The rise in global population and the subsequent surge in the need for food products are projected to spur the ammonia market growth in the near future.
Wilmington, Delaware, United States, Sept. 18, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global ammonia market is projected to flourish at a CAGR of 2.3% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 34 billion is anticipated for the market in 2031. As of 2023, the market for ammonia is expected to close at US$ 28.5 billion.
The increasing application of ammonia as a nitrogen fertilizer in agriculture. Growing global populations and the need for increased food production drive higher ammonia consumption. Ammonia is a key raw material in the chemical industry, where it is used to produce a wide range of chemicals, including nitrogen-based fertilizers, explosives, and plastics, thus the growing chemical industry drives the market growth.
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The growing industrialization is expected to drive the ammonia market as ammonia is used as a refrigerant in industrial refrigeration systems and large-scale air conditioning systems. Its low environmental impact compared to synthetic refrigerants drives its use.
Economic growth in regions like Asia-Pacific leads to increased industrial activities, driving ammonia consumption for various applications. The adoption of sustainable agriculture practices, including precision farming, encourages efficient fertilizer use, benefiting the ammonia market.
Key Takeaways from the Market Study
- As of 2022, the ammonia market was valued at US$ 28.2 billion
- By form, the gas segment to enjoy high demand, accumulating a high revenue share during the forecast period as it is used as a refrigerant, fertilizer, and in the production of plastics and other chemicals
- Based on end-use, the agriculture segment is expected to generate high revenue during the forecast period, due to the increased demand in restaurants, hotels, and coffee shops.
Ammonia Market: Key Trends and Opportunistic Frontiers
- Ongoing research and development efforts aim to improve ammonia production processes, reduce energy consumption, and enhance safety measures in ammonia handling, making it more efficient and environmentally friendly.
- The growing demand for green hydrogen, often produced through electrolysis powered by renewable energy, indirectly impacts the ammonia market by providing a potential source of hydrogen for ammonia synthesis.
- The development of green ammonia, produced using renewable energy sources and green hydrogen, addresses sustainability concerns and drives growth in the market.
Ammonia Market –Region Analysis
- Asia Pacific is estimated to hold the largest share of the ammonia market during the forecast period. India, Bangladesh, Pakistan, and China are prominent markets for ammonia in Asia Pacific. The robust ammonia market is driven by its massive agricultural sector, which relies on ammonia-based fertilizers.
- North America is expected to account for a significant share of the ammonia market during the forecast period. The United States is a major ammonia producer and consumer. The country’s extensive agricultural sector relies on ammonia fertilizers, and ammonia is also used in industrial applications.
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The global ammonia market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global ammonia market report
- BASF SE
- Yara International
- Ostchem Holding
- Sumitomo Chemical Co., Ltd.
- Honeywell International
- Acron Group
- Uralchem Group
- Helm AG
- EuroChem Group
- Nutrien Ltd.
- UBE Corporation
- China Petroleum & Chemical Corporation
- CF Industries Holdings, Inc.
Key Developments in the Ammonia Market
- Yara, a Norwegian chemical company, has been involved in sustainability initiatives, including ammonia production with low carbon emissions. They have announced projects to develop green ammonia production using renewable energy sources.
- CF Industries, a leading nitrogen fertilizer producer, has been investing in ammonia production capacity expansion and efficiency improvements at its facilities in North America.
- Nutrien, a major player in the global agricultural sector, has been focused on optimizing its ammonia production processes and expanding its global presence in the ammonia market.
- EuroChem, a major player in the fertilizer and mining industries, has announced plans to build green ammonia production facilities, leveraging renewable energy sources.
Ammonia Market – Key Segments
- Pulp & Paper
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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