Global Ammonium Nitrate Market Outlook

Synopsis
The above chart is Global Ammonium Nitrate Market Outlook (2018 to 2032)

Market Dynamics

the global ammonium nitrate market has seen a steady growth over the past few years with market experts predicting a continued growth for the foreseeable future. the key drivers for the market are absorption in agriculture, increased strength in construction materials, evolution of defense industry and increased industrial activity. apart from its application in the agriculture sector, ammonium nitrate has also been finding usage in industrial explosives such as anfo (ammonium nitrate-fuel oil mixture) which is employed for blasting operations such as mining, land clearing and demolition. with the rising demand for non-renewable resources and minerals, the requirement of anfo is likely to increase in the coming years. safety is of prime importance and the ammonium nitrate industry participants are expected to focus on implementing safety measures and technologies for manufacturing and handling of these toxic chemicals. this is likely to include stringent regulations as well as proper storage and handling facility. awareness about global warming and environmental sustainability has increased the demand for green initiatives and ammonium nitrate producers are expected to adhere to the related regulations in the near future. innovation is the buzzword throughout the industry and ammonium nitrate producers are expecting to develop more efficient fertilizers in order to cater to the needs of compact meat and other protein sources. this is expected to boost the product demand among the agricultural community. furthermore, the rise in chemical industry will be providing a boost to the global ammonium nitrate market. apart from the above drivers, the market is expected to be supported by an increased government spend on infrastructure projects such as power plants, dams and bridges. this increased spend is expected to come from both the private and public sector. ammonium nitrate is expected to play an important part in the mass production of cement which is another factor supporting the demand. overall, with increased industrial activity, requirement of agricultural fertilizers, defense requirements, green initiatives and improved safety measures, the global ammonium nitrate market is expected to continue growing until 2032.