Global ammonium nitrate market is expected to witness significant growth on account of its widespread application as a fertilizer in crop production. According to the International Fertilizer Industry Association, global fertilizer demand is expected to reach 200 million tons by 2019. Shifting preference towards bio-based chemicals owing to increasing concerns regarding green house gas emissions will impede market growth over the forecast period.
Ammonium nitrate is available as a white crystalline solid which is highly soluble in water. The compound is found as a natural mineral in dry regions such as Atacama Desert in Chile.
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Increasing popularity of the product as a crop fertilizer on account of readiness of the nitrate to mix with the soil is expected to be a favorable factor. In addition, the product is also used for hay fertilization and pasture owing to its less susceptibility towards volatilization losses in comparison with urea-based fertilizers.
It is mixed with other fertilizers for application in agriculture industry. The fertilizer mixture has tendencies to absorb moisture if stored over a long period of time which is likely to be a challenging factor. Growing popularity of the product as a solution for foliar sprays which enables the plant to absorb essential elements through their leaves is expected to increase demand over the forecast period.
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Instant cold packs which are used as first aid on sport injuries incorporate the use of ammonium nitrate on account of ability of the compound to absorb heat and thus provide relief from the pain to some extent.
Explosives made from ammonium nitrate are used for mining and quarrying operations. They are widely used in coal mining, construction, metal mining, and construction industry owing to their high detonation velocity and water resistance properties.
Asia Pacific is likely to witness significant gains over the forecast period on account of rising consumer awareness regarding the benefits of the chemical, particularly in agricultural-oriented economies including India, Vietnam, Thailand, and China. In May 2015, the Government of India announced the National Agriculture Policy aimed at increasing domestic production. The policy is indented to introduce new crop production technology, soil health cards, easy availability of seeds and fertilizers coupled with micro irrigation facilities to farmers. Supportive government regulations and policies by India towards increasing agricultural productivity are likely to play a crucial factor in increasing demand for fertilizers, and thus, subsequently impacting the market.
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