The global Ammonia market is forecast to reach USD 90.88 Billion by 2030, according to a new report by Reports and Data. Ammonia is a compound of hydrogen and nitrogen. It is a colorless gas with a pungent smell. It is used in the manufacture of several industrial chemicals. The product is used in the manufacture of urea, ammonium sulfate, and ammonium phosphates.
It is a crucial feedstock ingredient used to produce nitric acid, which is an important precursor for specialty organic chemicals. An increase in the focus on energy consumption systems is anticipated to increase the usage of products as a refrigerant to provide safe, sustainable, and energy-saving refrigeration. Ammonia has a zero Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). The product has better transfer properties as compared to another chemical refrigerant.
North America is expected to grow significantly owing to the presence of over 15 leading global companies, and their 22 manufacturing facilities in the U.S. Almost 45% of the product is the country is consumed for the production of nitrogen fertilizers. The remaining is used for producing synthetic fiber resins, plastics, and several chemical compounds. As natural gas covers more than 50% of the nitrogen fertilizer production cost, the availability of low-priced natural gas in the country is anticipated to propel market demand in the region.
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Ammonia Market: Drive
The ammonia market is primarily driven by the increasing demand for ammonia in the agriculture sector for use as a fertilizer. Ammonia is an important source of nitrogen, which is essential for plant growth and development. It is widely used in the production of various fertilizers such as urea, ammonium nitrate, and ammonium phosphate, among others.
The global population is expected to continue to grow, increasing the demand for food and agricultural products, which in turn is expected to drive the demand for ammonia. Additionally, ammonia is also used in various other industries such as chemical, pharmaceutical, and food and beverage industries, further boosting its demand.
Another factor driving the ammonia market is the increasing use of ammonia as a refrigerant in various industries such as food processing, cold storage, and air conditioning. Ammonia is a highly effective refrigerant and is considered more environmentally friendly than many other refrigerants, making it a popular choice in these industries.
Furthermore, the increasing adoption of ammonia as a clean energy source is expected to drive the market growth in the coming years. Ammonia can be used as a fuel for power generation, and its use is gaining popularity due to its high energy density and low greenhouse gas emissions.
Further key findings from the report suggest
- The agriculture industry is dominating the market for ammonia. It is commonly used in fertilizers, and its usage has been increasing throughout the years, driving its demand in the agriculture market. Fertilizers are plant nutrients and are required for the growth of crops. The expansion of the fertilizer market is expected owing to the growth in the production of agriculture, increasing urbanization, and high disposable income.
- The emergence of green ammonia is one of the key trends in the market. Ammonia is produced by the Haber’s process, which accounts for almost 1.6% of the global emission of carbon dioxide. The method of using renewable energy to produce green ammonia is saving the emission of 360 million tons of carbon dioxide globally. The production of green ammonia is impacting the market growth positively.
- Ammonia is processed into a downstream fertilizer product before applying it to the soil. These products include urea, ammonium nitrates, ammonium sulfate, ammonium phosphates, and nitrogen solutions. Consumption of ammonia in industrial applications is expected to grow in the coming years. It is also used to make explosives.
- Ammonia is also used to produce acrylonitrile for acrylic fibers and plastics, caprolactam for nylon 6, hexamethylenediamine for nylon 66, isocyanates for hydrazine and polyurethanes, and various amines and nitriles.
- Key participants include BASF SE, SABIC, CF Industries Holdings, Inc., Huaqiang Chem Group, PotashCorp, Rashtriya Chemicals & Fertilizers Ltd., China National Petroleum Corporation, China Petroleum & Chemical Corporation, Shanxi Jinfeng Coal Chem, and Qatar Fertilizer Company, among others.
For the purpose of this report, Reports and Data have segmented into the global Ammonia market on the basis of type, distribution channel, industry verticals, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2030)
Distribution Channel Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2030)
Industry Verticals Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2030)
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2030)
- North America
- Asia Pacific
- Latin America
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