Ammonium Nitrate Market is driven by increasing demand from Fertilizers Industry
The ammonium nitrate market has seen significant growth over the past few years owing to its wide range of applications. Ammonium nitrate is a white crystal solid and finds use as a fertilizer for agriculture and also as an oxidizing agent in explosives. It has advantageous properties such as high nitrogen content and good stability which make it suitable for these applications. It displays high solubility in water and also has commendable detonating properties. These factors coupled with the rising Ammonium Nitrate Market Growth for agriculture outputs have propelled the need for ammonium nitrate.
The ammonium nitrate market size was valued at US$ 18.38 Bn in 2023 and is expected to reach US$ 25.86 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Key Takeaways
Key players operating in the ammonium nitrate market are BASF SE, Clariant International Limited, DIC Corporation, Huntsman International LLC, Tronox, Inc, Rockwood Holdings, Inc., Lanxess AG, Atlanta AG, Ferro Corporation. And Merck.
The ammonium nitrate market is witnessing high growth owing to the rising demand for fertilizers from the agricultural sector. The increasing population has necessitated higher food production which has augmented the consumption of fertilizers containing ammonium nitrate. Moreover, the shift towards usage of organic fertilizers is also benefitting market growth.
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