LONDON--(BUSINESS WIRE)--The global ammonium nitrate market is expected to post a CAGR of over 3% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing demand for nitrogen-based fertilizers. Nitrogen-based fertilizers dissolve easily in water and are quickly available to the plants. These fertilizers are classified as ammonium nitrate fertilizers, nitrate fertilizers, ammoniacal fertilizers, and amide fertilizers. The increasing agricultural activities across the globe will boost the consumption of ammonium nitrate during the forecast period.
This market research report on the global ammonium nitrate market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the use of ammonium nitrate substitutes as one of the key emerging trends in the global ammonium nitrate market:
Global ammonium nitrate market: Use of ammonium nitrate substitutes
Potassium nitrate, ammonium sulfate, and urea are some examples of ammonium nitrate substitutes that can be used in a variety of applications. These chemicals can be used in large amounts and are relatively less harmful than ammonium nitrate to the environment and human beings.
“Potassium nitrate and urea can be used in fertilizers to yield crops. Ammonium sulfate can be used for manufacturing fertilizers and explosives. These alternatives can be used on a long-term basis to keep the environment safe. They can reduce the hazards caused by ammonium nitrate. Increase in the demand for alternatives will adversely affect the growth of the ammonium nitrate market during the forecast period,” says a senior analyst at Technavio for research on agrochemicals and fertilizers.
Global ammonium nitrate market: Segmentation analysis
This market research report segments the global ammonium nitrate market by application (fertilizers and explosives) and geographical regions (APAC, EMEA, and the Americas).
The fertilizers segment held the largest market share in 2017, accounting for nearly 63% of the market. This application segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 45% of the market share. The market share occupied by this region is anticipated to decrease by nearly 2% during 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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