Pune, India -- (SBWIRE) -- 03/09/2018 -- 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.

Some of the prominent factors that positively influence the growth of the Ammonium Nitrate Market are increasing population, continuous growth of agriculture sector, and increasing mining activities in emerging economies. Moreover, rising demand for industrial explosives and blasting agents is estimated to propel the growth of the market over the assessment period. Furthermore, in recent years, increase in construction sector observed on account of expansion and rebuilding of infrastructure projects has led to propel the consumption of ammonium nitrate. Moreover, increasing population along with the demand for high-quality crop has resulted in increased consumption of fertilizer which in turn is estimated to drive the demand for ammonium nitrate over the assessment period. However, stringent regulations associated with the import and export of ammonium nitrate and its usage by industries is estimated to hamper the growth of the market.

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Market Segmentation: –

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.

Competitive Analysis:

The major players operating in the Ammonium Nitrate Market are Enaex (Chile), EuroChem Group AG (Switzerland), CF Industries Holdings, Inc.(U.S.), Incitec Pivot limited (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 Limited (Australia), Vijay Gas Industry P Ltd (India), and Fertiberia SA (Spain) among others.

Regional Analysis:

Europe is expected to be the largest market for Ammonium Nitrate followed by Asia Pacific and North America on account of increasing demand from numerous end-use industries such as construction, agriculture, and quarry among others. Asia Pacific ammonium nitrate market is predicted to witness a steady growth on account of the continuous growth of various end-use applications. In Asia Pacific, some other factors which contribute to the regional market growth are rising economic growth rate, competitive production costs, and ease of availability of raw material. North America is predicted to witness a substantial growth over the estimated period due to growing demand from the explosive application. Emerging countries of Latin America and the Middle East and Africa is estimated to witness a healthy growth due to rising mining activities.

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