysis of the leading players in the ammonium nitrate market and their key strategic developments. Analysis of the market dynamics is also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
The ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global ammonium nitrates market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global ammonium nitrate market is segmented on the basis of form, application, and end use. Based on form, the ammonium nitrate market is segmented into solid and liquid. Based on application, the ammonium nitrate market is segmented into fertilizer, explosives, and others. Based on end use, the market is segmented into agriculture, mining, construction, pharmaceuticals, etc. Based on application, the fertilizer segment accounted for a significant share of the ammonium nitrate market in 2022. Ammonium nitrate is a major source of nitrogen, a vital nutrient for plant growth. Liquid fertilizer is used in direct application with spray atomization as a fast-release fertilizer. Ammonium nitrate and hot ammonium nitrate liquor are widely used in the mining industry. Ammonium nitrate is used to produce nitrous oxide, which has wide applications in pharmaceuticals and the semiconductor industry.
Ammonium Nitrate Market - by Application, 2022 and 2030
REGIONAL ANALYSIS
The report provides a detailed overview of the global ammonium nitrate market with respect to five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific accounted for a significant share of the ammonium nitrate market in 2022. According to the Food and Agriculture Organization of the United Nations, Asia Pacific is the largest producer of agricultural commodities, wherein crop production represents 60% of total agricultural production value. Further, Asia Pacific is a significant contributor to global grain production. Fertilizers are a primary ingredient required for boosting crop yield, thereby aiding in meeting the rising food demand. Asia Pacific marks the presence of ten major surface mining projects, namely, Green Mine (China), Sangatta Mine (Indonesia), Heidaigou Mine (China), Oyu Tolgoi Copper-Gold Mine (Mongolia), Gevra OC Mine (India), Letpadaung Copper Mine (Myanmar), Li Mine (Thailand), FTB Project (Thailand), and Pasir Mine (Indonesia). Thus, the prevalence of agriculture and mining sectors in the region is projected to drive the ammonium nitrate market. North America marks the presence of a strong mining industry coupled with the presence of several associations, namely, The American Exploration & Mining Association and the International Society of Explosives Engineers, among others. Therefore, North America is also expected to offer lucrative opportunities for ammonium nitrate manufacturers during the forecast period.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
The report provides a detailed overview of the global ammonium nitrates market with respect to five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
In August 2023, Azoty Group signed an agreement with ThyssenKrupp Uhde, for the supply of process equipment required for the production of concentrated ammonium nitrate. The construction of concentrated ammonium nitrate in Tarnów, Poland, is expected to be completed by 2025.
In December 2021, Deepak Fertilizers & Petrochemicals Corporation launched ~US$ 264.5 million ammonium nitrate plant in India, scheduled for commissioning by 2024.
IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
Agriculture and mining sectors have been the significant consumers of ammonium nitrate. In 2020, these sectors had to slow down their operations due to disruptions in the value chain caused by government regulations and trade restrictions. Moreover, lockdowns imposed by different countries hampered the inventory levels of many manufacturers in the same year. The shortage of workforce resulted in a reduction in ammonium nitrate production and distribution operations. Additionally, government restrictions and other COVID-19-related precautions reduced the operational capacities of stakeholders in the ammonium nitrate value chain.
In late 2021, the global ammonium nitrate market began recovering from the losses incurred in 2020, with the revival of mining operations, construction activities, and pharmaceutical production. Expansion in production capacities in the chemicals & materials industry post-COVID-19 pandemic in many regions, such as Asia Pacific and North America, is expected to create lucrative opportunities for the ammonium nitrate market in the coming years.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
CSBP Limited, TradeMark Nitrogen, CF Industries Holdings Inc, Orica Limited, Yara International ASA, Uralchem, Acron Group, Enaex SA, Maxam Corp Holding SL, Sasol Limited are a few of the key players operating in the ammonium nitrate market.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
1.CSBP Limited
2.TradeMark Nitrogen
3.CF Industries Holdings Inc
4.Orica Limited
5.Yara International ASA
6.Uralchem
7.Acron Group
8.Enaex SA
9.Maxam Corp Holding SL
10.Sasol Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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