Ammonium Nitrate Market is driven by Increased usage in Mining Industry
The ammonium nitrate market comprises ammonium nitrate used in mining activities as explosives in blasting operations. Ammonium nitrate has high oxygen balance and acts as an oxidizing agent. It finds applications in civil construction, quarrying, metal mining, and coal mining. Ammonium nitrate increases the chances of profit in mining by blasting large rocks into smaller pieces at lower costs. Its usage results in effective extraction of minerals, reducing machine requirements. Ammonium Nitrate Market Value possesses higher energy density than TNT and is cost-effective and safe if handled under proper storage conditions.
The Global ammonium nitrate market is estimated to be valued at US$ 25.86 Bn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the ammonium nitrate market are Orica, Enaex, Austin Powder Company, Incitec Pivot, CSBP, Yara International, San Corporation, Fertiberia, Neochim, URALCHEM Holding, Dyno Nobel, Vijay Gas Industry, Solar Industries, Maxam, AEL Mining Services, EPC Groupe, Gulf Oil Corporation, IDEAL Industrial Explosives, Sichuan Meifeng Chemical Industry, and Jiaocheng Jinxin Chemical. Orica and Dyno Nobel are the global leaders in mining explosives including ammonium nitrate.
The growing demand from mining and construction sectors is fueling the ammonium nitrate market. Ammonium nitrate finds wide usage in coal mining, metal mining, and quarrying applications owing to its cost-effectiveness. The increased extraction of coal, iron ore, and other metals is propelling the demand for ammonium nitrate.
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