Ammonia Market to Grow with a CAGR of 5.58% through 2028

Surge in research and development activities is expected to drive the Global Ammonia Market growth in the forecast period, 2024-2028

 

According to TechSci Research report, “Ammonia Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Ammonia Market stood at USD 68.25 billion in 2022 and is anticipated to grow with a CAGR of 5.58% in the forecast period, 2023-2028. The initiatives taken by government based on Ammonia has led to favorable market conditions for the Global Ammonia Market. Several factors contribute to the growth of various Ammonia products.

The US Department of Energy has recently launched a groundbreaking scheme aimed at catalyzing durable, bankable demand for clean hydrogen and ammonia production. This forward-thinking initiative represents a significant step towards reducing the country's carbon footprint and promoting the use of cleaner fuels. By incentivizing and supporting the development of clean hydrogen and ammonia production technologies, the Department of Energy is paving the way for a more sustainable and environmentally-friendly future.

In India, the state government of Andhra Pradesh has taken a commendable leap forward in the pursuit of green energy with the launch of its new Green Hydrogen and Green Ammonia policy in June. This comprehensive policy outlines a strategic roadmap on how the government will actively encourage the production and use of green hydrogen and ammonia within the state. By doing so, Andhra Pradesh is not only embracing renewable energy sources but also propelling the growth of the ammonia market in the region, thus fostering economic and environmental progress.

Recognizing the potential of ammonia as a clean energy source and its crucial role in achieving global net zero emissions, the International Energy Agency (IEA) has conducted a comprehensive study on the future of the ammonia industry. This study sheds light on the immense possibilities and opportunities that lie ahead for ammonia as a sustainable energy carrier. With its ability to store and transport energy efficiently, ammonia offers a promising solution for decarbonizing various sectors, including transportation, power generation, and industry. As countries strive to transition to a greener and more sustainable energy landscape, the IEA's study serves as a valuable resource in guiding decision-makers and stakeholders towards a cleaner and more sustainable future.

 

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These R&D initiatives have had a significant impact on the global ammonia market, resulting in technological advancements that enhance production processes and create new opportunities for ammonia applications. The development of cleaner production methods, including green ammonia, is expected to drive market growth in the coming years. As governments and businesses worldwide strive to transition to a low-carbon economy, the demand for green ammonia is anticipated to increase, leading to further R&D in the sector. Additionally, research into new applications of ammonia, such as its use in hydrogen transportation, is expanding the market's potential. As these emerging applications gain momentum, they will contribute to the overall growth of the ammonia market.

The Global Ammonia Market is segmented into form, end user, regional distribution, and company.

Based on its end user, the agriculture segment held the largest share in the market. The increasing usage of nitrogenous fertilizers by farmers can be attributed to their high solubility, which allows for quick and efficient absorption by plants. Unlike organic fertilizers that require time to decompose and release nutrients, nitrogenous fertilizers provide the necessary nitrogen for plant growth rapidly.

Ammonia, being one of the most commonly used nitrogenous fertilizers, serves as the fundamental compound in the nitrogen industry. In fact, approximately 80% of the global demand for nitrogen fertilizers is attributed to the consumption of NH3.

This widespread adoption of nitrogenous fertilizers stems from their ability to meet the demands of modern agriculture, ensuring efficient nutrient uptake and promoting healthy plant growth. With their quick action and reliable results, these fertilizers have become an indispensable tool in maximizing crop productivity and meeting the ever-growing food demands of our global population.

Based on region, Asia Pacific segment is expected to grow during the forecast period.

The significant reliance on agriculture in several countries, such as Thailand, Japan, India, Indonesia, and the Philippines in the APAC region, has led to a high demand for nitrogenous fertilizers. In fact, this region alone contributes to approximately 60% of the global consumption of nitrogenous fertilizers.

Interestingly, the International Energy Agency reports that China holds the title of being the largest producer of ammonia worldwide, responsible for approximately 30% of the global production. Moreover, China is not only the leading producer but also the largest consumer of nitrogenous fertilizers globally, accounting for one-third of the total global consumption. This highlights the crucial role that China plays in both the production and consumption of nitrogenous fertilizers on a global scale.

 

Major companies operating in Global Ammonia Market are:

• BASF SE
• Casale SA
• CF Industries Holdings, Inc.
• Chambal Fertilisers and Chemicals Ltd
• Csbp Ltd.
• EuroChem Group AG
• Koch Fertilizer, LLC.
• Nutrien Ltd
• Rashtriya Chemicals and Fertilizers Limited
• SABIC

 

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“Growing application of Ammonia in various end user industries are key drivers of the Ammonia Market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of Ammonia with every passing year are anticipated to register an impressive growth to Global Ammonia Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Ammonia Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Form (Liquid, Gas, Powder), By End User (Agriculture, Textiles, Mining, Pharmaceutical, Refrigeration, Others), By Region and Competition, 2018-2028F”, has evaluated the future growth potential of Global Ammonia Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Ammonia Market.

 

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