Newark, NJ, March 16, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global ammonia market is expected to grow from USD 52.71 Billion in 2017 to USD 81.42 Billion by 2025 at a CAGR of 5.59% during the forecast period 2018-2025.
Ammonia is a compound made up of hydrogen and nitrogen with the formula NH3. It is a colorless gas with a distinctively pungent smell. Ammonia forms a building block in the synthesis of many important day to day products such as common cleaning products, pharmaceuticals etc. Ammonia is the most significant crude material for the assembling of ammonium nitrate, a commercially important fertilizer.
Increasing demand for nitrogenous fertilizers and eco-friendly refrigerants is driving the global demand for the ammonia. Whereas volatility in prices of natural gas, an important raw material as well as concerns related to production overcapacity are anticipated to hamper the market growth.
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Key players in the global ammonia market are BASF SE, CF Industries Holdings, Inc., PotashCorp, Huaqiang Chem Group, Shanxi Jinfeng Coal Chem, Rashtriya Chemicals & Fertilizers Ltd., China Petroleum & Chemical Corporation, China National Petroleum Corporation, Yara International, Orica Limited, Praxair, Inc, Achema AB, Linde Group, Haifa Chemicals Ltd, Haldor Topsoe, Koch Fertilizer LLC among others. To enhance their market position in the global ammonia market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For instance, in January 2020, BASF expands production capacity for Irganox 1520L in Pontecchio Marconi, Italy. BASF plans to increase the production capacity for its antioxidant Irganox 1520L by 20% at the site in Pontecchio Marconi, Italy. Irganox 1520L is a key product in BASF’s antioxidant portfolio. The company is a leading global supplier for plastic additives. With this expansion, BASF responds to increasing market demand and aims to better serve its global customers. Irganox 1520L is a highly effective thermo-oxidative stabilizer in a wide range of solution polymerized, emulsion polymerized and thermoplastic elastomers, plastics, adhesives, sealants, oils and lubricants. It is unique in its ability to provide both processing and long-term heat-aging stability used alone, at low levels and without co-stabilizers.
- For instance, in February 2019, Linde awarded a second major contract to supply hydrogen plants for Praxair. The technology company The Linde Group has signed a contract with U.S. industrial gas company, Praxair Inc., to supply a hydrogen plant. The new plant will be part of Praxair's hydrogen system in Louisiana. The Linde Group is pleased with this second major order from Praxair to supply a large hydrogen plant. Linde's Engineering Division is responsible for the design and supply of the equipment for the core components of the hydrogen plant. The order includes the steam-methane reformer, designed and supplied by Linde subsidiary Selas Linde in Blue Bell, Pennsylvania, the pressure swing adsorption unit, and the balance of the core plant. The plant will have a production capacity of over 190,000 Nm3/hr of high-purity hydrogen and will also generate steam.
- For instance, in January 2020, Orica announced the release of its new blast design and modelling software for underground mining applications, SHOTPlus Underground. SHOTPlus Underground blast design and modelling software is designed specifically for advanced underground blast design and complex blasting scenarios. SHOTPlus Underground is designed to meet the discrete needs of underground mining applications, delivering an improved interactive 3D environment and enhanced visualisation as well as Quality Assurance/Quality Control (QA/QC) tools to allow engineers to identify the most efficient blast design to ensure the required outcome. The new set of features and tools also allows for easy adjustment of blast designs and rapid comparison of different scenarios.
Liquid form segment had a market value of USD 25.20 billion in 2017
Product form is segmented into liquid, gas, and powder. Due to the wide-ranging utilization of liquid ammonia in fertilizer and various end industries, the liquid form segment emerged as the leading segment with USD 25.20 billion revenue in 2017. The gas form segment is also projected to attain a healthy market share over the forecast period.
The refrigerant segment is anticipated to grow at a CAGR of 7.67% in 2018-2025
The application segment is divided into fertilizers, refrigerants, pharmaceuticals, textiles and others. Because of its property for discharging nitrogen when in contact with soil, ammonia broadly utilized as a fertilizer in the agriculture sector. Thus the global emphasis on raising farm productivity led the fertilizer segment to emerge as the dominating segment with USD 22.09 billion revenue in 2017. Ammonia has emerged as the preferred refrigerant owing to its high efficiency and better heat transfer properties coupled with its zero ozone depletion potential. Thus refrigerant segment is projected to grow at the highest CAGR of 7.67% over the forecast period.
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Regional Segment Analysis of the Ammonia Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region emerged as the largest market for ammonia with a 39.26% share of revenue in 2017 whereas the North region accounted for a significant market share in 2017, owing to its well established and highly productive farm sector. The rising demand for the fertilizers from the farm sector and the presence of major end-user industries such as pharmaceuticals, textiles propelled Asia Pacific region to dominate the global ammonia market with USD 20.69 billion revenue in 2017.
About the report:
The global Ammonia market is analyzed on the basis of value (USD Billion), volume (KiloTons), consumption (KiloTons), imports (KiloTons) and exports (KiloTons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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