Ammonium Nitrate Market Size, Trends and Insights By Application (Fertilizers, Explosives), By End Use Industry (Agricultural, Defense, Mining & Quarrying, Construction, Others), By Sales Channel (Direct, In Direct), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Yara International ASA
- Orica Ltd
- Sigdo Koppers Group
- CF Industries Holdings Inc.
- Incitec Pivot Ltd
- Others
Reports Description
Global Ammonium Nitrate Market was valued at USD 19.1 Billion in 2023 and is expected to reach USD 33.1 Billion by 2032, at a CAGR of 5.75% during the forecast period 2023 – 2032.
Ammonium nitrate is nitrate salt of the ammonium cation. It is a white crystal solid and is highly soluble in water. It is mainly used in agriculture as a high-nitrogen fertilizer and is also used as a component of explosive mixtures in mining, quarrying, and civil construction.
Ammonium nitrate (NH4NO3) is produced by neutralizing nitric acid (HNO3) with ammonia (NH3). Ammonium nitrate was the first solid nitrogen (N) fertilizer produced on a large scale. It is a common Nitrogen source because it contains both nitrate and ammonium, and it has a relatively high nutrient content.
Ammonium Nitrate Market: Growth Factors
Increasing Demand for Fertilizers
Fertilizers are vital components for the agricultural Industry. They are playing a major role in crop enhancement and increasing crop yield. With the growing population across the globe, the demand for food is also increasing, which in turn propels the demand for Fertilizers.
Ammonium nitrate is the most popular fertilizer since it provides half of the Nitrogen in the nitrate form and half in the ammonium form. Nitrogen content is very high in Ammonium Nitrate. The nitrate form is easily motioned with soil water to the roots and is immediately available for plant uptake.
The ammonium fraction is an ideal fertilizer for root growth or is gradually converted to nitrate by soil microorganisms. Many vegetable growers across the globe prefer an immediately available nitrate source of plant nutrition and use ammonium nitrate over other fertilizers.
Ammonium nitrate fertilizer is less susceptible to volatilization losses than urea-based fertilizers when left on the soil surface.
Furthermore, increasing emphasis on food security due to increasing population, growing disposable income and changing food consumption habits is creating pressure on increasing crop yield and agricultural plantation area, which in turn boosts the demand for fertilizers across the globe.
Ammonium nitrate is an ideal chemical for making solutions for fertigation or foliar sprays because it has high solubility. It is commonly mixed with other fertilizers, but these mixtures can’t be stored for long periods because of a tendency to absorb moisture from the air. Thus, above mentioned factors are expected to propel the demand for ammonium nitrate during the forecast period.
Growing demand for Ammonium Nitrate in Mining & Quarrying Application
Ammonium Nitrate is the main component in many types of mining explosives, where it is mixed with fuel oil and detonated by an explosive charge. Ammonium Nitrate Fuel Oil (ANFO) is a widely used bulk industrial explosive mixture in mines and quarry operations. ANFO consist of 94% porous Ammonium Nitrate (NH4NO3), in which Ammonium Nitrate (AN) acts as the oxidizing agent and absorbent for the fuel oil (FO) popularly known as High Speed Diesel (HSD) is used for powerful commercial explosives.
ANFO is non cap-sensitive explosives and is wieldy used in coal mining, quarrying, metal mining, and civil construction applications. ANFOs offer various benefits such as low cost and ease of use water resistance, high detonation velocity, and performance in small diameters. Such benefits and properties are propelling the demand for Ammonium Nitrate in mining and quarrying applications, thereby driving market growth.
Ammonium Nitrate Market: Restraints
Despite of various advantages and benefits of ammonium nitrate many factors are restraining the market growth of Ammonium Nitrate. Factors such as Stringent regulations about the usage of ammonium nitrate, fluctuation in raw material prices, and easy availability of substitutes, are restraining the market growth.
Governments across the globe are implementing stringent regulations about ammonium nitrate production, transportation and usage. Ammonium Nitrate manufacturers are finding it very difficult to cope with such country wide regulations, which in turn discourages the investment in market, thereby restraining the market growth.
