Ammonium Nitrate Market Size Worth USD 25.29 Billion by 2034 | CAGR: 3.5%

The ammonium nitrate market size is expected to reach USD 25.29 Billion by 2034, according to a new study by Polaris Market Research. The report “Ammonium Nitrate Market Size, Share, Trends, Industry Analysis By Product (High Density, Low Density), By Application, By End Use, By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global ammonium nitrate market is witnessing steady growth due to its role in agriculture and industrial applications. Demand remains strong in the fertilizer industry, where ammonium nitrate supports balanced agricultural micronutrients and improved agricultural productivity. Its ability to deliver nitrogen efficiently is making it a preferred choice in high-yield farming systems across both developed and developing regions.

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The demand for ammonium nitrate is growing in mining, quarrying, and construction projects, where controlled blasting is required. Its cost-efficiency, chemical stability, and easy handling made it a widely adopted solution for large-scale operations.

Ammonium Nitrate Market Report Highlights

• Based on product, the high-density segment dominated the market in 2024, owing to its extensive application in civil engineering projects and explosives manufacturing across industrial and mining sectors.
• In terms of application, the fertilizers segment dominated the market in 2024. This is attributed to the increasing efforts to enhance crop yields and soil nutrition through nitrogen-based fertilizers.
• Based on end use, the agriculture segment dominated the market in 2024, due to growing utilization of ammonium nitrate in large-scale agricultural practices aimed at boosting productivity.
• Asia Pacific accounted for the majority share of the global ammonium nitrate market in 2024, driven by rising agricultural output and expansion of mining activities across key economies.
• The market in North America is growing at the highest rate, driven by strong demand for ammonium nitrate-based explosives in the mining, infrastructure, and construction sectors.
• A few global key market players include Austin Powder Company; Borealis AG; CF Industries Holdings, Inc.; CSBP Limited; Deepak Fertilisers and Petrochemicals Corporation Limited; EuroChem Group AG; Fertiberia SA; Incitec Pivot Ltd; Neochim Ad (Neochim PLC); Orica Ltd; OSTCHEM Holding Company; San Corporation; Sigdo Koppers Group (Enaex S.A.), Uralchem JSC; and Yara International ASA.

Polaris Market Research has segmented the ammonium nitrate market report on the basis of product, application, and region:

By Product Outlook (Volume, Kilotons; Revenue, USD Billion; 2020–2034)

• High Density
• Low Density

By Application Outlook (Volume, Kilotons; Revenue, USD Billion; 2020–2034)

• Fertilizers
• Explosives
• Others

By End Use Outlook (Volume, Kilotons; Revenue, USD Billion; 2020–2034)

• Agriculture
• Mining
• Defense
• Others

By Regional Outlook (Volume, Kilotons; Revenue, USD Billion; 2020–2034)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America