According to a new market report published by Credence Research, “Monomethylammonium Nitrate Market Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global monomethylammonium nitrate market is expected to reach over US$ 8,569.5 Mn by 2025, expanding at a CAGR of 3.3% from 2017 to 2025.
The global monomethylamine nitrate market is expected to witness high growth during the forecast period 2017 to 2025. Growing use in mining and quarrying industries is anticipated to drive the demand for the monomethylamine nitrate. The global monomethylamine nitrate market is projected to reach US$ 8,569.5 million by 2025, expanding at a CAGR of 3.3% from 2017 to 2025.
On the basis of applications, the global monomethylamine nitrate market is segmented into water gel/slurry explosives, emulsion explosives and seismic explosives. Among these, water gel/slurry explosives segment dominated the market and accounted for more than 50% market share in 2016. This segment is projected to maintain its dominance over the next eight years. The water gels primarily contains a mix of nitroparaffin, an oxidizer salt solution and a gelling agent. The monomethylamine nitrate functions as a sensitizer in the water gel explosives. Furthermore, monomethylamine nitrate is widely used in production of water gel explosives in order to produce low cost blasting agents.
Browse the full Monomethylammonium nitrate market by application Water Gel/Slurry Explosives, Emulsion Explosives and Seismic Explosives – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/monomethylamine-nitrate-market
For the purpose of this study, the global monomethylamine nitrate market is categorized into regional markets viz., North America, Europe, Asia Pacific and Latin America and Middle East and Africa. In base year 2016, Asia Pacific was observed as the largest market for monomethylamine nitrate. In Asia Pacific, China and India serve potential markets for monomethylamine nitrate in the next five to six years. Growing consumption of monomethylamine nitrate as the penetration of the industrial explosive agents is on rise especially in China and India. In India, the demand for automobiles and infrastructure is on rise as the country’s economy is rapidly increasing with almost 7% growth. This generates demand for power and steel which in turn drives the mining sector in the country.
Furthermore, companies present in North America and Asia Pacific are extensively focusing on research and development and expanding their business network, across regional markets. Alkyl Amines Chemicals Limited. BOC Sciences Ltd., Balaji Amines Ltd., Haihang Industry Co., Ltd., Tamil Nadu Industrial Explosives Ltd., Yick-Vic Chemicals & Pharmaceuticals (HK) Ltd., Tokyo Chemical Industry Co., Ltd., Spectrum Chemical Mfg. Corp., Merck KGaA, and SPEX CertiPrep. are among the few key manufacturers in monomethylamine nitrate market.
- Growing Mining Industry
- Increasing array of applications
- Asia pacific is expected to register the highest growth rate
- Replacing Traditional Explosives
- Strong Demand from Emerging Economies
- Threat from Low Cost Substitute Such As Ammonium Nitrate
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