Ammonium nitrate can be defined as a salt of ammonia and nitric acid that is colorless and almost odorless compound. This chemical compound is soluble in water and has wide-scale applications as fertilizers, major component in the manufacturing of explosives, production of medicines like antibiotics and yeast. The compound is hygroscopic in nature owing to which its moisture consumption is quite high and its use as fertilizer is quite varied. In food industry, its use to preserve food can be taken into consideration for significant growth. The global market for ammonium nitrate can make sure that the market grows ahead significantly.
The global market for ammonium nitrate can benefit from the rising need for the product as fertilizer for the agricultural benefits, as explosives for mining and defense sectors, in various construction sites, and others. these factors can trigger high market uptake for ammonium nitrate. However, stringent government policies can deter easy growth of the market in the coming years.
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There are several companies who are expecting significant growth from their participation in the market as a return for their strategic moves that cemented their individual footing and expects to take the global market ahead in the coming years. MRFR listed these companies and profiled them to gauge what is in the store for the market in the coming years. These companies are EuroChem Group AG (Switzerland), Enaex (Chile), Incitec Pivot limited (Australia), CF Industries Holdings, Inc.(U.S.), URALCHEM JSC (Russia), Neochim Plc (Bulgaria), Austin Powder (U.S.), San Corporation (China), Yara International ASA (Norway), Vijay Gas Industry P Ltd (India), Abu Qir Fertilizers and Chemicals Company (Egypt), Orica Limited (Australia), OSTCHEM (Austria), and Fertiberia SA (Spain) among others.
The global ammonium nitrate market finds a proper segmentation on the basis of application and end user. This would facilitate better understanding of the market.
By application, the market for ammonium nitrate can be segmented into fertilizers, explosives, and others. The fertilizer segment held over 56% market share in 2016. This rise is getting supported by demand for fertilizer as the need for food is gaining significant weightage.
By end user, the market for ammonium nitrate can be segmented by mining, construction, agriculture, quarry, and others.
𝐆𝐞𝐭 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐁𝐞𝐭𝐭𝐞𝐫 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 –https://www.marketresearchfuture.com/check-discount/5259
Asia Pacific is showing the immense potential to register the fastest CAGR during the forecast period as several countries in the region are showing significant market growth due to their revamped end-use industries like construction, agriculture, mining industry, and others. The market in this region would witness a surge in countries like Vietnam, Bangladesh, Japan, China, South Korea, India, and Malaysia. The government regulations are quite favorable due to which the market growth would be greater than the expected rate. Various construction activities are also expected to inspire market growth. Inexpensive raw material, labor, land, and others are expected to make sure that the market gains significant traction in the coming years.
Europe’s market would be the largest owing to its high acceptance in various end user industries. Various countries like Russia, Germany, and France are expected to contribute substantially. The North American market would also benefit from the growing acceptance of the product in industries from the US and Canada. In various other regions like the Middle East & Africa and South America, the growth of the market would witness rise in Brazil, Argentina, Mexico, Qatar, Kuwait, and others. In these regions, the market would witness growth due to the contribution the mining sector is expected to make.
In September 2019, the Australian government decided to back two definitive studies using solar and wind power that would assist in the manufacturing of hydrogen for ammonia. The support means a grant worth USD 2 million. This would also assist the growth for the market of ammonium nitrate.