Ammonium Nitrate Market: Opportunities
Growing Industrial Usage of Ammonium Nitrate in
Ammonium nitrate is widely used as a fertilizer in the agricultural industry. In the mining industry, the term Ammonium nitrate specifically describes a mixture of solid ammonium nitrate prills and heating oil. Growing mining activities across the globe to meet the rising global demand for minerals and metals in industries like construction, electronics, and automotive.
Thus, with growing mining activities the demand for ammonium nitrate is also increasing because ammonium Nitrate is highly hygroscopic, readily absorbing water from the air, it is also water soluble, which in turn creates lucrative opportunities for market growth during the forecast period. Ammonium Nitrate Fuel Oil (ANFO) has a wide variety of applications in dry hole blasting conditions.
It is one of the most cost effective blasting agents available for use in large hole diameter mining through to small hole diameter quarrying. Thus, the growing usage of ammonium nitrate in above mentioned industrial applications is expected to create lucrative opportunities for the market during the forecast period.
Ammonium Nitrate Market: Segmentation Analysis
The global Ammonium Nitrate market is segmented by application, by end use industry, by sales channels and by region. By Application, the market is categorised into fertilizers and explosives. Among all these applications, the Fertilizers segment dominated the market in 2022 and is expected to keep its dominance during the forecast period.
Fertilizers held a market share of 65.00% in 2022. Ammonium nitrate is a popular fertilizer since it contains a large amount of nitrogen. Ammonium nitrate is often the nitrogen (N) source for NPK compound fertilizers. It is combined with phosphorus (P) and potassium (K) to produce fertilizer with an excellent N to sulfur ratio for crops.
Ammonium nitrate is sometimes combined with limestone to produce calcium ammonium nitrate (CAN), which provides additional calcium and magnesium to the crop and reduces the need for lime to compensate for soil acidification.
By End Use Industry, Global Ammonium Nitrate is segmented agricultural, defense, mining & quarrying, construction and others. Among all of this end use industry, the Agricultural segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period.
Rapidly growing population, increasing demand for food, and changing agricultural trends are propelling the demand for fertilizers, which in turn drives the demand for ammonium nitrate fertilizers. Mining & Quarrying application segment is expected to grow at a substantial growth rate during the forecast period owing to increasing mining and quarrying activities across the globe.
The expanding mining sector drives the demand for high-quality ammonium nitrate explosives, spurring the growth of the ammonium nitrate market during the forecast period.
By sales channel, the global ammonium nitrate market is segmented into direct and indirect sales channels. Among all of these, the Indirect sales channel held the highest market share in 2022 and is expected to keep its dominance during the forecast period. Direct sales channels include retailers, wholesalers, suppliers and fertilizer shops.
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 19.1 Billion |
| Projected Market Size in 2032 | USD 33.1 Billion |
| Market Size in 2022 | USD 18.3 Billion |
| CAGR Growth Rate | 5.75% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Application, End Use Industry, Sales Channel and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Ammonium Nitrate Market: Regional Analysis
By region, Ammonium Nitrate market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa. The Asia Pacific dominated the global Ammonium Nitrate market in 2022 with a market share of 43.00% and is expected to keep its dominance during the forecast period.
The rapidly expanding agricultural sector in China, India, Indonesia, Japan, South Korea and Australia is expected to propel the market growth in this region. Furthermore, the Asia Pacific region is home to some of the world’s largest mining operations, particularly in countries like China, Australia, India, and Indonesia.
These nations have vast reserves of minerals and metals, leading to extensive mining activities that necessitate significant ammonium nitrate usage for mining explosives.
North America held the second largest market share in 2022 and is expected to keep its position during the forecast period. The presence of well-developed Agricultural, Mining and Defense end use industries in the U.S. and Canada is expected to propel the market growth of Ammonium Nitrate during the forecast period.
Europe held the third largest market share in 2022 and is expected to grow at significant growth rates during the forecast period. Countries such as Germany, France, the U.K., Spain, Netherlands are major contributors to the market growth in this region.
