Ammonium Nitrate Market Trends, Share, Analysis by 2031

The Ammonium Nitrate Market size is projected to reach US$ 31.52 billion by 2031 from US$ 22.45 billion in 2023. The market is expected to register a CAGR of 4.3% from 2023 to 2031.

Adoption of ammonium nitrate for the production of nitrous oxide for healthcare applications, such as analgesic in surgery and dentistry, is likely to remain key ammonium nitrate market trends. 

Ammonium Nitrate Market Analysis 

Ammonium nitrate is used predominantly in the mining and agriculture sectors. Ammonium nitrate is used in the mining industry as an explosive in the form of ammonium nitrate/fuel oil (ANFO) explosives. ANFO is considered a cost-effective solution and is widely used in mining operations. Utilization of high energy explosives results in efficient fragmentation of rocks. According to the World Mining Data 2022 report, the US is among the major mining countries in the world, accounting for 12.2% global share. In 2023, the US Department of Energy announced an investment of US$ 16 million for critical mineral supply chains in the US and to reduce dependency on competitors such as China. The investment aimed to support development projects of rare earth elements and critical minerals extraction in the US. Moreover, Asia Pacific marks the presence of several mineral and metal reserves, thus indicating broad potential for mining exploration activities.  

Ammonium Nitrate Market Overview

Ammonium nitrate is produced by a chemical reaction of nitric acid and ammonia. It is available in dry and liquid form. Ammonium nitrate's ease of production and cost-effectiveness has stimulated its demand in the past few decades. Many manufacturers also offer medical-grade ammonium nitrate, a significant ingredient for gas used in surgery and dentistry. However, utilization and trade of ammonium nitrate is regulated worldwide, due to potential for misuse. Growing construction activities and high emphasis on enhancing crop yield is creating lucrative opportunities for the ammonium nitrate manufacturers.  

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Ammonium Nitrate Market: Strategic Insights

Ammonium Nitrate Market

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  CAGR (2023 - 2031)

  4.3%
• Market Size 2023
  US$ 22.45 Billion
• Market Size 2031
  US$ 31.52 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• CSBP Limited
• TradeMark Nitrogen
• CF Industries Holdings Inc
• Orica Limited
• Yara International ASA
• Uralchem
• Acron Group
• Enaex SA
• Maxam Corp Holding SL
• Sasol Limited

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Form

• Dry
• Liquid

Application

• Fertilizer
• Explosives

End Use

• Agriculture
• Mining
• Construction
• Pharmaceuticals

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Ammonium Nitrate Market Drivers and Opportunities

Growing Utilization of Ammonium Nitrate in the Agriculture to Favor Market

The rising emphasis on increasing crop yield and producing high-quality crops has boosted the demand for fertilizers. Ammonium nitrate is extensively used as fertilizer due to its high nitrogen content. Further, ammonium nitrate is fast-release fertilizer, thereby offering an advantage in cases of quick fertilization. The growing utilization of ammonium nitrate for increasing the crop yield as well as for pasture and hay fertilization, are major drivers of global ammonium nitrate market share.

Growing Mining Activities in the Emerging Economies – An Opportunity in Ammonium Nitrate Market

The demand for ammonium nitrate explosives is region-specific and depends on mining operations and mineral reserves. According to the report published by the US Geological Survey in 2022, China was the largest supplier of twenty-five non-fuel mineral commodities to several other countries in 2021. Out of twenty-five listed minerals, China produced sixteen critical minerals. Moreover, China, Tajikistan, Australia, and Vietnam accounted for major antimony mine production and reserves. In addition, according to the International Trade Administration, Saudi Arabia’s untapped mineral reserves accounted for US$ 1.3 trillion in 2021. Growing mining activities in emerging economies is expected to have a positive impact on the ammonium nitrate market, as it has an opportunity with the rising metal and mineral exploration activities. 

Ammonium Nitrate Market Report Segmentation Analysis

Key segments that contributed to the derivation of the ammonium nitrate market analysis are form, application, and end use.

• Based on form, the ammonium nitrate market is divided into dry, and liquid. Dry segment held a larger market share in 2023.
• By application, the market is segmented into fertilizer, explosives, and others. The fertilizers segment held the largest share of the market in 2023.
• In terms of end use, the market is categorized into agriculture, mining, construction, pharmaceuticals, and others. The agriculture segment dominated the market in 2023.

Ammonium Nitrate Market Share Analysis by Geography

The geographic scope of the ammonium nitrate market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

Asia Pacific has dominated the ammonium nitrate market. According to the Food and Agriculture Organization of United Nations, Asia Pacific is the largest producer of agricultural commodities, wherein crop production represents 60% of total agricultural production value. Further, Asia Pacific is significant contributor to global grain production. Fertilizers is a major ingredient required for boosting crop yield, thereby aiding in meeting the rising food demand. Asia Pacific marks the presence of ten major surface mining projects, namely, Green Mine (China), Sangatta Mine (Indonesia), Heidaigou Mine (China), Oyu Tolgoi Copper-Gold Mine (Mongolia), Gevra OC Mine (India), Letpadaung Copper Mine (Myanmar), Li Mine (Thailand), FTB Project (Thailand), and Pasir Mine (Indonesia). The growing mining activities, prevalent construction industry and rising emphasis on crop yield in the region, are factors contributing to the dominance of the Asia Pacific ammonium nitrate market. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.

Ammonium Nitrate Market News and Recent Developments

The ammonium nitrate market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion and strategies:

• In August 2023, Azoty Group signed an agreement with thyssenkrupp Uhde, for supply of process equipment required for the production of concentrated ammonium nitrate. The construction of concentrated ammonium nitrate in Tarnów, Poland, is expected to be completed by 2031. (Source: Grupa Azoty, Press Release)
• In September 2023, Orica Limited announced the collaboration with Fertiberia, to launch low-carbon Technical Ammonium Nitrate (TAN) to the mining and civil infrastructure industry across Europe, and Middle East and Africa. (Source: Orica Limited, Newsletter)

Ammonium Nitrate Market Report Scope

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Ammonium Nitrate Market Report Coverage and Deliverables

The “Ammonium Nitrate Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles