Covina, July 15, 2024 (GLOBE NEWSWIRE) -- The study concludes that the global blue ammonia market size and demand is expected to grow at a CAGR of 47.08% between 2024 and 2034. The market revenue of USD 107.9 Million in 2024 is expected to grow up to USD 3621.3 Million by 2034.
Blue Ammonia Market Report Overview
The major sources of ammonia synthesis, accounting for 1.8% of CO2 emissions across the world, remain hydrocarbon feedstock and fossil fuels. Blue ammonia comes as a result of carbon capture, utilization, and storage technology in the production process. The blue solutions appear to be conductive as they seem to absorb light in the visible spectrum. Carbon capture can help reduce the greenhouse gas emissions attributed to the production of blue ammonia. It is an ideal energy carrier due to its high energy density and ready infrastructure available for storage and transportation. The demand is reaching for it and it's the game-changing factor for low-carbon energy production. Natural gas is used as the feedstock for the generation of hydrogen in the blue ammonia fuel and cuts down the overall emissions.
Blue ammonia is a low-carbon technique whereby this chemical compound called ammonia is produced through the low-carbon process of steam methane reformation. It can drastically lower carbon footprints in a number of industries and thus is one step toward sustainable energy, more so now when global warming is wary. The main drivers for the industry include environmental legislation, low-carbon fuels for transportation and power generation, and greener fertilizer production in agriculture. The high cost of this CCS technology, rivalry from conventional routes for making ammonia, and investment in transport infrastructure are some of the obstacles. Future opportunities include its requirement as a carbon carrier for hydrogen transport, government funding in renewable energy sources, and recent developments in electrolysis technology for the generation of green ammonia. The growth of the market is likely to continue with an increase in the global decarbonization movement.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Blue Ammonia Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players Are:
- Yara International
- Saudi Arabian Oil Co.
- OCI
- CF Industries Holdings, Inc.
- QATAR FERTILISER COMPANY
- Ma'aden
- Shell
- ExxonMobil Corporation
- LSB Industries
- ITOCHU Corporation
- Técnicas Reunidas S. A.
- PAO NOVATEK
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Analyst View:
Blue ammonia is rapidly becoming an attractive low-carbon-based energy source due to its low cost of storage and high energy density. It is made by steam methane reformation, thereby reducing GHG emissions. The key drivers of demand, though in order of priority, will come from environmental regulations, followed by low-carbon fuels in power generation and transport, and to some extent, more environmentally friendly fertilizer production in agriculture. In North America, blue ammonia is under development, and pressure is arising in Europe due to an increase in the price of natural gas.
Market Dynamics:
Drivers:
Versatility and Applications
- Blue ammonia finds applications in the fertilizer industry, power generation, and also in the transport sector. It is further becoming popular as a feedstock to run turbine engines directly and indirectly. Higher energy density and lower storage costs make ammonia quite useful for de-carbonizing energy-intensive sectors.
Growing Interest in Low-Carbon Fuels
- Climate change and the need to reduce greenhouse gas emissions have generated huge global demand for low-carbon fuels such as blue ammonia. Treated with carbon capture technology, blue ammonia has been found to reduce more than 90 percent of these very emissions compared to conventional ammonia production, hence becoming a long-term energy supply in net-zero emission reduction.
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Market Trends:
Technological Innovations and Partnerships
- Energy companies, technology developers, and research institutions are collaborating to develop efficient carbon capture technologies in ammonia production, further speeding up technological development. Large companies like Yara International, Saudi Aramco, OCI, and CF Industries Holdings will build infrastructure and forge strategic partnerships that help nurture growth within the marketplace.
Segmentation:
Blue Ammonia Market is segmented based on Production Method, Application, and Region.
Production Method Insights
- One such process for the production of blue ammonia is steam methane reformation, in which natural gas and steam are combined at high temperatures. In this case, carbon monoxide and hydrogen are formed and then used in other processes. A relatively recent process, autothermal reforming, does steam reforming and partial oxidation in one reactor and may prove more efficient and cleaner than SMR. It is, however, not as well known as SMR, and as such, at the moment, it usually is in its early stages of development. Gas partial oxidation is another method whereby natural gas is partially oxidized using pure oxygen to yield syngas, which is then converted into ammonia; this process at times works pretty well especially under natural gas feedstocks containing sulfur.
Application Insights
- Blue ammonia can be used in industrial feedstock, transport, farming, and production of electricity. This can replace traditional fossil fuels, considering that it has a high energy density and comes quite handy, but it requires infrastructure. Power Plants Blue ammonia, using CCS technology that reduces CO2 emissions, is quite useful for power plants. Blue ammonia in farming acts as a sustainable alternative in the manufacture of nitrogen, helping lower the sector's carbon footprint. Blue ammonia also decarbonizes the explosive and polymer industries, not to forget the pharmaceutical sector.
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Recent Development:
- In July 2024, Sabic Agri-Nutrients Company has announced that it has received approval from Saudi Arabia’s Energy Ministry for the allocation of required quantities of feedstock for its planned blue ammonia production facility in the kingdom. Sabic Agri-Nutrients, in which Saudi Basic Industries Corporation (Sabic) owns the majority 50.1% share, plans to build the low-carbon ammonia plant in Jubail Industrial City, located in Saudi Arabia’s Eastern Province.
- In May 2024, Johnson Matthey and thyssenkrupp Uhde joined forces to offer an integrated solution for blue ammonia technology. Johnson Matthey and thyssenkrupp Uhde are partnering to develop integrated technology for low carbon ammonia production, a key factor in decarbonizing global power, shipping, and industrial processes due to its ease of storage and transport.
Regional Insights
- North America: North America is characterized by technological innovations occurring non-stop and high consideration given to low-carbon options. These steps toward green technologies and investments promote the application of blue ammonia, helping the Region achieve its environmental goal. At present, in order that reduced GHG emissions are realized, efforts are focused on America to develop and apply the technique of blue ammonia, a low-carbon ammonia production process that is based on CCUS. On the US Gulf Coast, Firms building blue ammonia factories are betting on carbon capture and sequestration technologies to drastically cut emissions.
- Europe: Particular challenges do exist in Europe due to the rising natural gas price that will link to a higher production cost for blue ammonia. Notwithstanding these challenges, Europe still plays its lead role in the global economy by setting its belt in accordance with strict sustainability and environmental legislation.
Browse Detail Report on "Blue Ammonia Market Size, Share, By Production Method (Steam Methane Reforming, Autothermal Reforming, and Gas Partial Oxidation), By Application (Transportation, Power Generation, Agriculture, and Industrial Feedstock), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/blue-ammonia-market-5481
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