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Ammonium Nitrate Market Trends

Report ID: GMI818
Published Date: Jun 2024
Report Format: PDF

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Ammonium Nitrate Market Trends

The increasing adoption of precision agriculture technologies is enabling farmers to optimize the use of fertilizers for precisely monitoring and managing crop nutrition levels. For instance, in April 2024, AGCO Corporation launched PTx as a new brand for its precision agriculture technology, combining various technologies from AGCO's tech stack. This rising technology penetration will lead to the increase in ammonium nitrate material coatings to provide controlled release strength, improved nutrient utilization and reduced risk of leaching. The integration of digital platforms and IoT devices in the mining sector will also simplify the use of ammonium nitrate in the blasting industry for increasing safety and efficiency.

Authors: Kiran Pulidindi, Saurabh Bhalerao

Frequently Asked Questions (FAQ) :

Industry size for ammonium nitrate was worth over USD 16.28 billion in 2023 and is projected to record over USD 24.86 billion by 2032, driven by its extensive use in agriculture and mining sectors.

The high-density product segment in the ammonium nitrate market accounted for USD 8.32 billion in 2023 and is estimated to depict notable CAGR between 2024 and 2032, due to its superior efficiency and effectiveness in both agricultural and industrial applications.

Ammonium nitrate market size from agriculture segment is expected to witness 5% CAGR from 2024 to 2032 due to its crucial role as a high-efficiency nitrogen fertilizer.

Europe market size accounted for more than USD 2.93 billion in 2023 is estimated to grow at substantial CAGR between 2024 and 2032, due to the stringent agricultural policies for promoting high-efficiency fertilizers to boost crop productivity.