Market Size of Ammonium Nitrate Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 49.13 Million tons |
| Market Volume (2029) | 52.43 Million tons |
| CAGR (2024 - 2029) | 1.31 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ammonium Nitrate Market Analysis
The Ammonium Nitrate Market size is estimated at 49.13 Million tons in 2024, and is expected to reach 52.43 Million tons by 2029, growing at a CAGR of 1.31% during the forecast period (2024-2029).
During 2020, the ammonium nitrate market growth was hampered owing to the transport restrictions and the scarce availability of raw materials caused by the COVID-19 outbreak. However, the market has recovered steadily thereafter and is growing at a moderate pace, owing to increased consumption of ammonium nitrate from various industries post-pandemic.
- Increasing consumption of ammonium nitrate in the production of agricultural products or fertilizers is a major factor fueling the market growth.
- On the flip side, the presence of alternatives for ammonium nitrate in the market, such as urea and nitrogen-based fertilizers, is increasing and is anticipated to hinder the market's growth over the forecast period.
- Furthermore, the growing usage of ammonium nitrate as a vital component in numerous explosives employed in the mining industry for seismic exploration is likely to create profitable growth opportunities for the global market in the future.
- North America dominated the global market, wherein a significant share of ammonium nitrate consumption was observed from countries such as the United States and Canada.
