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Ammonium Nitrate Market Analysis
- Report ID: GMI818
- Published Date: Jun 2024
- Report Format: PDF
Ammonium Nitrate Market Analysis
Based on product, the market size from the high-density segment recorded USD 8.32 billion in 2023. This is due to the superior efficiency and effectiveness in both agricultural and industrial applications. High-density ammonium nitrate is preferred in agriculture as it increases nitrogen levels, resulting in efficient yields and improved crop yields at lower application rates. Rising application in industrial explosives and blasting agents employed in mining operations, including coal, metal, and non-metal mines will add to the product demand.
Based on end-user, the ammonium nitrate market from the agriculture segment is expected to witness 5% CAGR from 2024 to 2032 due to its crucial role as a high-efficiency nitrogen fertilizer, essential for enhancing crop yields and supporting global food production. Ammonium nitrate is especially valuable for its high nitrogen content, which is important for plant growth as well as its rapid fermentation for providing immediate crop nutrients. The compound also offers compatibility with a variety of soils and climates, making it preferred for farmers worldwide. Government policies and subsidies that encourage coal efficiency will continue to gain acceptance, adding to the segment growth.
Europe ammonium nitrate industry size was valued at over USD 2.93 billion in 2023 and is expected to reach over USD 4.24 billion by 2032 attributed to the stringent agricultural policies for promoting high-efficiency fertilizers to boost crop productivity. The enhanced regulatory frameworks in the region are encouraging the use of ammonium nitrate due to its effectiveness in improving soil fertility and supporting intensive agricultural practices. Innovations in fertilizers tailored for European soils and climates will drive the product uptake. The rising focus on sustainable agricultural practices for minimizing the environmental impacts will drive the regional market growth.
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Ammonium Nitrate Market Scope