Ammonium Nitrate Market: Recent Developments
- In December 2023, Yara International ASA acquired the organic-based fertilizer business of Agribios Italiana. Through this acquisition, Yara International ASA has entered in Italy Fertilizer market.
- Orica Ltd, the world’s leading explosives maker, re started production of ammonium nitrate at Kooragang Island in Australia plant. Through this plant, Orica Ltd is aiming its presence in Australia and nearby markets.
- In November 2023, Incitec Pivot Limited (IPL) signed a joint venture (JV) agreement with Modern Chemicals Company (MCC) to develop a Technical Ammonium Nitrate (TAN) Plant in the Middle East. Through this joint venture, MCC and Incitec Pivot Limited are developing a 300,000 MTPA technical-grade ammonium nitrate production plant in Ras Al Khair industrial City, Eastern Province of the Kingdom of Saudi Araba (KSA).
- In January 2024, Incitec Pivot Limited’s Dyno Nobel made a partnership with Saudi Chemical Company Limited (SCCL) to investigate the development and operation of a technical ammonium nitrate plant in Saudi Arabia.
List of the prominent players in the Ammonium Nitrate Market:
- Yara International ASA
- Orica Ltd
- Sigdo Koppers Group
- CF Industries Holdings Inc.
- Incitec Pivot Ltd
- Neochim Ad
- Enaex
- EuroChem Group AG
- OSTCHEM Holding Company
- Fertiberia SA
- Borealis AG
- San Corporation
- Abu Qir Fertilizers Co
- Deepak Fertilisers and Petrochemicals
- CSBP Limited
- Uralchem
- Other
These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.
The Ammonium Nitrate Market is segmented as follows:
By Application
- Fertilizers
- Explosives
By End Use Industry
- Agricultural
- Defense
- Mining & Quarrying
- Construction
- Others
By Sales Channel
- Direct
- In Direct
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Ammonium Nitrate Market, (2024 – 2033) (USD Billion)
- 2.2 Global Ammonium Nitrate Market: snapshot
- Chapter 3. Global Ammonium Nitrate Market – Industry Analysis
- 3.1 Ammonium Nitrate Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increasing Demand for Fertilizers
- 3.2.2 Growing Demand for Ammonium Nitrate in Mining & Quarrying Application
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Application
- 3.7.2 Market Attractiveness Analysis By End Use Industry
- 3.7.3 Market Attractiveness Analysis By Sales Channel
- Chapter 4. Global Ammonium Nitrate Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Ammonium Nitrate Market: Company Market Share, 2022
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Ammonium Nitrate Market – Application Analysis
- 5.1 Global Ammonium Nitrate Market Overview: By Application
- 5.1.1 Global Ammonium Nitrate Market Share, By Application, 2022 and – 2033
- 5.2 Fertilizers
- 5.2.1 Global Ammonium Nitrate Market by Fertilizers, 2024 – 2033 (USD Billion)
- 5.3 Explosives
- 5.3.1 Global Ammonium Nitrate Market by Explosives, 2024 – 2033 (USD Billion)
- 5.1 Global Ammonium Nitrate Market Overview: By Application
- Chapter 6. Global Ammonium Nitrate Market – End Use Industry Analysis
- 6.1 Global Ammonium Nitrate Market Overview: By End Use Industry
- 6.1.1 Global Ammonium Nitrate Market Share, By End Use Industry, 2022 and – 2033
- 6.2 Agricultural
- 6.2.1 Global Ammonium Nitrate Market by Agricultural, 2024 – 2033 (USD Billion)
- 6.3 Defense
- 6.3.1 Global Ammonium Nitrate Market by Defense, 2024 – 2033 (USD Billion)
- 6.4 Mining & Quarrying
- 6.4.1 Global Ammonium Nitrate Market by Mining & Quarrying, 2024 – 2033 (USD Billion)
- 6.5 Construction
- 6.5.1 Global Ammonium Nitrate Market by Construction, 2024 – 2033 (USD Billion)
- 6.6 Others
- 6.6.1 Global Ammonium Nitrate Market by Others, 2024 – 2033 (USD Billion)
