According to Exclusive report by Global Market Insights, Inc, The North America ammonium nitrate market is projected to surpass USD 4.2 billion until 2027

The global ammonium nitrate market is projected to earmark prolific gains over the coming years. Numerous players in the global mining sector have been recorded to take significant steps for reducing the costs of explosives. These are expected to be favorable for ammonium nitrate market expansion. Considering an instance, in March 2022, Coal India Ltd., announced plans to commence the production of major ingredients used in explosives, intending to tackle the rising costs. The company, with this initiative plans to produce nearly 700,000 tons per year of ammonium nitrate amid efforts for the protection of profit margins.

Similar advancements are anticipated to propel ammonium nitrate market expansion over the forthcoming years. According to the latest research, Global ammonium nitrate market size is slated to exceed USD 20 billion until 2027.

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Some of the leading companies in the industry comprise OSTCHEM Holding Company, Orica Ltd., Yara International, CSBP Limited, San Corporation, URALCHEM Holding P.L.C., EuroChem Group AG, Austin Powder International, and others.

Some of the major trends that are potentially set to influence the ammonium nitrate market expansion have been mentioned below:

1# Steps taken by leading industry players

Major ammonium nitrate manufacturers are focusing on the implementation of a range of strategic initiatives such as acquisitions, mergers, partnership agreements, product developments, and others for strengthening their industry foothold worldwide.

Quoting an instance, in March 2022, Neochim recorded a rise in profits despite a considerable upsurge in expenses of materials. The group added that the expansion of its footprint continued to be a priority both abroad and at home. However, the implementation remained a challenge in the then environment.

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2# Rising number agreements for ammonium nitrate solution

Several companies are engaging in contracts and agreements for enhancing their production of ammonium nitrate solution. Considering an example, in September 2021, Casale and KuibyshevAzot inked a contract for the realization of a 2000 tpd ammonium nitrate solution and 1,575 tpd nitric acid complex in Russia. The unit would incorporate Casale’s AN2000 for ANS production and NA2000 Dual Pressure processes for nitric acid. The processes ensure reduced emissions and low consumption.

A growth in the number of similar agreements is slated to impel market expansion over 2021-2027.

3# Increasing public-private engagements in the Asia Pacific

Numerous government bodies in the APAC are forging agreements with private players for the improvement of production and export processes. Citing an instance, in October 2021, the Japanese government teamed up with Mitsui and Wesfarmers for investigating the export of low-carbon ammonia from the region of Western Australia. The initiative would require establishment of large-scale carbon storage and a processing plant of over USD 1 billion. A rise in such engagements is anticipated to drive the regional expansion over the estimated period.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.