Ammonium Nitrate Market Size & Share Analysis - Growth Trends & Forecasts (2024–2029)

 The Ammonium Nitrate Market is estimated to reach 49.13 million tons in 2024, projected to grow to 52.43 million tons by 2029, demonstrating a CAGR of 1.31% within the forecast period. In 2020, the market encountered obstacles due to transport restrictions and raw material scarcity triggered by the COVID-19 pandemic. Despite the initial setback, the market has since regained momentum, primarily driven by increased consumption across various industries post-pandemic.

The upsurge in ammonium nitrate usage for manufacturing agricultural products or fertilizers significantly propels market expansion. However, the availability of alternative products like urea and nitrogen-based fertilizers poses a challenge to the market's growth trajectory.

Furthermore, ammonium nitrate's extensive use in explosives for mining exploration offers lucrative prospects for market growth in the future. North America, particularly the United States and Canada, dominated the global market in ammonium nitrate consumption.

Market Trends:

Agricultural Segment Driving Ammonium Nitrate Demand

In agriculture, fertilizers play a crucial role in providing essential nutrients to plants, fostering healthy growth, and preventing diseases. Ammonium nitrate, available in various forms, contributes nitrogen levels essential for plant growth.

This fertilizer supplies immediate and sustained nitrogen nutrition to plants. Its immediate nitrate availability and root absorption make it a preferred choice among vegetable growers.

Companies like Rashtriya Chemicals and Fertilizers Limited (RCF) in India have invested significantly to enhance ammonium nitrate production, reflecting the growing demand. India's agricultural exports reaching USD 43.37 billion in FY22 indicate a concurrent rise in ammonium nitrate fertilizer consumption.

Thyssenkrupp AG highlights that approximately 80% of annually produced ammonia is primarily used for fertilizer production, contributing to improved plant nourishment and overall soil fertility.

With a rapid global increase in agricultural activities, the demand for solid ammonium nitrate is poised to grow significantly over the forecast period.
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