- 6.1 Global Ammonium Nitrate Market Overview: By End Use Industry
- Chapter 7. Global Ammonium Nitrate Market – Sales Channel Analysis
- 7.1 Global Ammonium Nitrate Market Overview: By Sales Channel
- 7.1.1 Global Ammonium Nitrate Market Share, By Sales Channel, 2022 and – 2033
- 7.2 Direct
- 7.2.1 Global Ammonium Nitrate Market by Direct, 2024 – 2033 (USD Billion)
- 7.3 In Direct
- 7.3.1 Global Ammonium Nitrate Market by In Direct, 2024 – 2033 (USD Billion)
- 7.1 Global Ammonium Nitrate Market Overview: By Sales Channel
- Chapter 8. Ammonium Nitrate Market – Regional Analysis
- 8.1 Global Ammonium Nitrate Market Regional Overview
- 8.2 Global Ammonium Nitrate Market Share, by Region, 2022 & – 2033 (USD Billion)
- 8.3. North America
- 8.3.1 North America Ammonium Nitrate Market, 2024 – 2033 (USD Billion)
- 8.3.1.1 North America Ammonium Nitrate Market, by Country, 2024 – 2033 (USD Billion)
- 8.3.1 North America Ammonium Nitrate Market, 2024 – 2033 (USD Billion)
- 8.4 North America Ammonium Nitrate Market, by Application, 2024 – 2033
- 8.4.1 North America Ammonium Nitrate Market, by Application, 2024 – 2033 (USD Billion)
- 8.5 North America Ammonium Nitrate Market, by End Use Industry, 2024 – 2033
- 8.5.1 North America Ammonium Nitrate Market, by End Use Industry, 2024 – 2033 (USD Billion)
- 8.6 North America Ammonium Nitrate Market, by Sales Channel, 2024 – 2033
- 8.6.1 North America Ammonium Nitrate Market, by Sales Channel, 2024 – 2033 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Ammonium Nitrate Market, 2024 – 2033 (USD Billion)
- 8.7.1.1 Europe Ammonium Nitrate Market, by Country, 2024 – 2033 (USD Billion)
- 8.7.1 Europe Ammonium Nitrate Market, 2024 – 2033 (USD Billion)
- 8.8 Europe Ammonium Nitrate Market, by Application, 2024 – 2033
- 8.8.1 Europe Ammonium Nitrate Market, by Application, 2024 – 2033 (USD Billion)
- 8.9 Europe Ammonium Nitrate Market, by End Use Industry, 2024 – 2033
- 8.9.1 Europe Ammonium Nitrate Market, by End Use Industry, 2024 – 2033 (USD Billion)
- 8.10 Europe Ammonium Nitrate Market, by Sales Channel, 2024 – 2033
- 8.10.1 Europe Ammonium Nitrate Market, by Sales Channel, 2024 – 2033 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Ammonium Nitrate Market, 2024 – 2033 (USD Billion)
- 8.11.1.1 Asia Pacific Ammonium Nitrate Market, by Country, 2024 – 2033 (USD Billion)
- 8.11.1 Asia Pacific Ammonium Nitrate Market, 2024 – 2033 (USD Billion)
- 8.12 Asia Pacific Ammonium Nitrate Market, by Application, 2024 – 2033
- 8.12.1 Asia Pacific Ammonium Nitrate Market, by Application, 2024 – 2033 (USD Billion)
- 8.13 Asia Pacific Ammonium Nitrate Market, by End Use Industry, 2024 – 2033
- 8.13.1 Asia Pacific Ammonium Nitrate Market, by End Use Industry, 2024 – 2033 (USD Billion)
- 8.14 Asia Pacific Ammonium Nitrate Market, by Sales Channel, 2024 – 2033
- 8.14.1 Asia Pacific Ammonium Nitrate Market, by Sales Channel, 2024 – 2033 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Ammonium Nitrate Market, 2024 – 2033 (USD Billion)
- 8.15.1.1 Latin America Ammonium Nitrate Market, by Country, 2024 – 2033 (USD Billion)
- 8.15.1 Latin America Ammonium Nitrate Market, 2024 – 2033 (USD Billion)
- 8.16 Latin America Ammonium Nitrate Market, by Application, 2024 – 2033
- 8.16.1 Latin America Ammonium Nitrate Market, by Application, 2024 – 2033 (USD Billion)
- 8.17 Latin America Ammonium Nitrate Market, by End Use Industry, 2024 – 2033
- 8.17.1 Latin America Ammonium Nitrate Market, by End Use Industry, 2024 – 2033 (USD Billion)
- 8.18 Latin America Ammonium Nitrate Market, by Sales Channel, 2024 – 2033
- 8.18.1 Latin America Ammonium Nitrate Market, by Sales Channel, 2024 – 2033 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Ammonium Nitrate Market, 2024 – 2033 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Ammonium Nitrate Market, by Country, 2024 – 2033 (USD Billion)
