New York (US), May 17, 2023 (GLOBE NEWSWIRE) -- Ammonia Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ammonia Market Information by Form, Sales Channel, Application, and Region - Forecast till 2030”, Ammonia Market could thrive at a rate of 6.64% between 2021 and 2030. The market size will be reaching around USD 114.5 Billion by the end of the year 2030
Market Synopsis
Ammonia is a colorless, pungent-smelling gas with the chemical formula NH3. It is produced through the Haber-Bosch process, which involves the reaction of nitrogen and hydrogen gases at high pressure and temperature. Ammonia is widely used in various industrial applications, including fertilizers, chemicals, pharmaceuticals, refrigeration, and cleaning agents.
The primary application of ammonia is in the production of fertilizers, particularly in the form of urea, ammonium nitrate, and ammonium phosphate. It is also used as a refrigerant in industrial refrigeration systems and air conditioning units, as a cleaning agent in the food and beverage industry, and as a raw material in the production of various chemicals.
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Market Competitive Landscape:
The affluent companies in the Ammonia industry include
- Yara
- CF Industries Holdings Inc
- Nutrien Ltd
- Group DF
- OCI NV
- EuroChem Group
- SABIC
- Acron
- Orica Limited
- Uralchem JSC
- AB ”Achema”
- Togliattiazot
- Indian Farmers Fertiliser Cooperative Limited
- Qatar Fertiliser Company
- Koch Fertilizer
Report Scope:
| Report Attribute | Details |
| Market Size 2030 | USD 114.5 billion |
| Compound Annual Growth Rate (CAGR) | 6.64% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Growth of the agricultural industry Increasing applications in the refrigeration systems and mining industry |
Browse In-depth Market Research Report ( Pages 282 ) Ammonia
https://www.marketresearchfuture.com/reports/ammonia-market-2405
March 2021
Yara International ASA announced its plan to produce green ammonia at its plant in Pilbara, Western Australia. The project aims to produce renewable hydrogen from solar energy and then convert it into green ammonia, which can be used as a carbon-free fuel for the shipping industry. This development reflects the growing focus on sustainable production methods and the use of ammonia as an alternative fuel source.
Market USP Covered:
Market Drivers:
The ammonia market has been growing significantly over the years, and this growth is primarily driven by various market factors. One of the key driving factors for the ammonia market is the increasing demand for ammonia as a fertilizer. Ammonia is a key ingredient in the production of nitrogen-based fertilizers, which are essential for the growth and yield of crops. The rising population, increasing food demand, and growing disposable income in emerging economies such as India and China are fueling the demand for ammonia-based fertilizers in these regions.
Another factor driving the growth of the ammonia market is the increasing use of ammonia in the healthcare and chemical industries. Ammonia is used in a wide range of applications in these industries, including as a refrigerant, a cleaning agent, and a precursor for the production of various chemicals. Furthermore, the focus on sustainable production methods is also driving the growth of the ammonia market, with companies investing in new technologies to reduce their environmental impact and increase their efficiency.
Market Restraints:
The Ammonia Market faces various challenges, and one of the significant factors limiting market growth is the volatility in raw material prices. The production of ammonia requires natural gas as a key input, and the prices of natural gas are prone to fluctuations due to various factors such as supply and demand, geopolitics, and weather conditions. The price volatility of natural gas can lead to uncertainty in the cost of ammonia production, affecting the profitability of manufacturers.
COVID 19 Analysis
The COVID-19 pandemic has caused significant disruption to the Ammonia Market. The pandemic has led to a decline in the global demand for ammonia due to the slowdown in economic activities and the temporary shutdown of various end-use industries. Additionally, the pandemic has caused major supply chain disruptions, including transportation issues and production shutdowns, leading to a shortage of raw materials and hampering production.
However, the Ammonia Market is expected to recover in the post-COVID scenario, with the resumption of industrial activities and the growing demand for fertilizers, especially in emerging economies. The use of ammonia as a refrigerant in the healthcare industry has also increased due to its efficiency and cost-effectiveness, which is expected to boost the market growth. The rising demand for ammonia-based chemicals and pharmaceuticals, including pesticides, explosives, and cleaning agents, is also expected to drive market growth.
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Market Segmentation
By Form
The Form in the market includes Liquid, Powder, and Gas.
By Sales Channel
The Sales Channel in the market includes Direct and Distribution.
By Application
The Application in the market includes Fertilizers, Chemicals, Refrigeration, Fibers and Plastics, Pharmaceutical, Pulp and Paper, and Others.
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Regional Insights
North America, Europe, and Asia Pacific are the top three regions for the Ammonia Market. Asia Pacific is expected to witness the highest growth rate, driven by the increasing demand for fertilizers in countries such as India and China, the growing population, and the rising disposable income. Europe and North America are expected to see steady growth, driven by the increasing use of ammonia in the healthcare and chemical industries and the focus on sustainable production methods.
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