Ammonium Nitrate Market:
Ammonium Nitrate is a chemical compound with chemical formula NH4NO3, commonly utilized in explosives and fertilizers. Moreover, a commercial grade of ammonium nitrate exhibits 33.5% nitrogen, all forms of which can be utilized by plants. In addition, it is widely utilized to change the explosion rate of different explosives for instance nitroglycerin in the form ammonia dynamites, or in ammonals as an oxidizing agent is considered as one of the main component of ANFO (ammonium nitrate fuel oil) an explosive which is widely utilized in many countries. Application of ammonium nitrate is widely utilized in end use industries such as construction, mining, quarry, agriculture, and others.
Top Global Players: Some of the prominent players operating in the global ammonium nitrate market are, Enaex (Chile), EuroChem Group AG (Switzerland), CF Industries Holdings Inc. (U.S.), Incitec Pivot Ltd. (Australia), Neochim Plc (Bulgaria), URALCHEM JSC (Russia), San Corporation (China), Austin Powder (U.S.), Abu Qir Fertilizers and Chemicals Company (Egypt), Yara International ASA (Norway), OSTCHEM (Austria), Orica Ltd. (Australia), Vijay Gas Industry Pvt. Ltd. (India), and Fertiberia SA (Spain) among others.
Market Categorization: The Global Ammonium Nitrate Market is segmented on the basis of application, end user, and region. On the basis of application, the market is categorized into explosives, fertilizers, and others. Among these, the fertilizer sub-segment accounted for more than 56% market share in 2016 on account of growing need of ammonium nitrate-based fertilizer to meet the growing demand for food. Furthermore, rising demand for maize, barley, and various food used to manufacture biofuel is estimated to enhance the demand for fertilizer further which is likely to drive the market growth.
On the basis of the end user, the market is segmented into construction, mining, quarry, agriculture, and others. Among them, the mining and quarry sub-segments together was reported to hold the largest share in 2016 and is estimated to grow with a healthy CAGR on account of rising mining activities across the globe. Furthermore, huge expenditure by the mining companies to explore new exploration sites for numerous metals and minerals is estimated to drive the growth of the market in the mining segment.
Regional Analysis: Geographically, Ammonium Nitrate Market is spanned across Five Regions in the world namely: Asia Pacific, North America, Europe, Latin America, Middle East & Africa.
Among these, Asia Pacific is estimated to grow with the highest CAGR during the forecast period, 2017 to 2023, on account of the expansion of various end-use industries such as agriculture, construction, and mining industry among others. The demand for ammonium nitrate is predicted to surge in various countries of Asia Pacific such as Bangladesh, China, Japan, India, South Korea, Vietnam, and Malaysia on account of increasing consumer base along with favorable government regulations. Furthermore, rising construction activities, availability of inexpensive raw material, labor & land, and soberly stringent regulatory framework are some of the important factors for the regional growth of ammonium nitrate market during the assessment period.
Europe has emerged as the largest market for ammonium nitrate followed by Asia Pacific and North America. Europe is estimated to witness a steady growth in ammonium nitrate market due to strong consumer base for various end-use industries combined with the rising investments to revitalize construction sector over the forecast period. European countries such as the Germany, Russia, and France have emerged as the major contributors in the regional ammonium nitrate market growth and is estimated to continue their dominance over the forecast period on account of wide utilization of ammonium nitrate in explosive and fertilizer applications.
North America market is estimated to witness a moderate growth due to increased demand from mining, quarry, and construction sector. The U.S and Canada are among the major contributors in the regional market growth due to strong demand from the defense sector.
Latin American countries such as Mexico, Brazil, Argentina, and Guatemala are expected to register average growth due to rising demand for ammonium nitrate-based fertilizer from agriculture.
The Middle Eastern and African countries such as Qatar, Oman, Saudi Arabia, and the United Arab Emirates (UAE) are expected to witness strong demand on account of burgeoning demand from the mining sector.
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