- 8.19.1 The Middle-East and Africa Ammonium Nitrate Market, 2024 – 2033 (USD Billion)
- 8.20 The Middle-East and Africa Ammonium Nitrate Market, by Application, 2024 – 2033
- 8.20.1 The Middle-East and Africa Ammonium Nitrate Market, by Application, 2024 – 2033 (USD Billion)
- 8.21 The Middle-East and Africa Ammonium Nitrate Market, by End Use Industry, 2024 – 2033
- 8.21.1 The Middle-East and Africa Ammonium Nitrate Market, by End Use Industry, 2024 – 2033 (USD Billion)
- 8.22 The Middle-East and Africa Ammonium Nitrate Market, by Sales Channel, 2024 – 2033
- 8.22.1 The Middle-East and Africa Ammonium Nitrate Market, by Sales Channel, 2024 – 2033 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 Yara International ASA
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 Orica Ltd
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Sigdo Koppers Group
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 CF Industries Holdings Inc.
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Incitec Pivot Ltd
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Neochim Ad
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Enaex
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 EuroChem Group AG
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 OSTCHEM Holding Company
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Fertiberia SA
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 Borealis AG
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 San Corporation
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 Abu Qir Fertilizers Co
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 Deepak Fertilisers and Petrochemicals
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 CSBP Limited
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.16 Uralchem
- 9.16.1 Overview
- 9.16.2 Financials
- 9.16.3 Product Portfolio
- 9.16.4 Business Strategy
- 9.16.5 Recent Developments
- 9.17 Other.
- 9.17.1 Overview
- 9.17.2 Financials
- 9.17.3 Product Portfolio
- 9.17.4 Business Strategy
- 9.17.5 Recent Developments
- 9.1 Yara International ASA
List Of Figures
Figures No 1 to 25
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2032
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- Yara International ASA
- Orica Ltd
- Sigdo Koppers Group
- CF Industries Holdings Inc.
- Incitec Pivot Ltd
- Neochim Ad
- Enaex
- EuroChem Group AG
- OSTCHEM Holding Company
- Fertiberia SA
- Borealis AG
- San Corporation
- Abu Qir Fertilizers Co
- Deepak Fertilisers and Petrochemicals
- CSBP Limited
- Uralchem
- Other
FAQs
The restraints of the Ammonium Nitrate market are stringent regulations and fluctuation in raw material prices, availability of substitutes, lack of universal directives pertaining to usage and production of ammonium nitrate.
The major driver for the Ammonium Nitrate market is Rapidly expanding agricultural sector, increasing demand for fertilizers, growing mining & quarrying activities across the globe.
The “Agricultural” category dominated the market in 2022.
The key players in the market are Yara International ASA, Orica Ltd, Sigdo Koppers Group, CF Industries Holdings Inc., Incitec Pivot Ltd, Neochim Ad, Enaex, EuroChem Group AG, OSTCHEM Holding Company, Fertiberia SA, Borealis AG, San Corporation, Abu Qir Fertilizers Co, Deepak Fertilisers and Petrochemicals, CSBP Limited, Uralchem, Other.
“Asia Pacific” had the largest share in the Ammonium Nitrate Market.
The global market is projected to grow at a CAGR of 5.75% during the forecast period, 2023-2032.
The Ammonium Nitrate Market size was valued at USD 19.1 Billion in 2023.