The global Ammonium Nitrate (NH 4 NO 3 ) market surpassed a value of USD 16 billion in 2018 and is projected to reach USD 24 billion by 2026. This report evaluates the critical aspects of the market, such as size, share, demand, CAGR, gross profits, earnings, and revenue, to assess the industry's potential rise in the future. The report analyzes data from 2016 to 2017 to give a comprehensive view of industry trends and forecasts growth between 2019 and 2026, considering 2018 as the base year.
Ammonium nitrate is a white crystal solid chemical compound that is highly soluble in water, used mainly as a high-nitrogen fertilizer in agriculture and as a component in explosive mixtures for mining, quarrying, and civil construction purposes. The growing population has increased the demand for ammonium nitrate in the agriculture and construction industries, making it the primary driving factor for the global ammonium nitrate market.
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However, Ammonium Nitrate (NH 4 NO 3 ) is moderately hazardous material with a critical relative humidity of 59.4%, which can cause it to turn into a solid mass or liquefy. Hence, strict regulations have been implemented by Occupational Health and Safety (OSHA), Environmental Protection Agency (EPA), and Bureau of Alcohol, Tobacco, and Firearms (ATF) to control its transportation, storage, handling, and usage.
Ammonium nitrate is a part of ANFO, an industrial explosive widely used in North America, accounting for 80% of the explosives used in this region. Due to the potential of its misuse, some countries are prohibiting its usage in consumer applications. The use of cheaper substitutes such as urea in fertilizers may also hinder the growth of the market. Nonetheless, the market is expected to grow due to the better nitrogen uptake and lower carbon footprint of ammonium nitrate, compared to urea.
The report categorizes the industry into different segments based on size, share, demand, trends, gross profit, total earnings, and revenue. The market is segmented into High-Density Ammonium Nitrate and Low-Density Ammonium Nitrate based on product type. The fertilizer segment holds a majority of the market share due to its demand in the food supply applications. The US and China are expected to witness the highest amount of growth during the forecast period. The report also profiles the key players in the global ammonium nitrate market, including EuroChem Group AG, CF Industries, Orica, Austin Powder Company, Enaex, and Incitec Pivot Limited, among others.
Ammonium Nitrate Market: Notable Innovation
As of my knowledge cutoff in September 2021, there were no notable innovations specifically related to the ammonium nitrate market. However, it's important to note that innovation is an ongoing process, and new developments may have emerged since then. I recommend checking the latest industry reports, news articles, and scientific journals for updates on any recent innovations in the ammonium nitrate market.
Ammonium Nitrate Market: Product development
Product development in the ammonium nitrate market typically focuses on enhancing the safety, efficiency, and versatility of the product. Some areas of product development in this market include:
- Controlled-Release Formulations: Researchers and manufacturers have been working on developing controlled-release formulations of ammonium nitrate. These formulations enable a slower and more controlled release of nitrogen, reducing the risk of nutrient leaching and improving fertilizer efficiency.
- Coating Technologies: Coating ammonium nitrate pellets with various materials helps enhance the product's stability, reduce caking, and improve handling characteristics. Coatings can also be used to add additional nutrients or additives to the ammonium nitrate, making it a more customized and effective fertilizer.
- Blended Fertilizers: Ammonium nitrate can be combined with other fertilizers or soil amendments to create blended fertilizers. These blends provide a balanced nutrient profile and allow farmers to meet specific crop requirements more effectively. Blended fertilizers also help reduce the risk of nutrient imbalances and optimize plant growth.
- Safety Enhancements: Due to the potential for misuse and accidental explosions, efforts have been made to develop enhanced safety measures for ammonium nitrate storage and handling. This includes improved storage facilities, transportation protocols, and safety guidelines to minimize the risk of accidents.
- Eco-friendly Formulations: There is a growing emphasis on developing eco-friendly formulations of ammonium nitrate that have reduced environmental impact. This involves exploring alternative sources of nitrogen, such as biological or organic-based nitrogen fertilizers, which can help mitigate the environmental concerns associated with traditional ammonium nitrate use.
It's worth noting that these product developments may vary over time as research and technology advancements continue to drive innovation in the ammonium nitrate market. For the most up-to-date information, it is recommended to consult industry reports, academic research, and fertilizer manufacturers' websites.
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