Global Nitric Acid and Ammonium Nitrate Based Fertilizer Products Market Report and Forecast 2024-2032

Global Nitric Acid and Ammonium Nitrate Based Fertilizer Products Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global nitric acid and ammonium nitrate based fertilizer products market size reached approximately 21.40 million tons in 2023. Aided by the growing global population, rising food demand, technological advancements in fertilizer production, and a rising focus on sustainable agriculture, the market is projected to grow at a CAGR of 3.7% between 2024 and 2032, reaching a volume of around 29.55 million tons by 2032.

Nitric acid and ammonium nitrate are essential components in the production of nitrogen-based fertilizers. Nitrogen is a key nutrient for plant growth and is responsible for improving crop yields, making nitrogen-rich fertilizers vital for meeting global food demand. Ammonium nitrate-based fertilizers are widely used across agricultural sectors to boost the nitrogen content in the soil and enhance the growth and health of various crops, which further contributes to the nitric acid and ammonium nitrate based fertilizer products market development.

The growing need for sustainable farming practices, the rising global population, and the continuous pressure on farmers to increase crop yields have significantly driven the market for nitrogen fertilizers. Ammonium nitrate, in particular, offers a fast-acting source of nitrogen, making it a preferred choice for farmers looking to improve productivity. The increasing focus on sustainable agriculture, coupled with the adoption of innovative fertilizer products, is further propelling the nitric acid and ammonium nitrate based fertilizer products market growth.

One of the major factors driving the market is the rising global population, which is increasing the demand for food. According to the United Nations, the global population is projected to reach approximately 9.7 billion by 2050. This growing population, combined with the decreasing availability of arable land, is putting pressure on the agricultural sector to produce more food efficiently.

Ammonium nitrate-based fertilizers are critical to meeting this challenge, as they provide a readily available source of nitrogen, which is essential for plant growth and yield. These fertilizers help improve crop productivity, ensuring that farmers can meet the rising food demand without depleting soil nutrients. The increased focus on food security and the need for higher crop yields are expected to drive the market for nitrogen fertilizers in the coming years.

Technological advancements in fertilizer production have significantly contributed to the growth of the market for nitric acid and ammonium nitrate-based fertilizer products. Fertilizer manufacturers are continually innovating to develop high-efficiency fertilizers that minimize nutrient loss, reduce environmental impact, and enhance crop performance. Slow-release and controlled-release fertilizers, which provide a sustained supply of nutrients over time, have gained traction in the market due to their efficiency and ability to minimize the risk of nutrient runoff, consequently driving up the nitric acid and ammonium nitrate based fertilizer products market share.

Precision farming techniques, such as GPS-guided fertilizer application and soil testing, have also revolutionised the agricultural sector, allowing farmers to optimise their use of fertilizers. These technologies enable farmers to apply the right amount of fertilizer at the right time, improving nutrient uptake and reducing wastage. As farmers continue to adopt advanced agricultural technologies, the demand for innovative fertilizers, including ammonium nitrate-based products, is expected to rise.

Sustainable agriculture practices are gaining momentum globally as governments and regulatory bodies emphasise the need to reduce the environmental impact of farming. Traditional chemical fertilizers, if over-applied or mismanaged, can contribute to soil degradation, water pollution, and greenhouse gas emissions. In response, the agricultural sector is increasingly turning to high-efficiency fertilizers that promote sustainable farming while maintaining or improving crop yields.

Ammonium nitrate-based fertilizers are highly efficient in delivering nitrogen to crops and, when applied correctly, can minimise nitrogen losses through volatilisation or leaching. These fertilizers are particularly beneficial for crops such as wheat, corn, and cotton, which require significant amounts of nitrogen for optimal growth. As farmers seek to balance productivity with environmental responsibility, the demand for ammonium nitrate-based fertilizers is expected to grow.

As per the nitric acid and ammonium nitrate based fertilizer products market expansion, farmers and agricultural experts are becoming increasingly aware of the importance of maintaining soil health and fertility to ensure long-term productivity. Nitrogen is a critical nutrient for plants, and ammonium nitrate-based fertilizers play a key role in replenishing nitrogen levels in the soil. Proper nitrogen management is essential for promoting healthy crop growth, improving resistance to diseases, and increasing yields.

As soil nutrient depletion becomes a growing concern, particularly in regions with intensive farming practices, the demand for nitrogen-rich fertilizers is on the rise. Ammonium nitrate fertilizers offer an effective solution for maintaining soil fertility by providing crops with the necessary nitrogen to thrive. This focus on improving soil health and ensuring sustainable crop production is expected to support the growth of the global nitric acid and ammonium nitrate based fertilizer products market demand.

The agricultural sector in emerging economies, particularly in Asia-Pacific, Latin America, and Africa, is undergoing significant expansion. In countries such as India, China, and Brazil, agriculture plays a crucial role in the economy, and the adoption of modern farming techniques and high-yielding inputs, including nitrogen fertilizers, is on the rise. Governments in these regions are implementing policies to promote agricultural development, improve food security, and enhance crop yields.

As per the nitric acid and ammonium nitrate based fertilizer products market analysis, emerging regions present significant opportunities for fertilizer manufacturers due to the increasing availability of arable land and favourable government initiatives supporting agricultural growth. As farmers in these regions continue to adopt modern agricultural practices, the demand for nitrogen fertilizers is expected to increase, contributing to the overall growth of the market.

Market Segmentation

The global nitric acid and ammonium nitrate based fertilizer products market can be divided based on product type, application, and region.

Market Breakup by Product Type

• Nitric Acid
• Ammonium Nitrate
• Others

Market Breakup by Application

• Agriculture
• Horticulture
• Turf and Ornamental
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global nitric acid and ammonium nitrate based fertilizer products market. Some of the major players explored in the report by Expert Market Research are as follows:

• Yara International ASA
• CF Industries Holdings, Inc.
• Nutrien Ltd.
• OCI N.V.
• EuroChem Group AG
• Acron Group
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.