The size of the Ammonia Market was estimated at USD 68.5 billion in 2021. A compound annual growth rate (CAGR) of 6.64% is predicted for the ammonia market industry, which is expected to increase from USD 73.04 billion in 2022 to USD 114.5 billion by 2030. (2022 – 2030).
The main market factors boosting market expansion are the rising demand for all kinds of ammonia throughout the agricultural and food producing industries. Ammonia is also more in demand as a chemical in a variety of industries, including textiles, life sciences and biologics, pharmaceuticals, plastic, dyes, insecticides, rubber, and pulp & paper.
The fertiliser sector is probably going to make money due to the expanding population and rising food demand. In terms of crop output and agricultural productivity, the fertiliser sector is crucial. The introduction of nitrogenous fertilisers is probably being driven by the rising popularity of commercial agriculture. The need for grains and oilseeds, which fuels global ammonia production, is a key factor in the market for these fertilisers.
As a result, the continued usage of fertilisers has increased the CAGR of the ammonia market globally in recent years.
Ammonia must be created in order to create fertilisers, and the Haber-Bosch process is typically used to do so. 1.8% of the CO2 emissions are caused by its manufacture utilising traditional fossil fuel-based techniques. By 2050, it is anticipated that green hydrogen and NH3 will play a significant role in helping the world achieve net-zero carbon emissions.
By 2050, according to a number of industry analysts, hydrogen will supply 20% of the world’s energy requirements. For instance, CF Industries declared in October 2020 that it will concentrate on environmentally friendly and low-carbon production, where NH3 is created using a carbon-free technique.
Thus another element influencing the growth of ammonia market revenue is the need to reduce greenhouse emissions.
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Regional Insights on Ammonia
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2021, the North American ammonia market was valued at USD 29.5 billion, and throughout the research period, it is anticipated to rise at a substantial CAGR of 43.2 percent. Due to expansion in the agriculture sector, the United States held the largest share of the North American market in 2020. According to the most current poll, there will be 2.01 million American farms. The increase in government attempts to adopt cutting-edge infrastructure and sophisticated agricultural practises has contributed to the North American market’s high revenue.
The second-largest market share belongs to the ammonia market in Europe. Natural gas production serves as a primary raw material for NH3 synthesis in Europe, and steam methane reforming (SMR) is the predominant technique. The current technology, which is anticipated to increase energy efficiency and have the lowest CO2 emissions, is being invested in by businesses.
From 2022 to 2030, the ammonia market in Asia-Pacific is anticipated to see the highest CAGR growth. This is linked to the rise in demand from China and India’s fertiliser industries. With over 50% of the population reliant on agricultural supplies and agriculture accounting for around 17% of the country’s gross value added (GVA), agriculture is crucial to the economic growth of rural India.
Also, the Asia-Pacific region’s ammonia markets with the highest market shares were China and India, respectively.
Market segment insights for ammonia
Based on the kind of fusion, the ammonia market is divided into three categories: liquid, powder, and gas. Ammonia is most typically used in liquid form. Fertilizers and household and commercial cleaning are two common applications. To be used in fertiliser, it is fluidized and mixed with other plant stimulants. It interacts with the amount of moisture in the petrol phase to create fertile soil that is very ammonia-rich. Ammonia petrol is also often employed.
In addition to these uses, ammonia is made into polymers, explosives, textiles, insecticides, dyes, and other chemicals. It is also used to purify water sources. Hence, expanding gaseous ammonia applications have a beneficial effect on market expansion.
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The ammonia market data has been surgically divided into pulp and paper, pharmaceuticals, fibres and plastics, fertilisers, chemicals, refrigeration, and other industries. The market was controlled by the fertiliser application segment. Moreover, it is employed in the production of certain liquid fertiliser mixtures made of urea, aqua ammonia, and ammonium nitrate.
The refrigeration industry is the second-fastest-growing sector in the ammonia market. Ammonia refrigeration systems are a safe and environmentally friendly choice as energy consumption systems come under more and more scrutiny.
It is regarded as the most ecologically benign refrigerant among the natural refrigerants. It has no warming potential or ozone depletion potential (ODP) (GWP).
End-User Insights for Ammonia
The ammonia market has been divided into direct and distribution segments based on end users. Regarding the ammonia market revenue, the direct sector is anticipated to have stable revenue growth. Its dominance is a result of its capacity to innovate, adapt to change, and provide Services in a transparent and efficient manner. Also, B28 customers are more inclined to make direct purchases of goods. Many chemical goods are traded and distributed via an online platform, which also connects to supply chain and logistics networks.
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