New York, June 28, 2022 (GLOBE NEWSWIRE) -- The global ammonia market is estimated to reach a value of US$ 193.67 Bn by the end of 2032. Significant demand for fertilizer production, industrial explosive production, and manufacturing of industrial chemicals are key growth drivers for the ammonia market. East Asia is expected to remain the most prominent market owing to the high presence of end-use customers.
Global sales of ammonia are projected to increase at a CAGR of 4.7% through 2032. Market growth is expected to be driven by high demand for fertilizers in the agricultural sector. Increase in the requirement for crop production all over the globe has been predominantly influenced by growing demographic dividend and high urbanization in developing nations.
This increase in demand is fueling the consumption of fertilizers, which is also driving the sales of ammonia, as ammonia is used as a raw material for the production of several fertilizers. Further, growing demand for industrial explosives for the extraction of various minerals, especially in South Africa, China, the U.S., Peru, and Australia, to name a few, is also expected to bolster the demand for ammonia.
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The market is witnessing a significant change in its dynamics with the introduction of new production technologies for sustainable development. Manufacturers are opting for the production of ammonia with zero or very less carbon emissions to tackle the increasing global warming crisis.
Key Takeaways from Market Study
- South Asia Pacific has been estimated to remain one of the fastest-growing markets, projected to expand at 5.5% CAGR over the projected period (2022-2032).
- By end use, agrochemicals are anticipated to create an incremental dollar opportunity of US$ 39.8 Bn by 2032.
- Production of urea is expected to consume around 18.2 million tons of ammonia in South Asia Pacific.
- Anhydrous ammonia sales are expected to witness a growth rate of 3.9%, on a volume basis.
- East Asia is estimated to account for more than 34% of the global consumption of ammonia.
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“Key market participants are focusing on strategic expansions and acquisitions, and are also adopting green technology for the production of ammonia to sustain in the long run,” says a Persistence Market Research analyst.
Competitive Landscape
The global market for ammonia has been identified as a consolidated space with top players accounting for a key share in the industry.
Several key market players are investing in increasing their production capacity for green ammonia. They are collaborating with technology providers to acquire production technologies for ammonia with very low carbon emissions. Several developments are being witnessed in the setting up of production capacity for green ammonia
- In May 2022, LSB Industries announced agreements with several technology-based companies, including thyssenkrupp Uhde USA and Bloom Energy, to establish a project a itst Oklahoma facility for the manufacturing of around 30,000 metric tons of green ammonia each year.
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Conclusion
Consumption of ammonia has been predominantly influenced by certain macro-economic factors along with demographic factors, including growing population in developing nations, growth in the agricultural sector, and other factors. Growth in the agricultural sector is boosting the demand for the production of fertilizers, indirectly driving the demand for ammonia.
Further, the market is moving toward sustainability development with the rising production and demand for green ammonia by top market participants. Several market players are opting for green production processes for ammonia.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global ammonia market that contains industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, product type, end use, application, and region. The report also provides supply and demand trends along with an overview of the parent market.
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