Wilmington, Delaware , Oct. 03, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Ammonia Market by Type (Aqueous, Anhydrous and Gas), Product Type (Green Ammonia, Blue Ammonia, Grey Ammonia and Brown Ammonia), End Use (Fertilizer, Chemical, Refrigeration, Fibers, Plastics, Pharmaceuticals, Paper and Pulp and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the ammonia market was valued at $53.2 billion in 2023, and is estimated to reach $87.7 billion by 2033, growing at a CAGR of 5.1% from 2024 to 2033.
Prime determinants of ammonia market growth
The global ammonia market is experiencing growth due to agriculture industry demand, growth in chemical manufacturing, and increase in industrial applications. However, fluctuating raw material prices, environmental concerns, and regulatory challenges hinder the market growth. Moreover, the expansion in the fertilizer industry and renewable ammonia production technologies are projected to provide opportunities for the ammonia market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $53.2 billion |
| Market Size in 2033 | $87.8 billion |
| CAGR | 5.1% |
| No. of Pages in Report | 325 |
| Segments Covered | Type, Production Type, End-Use, and Region |
| Drivers | Agriculture industry demand Growth in chemical manufacturing Increase in use in industrial applications |
| Opportunity | Expansion of fertilizer industry Renewable ammonia production technologies |
| Restraint | Fluctuation in raw material prices Environmental concerns Regulatory challenges |
The anhydrous segment is expected to experience growth throughout the forecast period
Based on type, the anhydrous ammonia segment dominates the market due to its widespread use in agriculture as a nitrogen-rich fertilizer. It is highly efficient for delivering nitrogen to crops, essential for optimal growth and yield. Anhydrous ammonia is also favored for its relatively lower cost compared to other nitrogen fertilizers. In contrast, aqueous ammonia, which is ammonia dissolved in water, finds niche applications in cleaning agents and industrial processes where precise ammonia concentrations are required. However, the agricultural demand for anhydrous ammonia significantly outweighs these industrial uses, making it the predominant type in the global ammonia market.
The blue ammonia segment is expected to grow faster throughout the forecast period.
Based on production type, the blue and green ammonia segment dominates the market as industries and governments prioritize decarbonization efforts, aiming to reduce greenhouse gas emissions and achieve sustainable production practices. Blue ammonia utilizes carbon capture and storage (CCS) to reduce emissions from traditional production methods, making it an environment-friendly option. While green ammonia produced using renewable energy sources like wind or solar power, is gaining traction due to its minimal carbon footprint, aligning with global sustainability goals. Grey and brown ammonia refers to conventionally produced ammonia with varying levels of environmental impact and emissions.
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The fertilizer segment is expected to grow faster throughout the forecast period.
Based on end-use, the fertilizer segment dominates the ammonia market due to its essential role in agricultural productivity. Ammonia is primarily used to manufacture nitrogen-based fertilizers like urea, which are crucial for enhancing crop yields worldwide. As global population and food demand rise, so does the need for efficient agricultural practices, driving continuous demand for fertilizers. Additionally, ammonia's relatively low cost and high nitrogen content make it an economical choice for large-scale agricultural applications. While other industries like chemicals, refrigeration, and pharmaceuticals also rely on ammonia, the sheer volume of demand from the fertilizer sector establishes it as the leading end-use in the ammonia market.
The Asia-Pacific segment dominated the market in 2023
Asia-Pacific currently dominates the ammonia market due to its substantial agricultural sector and industrial growth. As of 2023, Asia-Pacific accounted for over 60% of global ammonia production capacity. This dominance is driven by high demand for fertilizers in countries like China and India, where agriculture is a major economic driver. Additionally, rapid industrialization in sectors such as chemicals, textiles, and pharmaceuticals further boosts ammonia consumption in the region. North America and Europe also play significant roles in the market, but Asia-Pacific's sheer scale of agricultural and industrial activities cements its leadership position in ammonia production and consumption globally.
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Leading Market Players: -
- CF Industries
- Nutrien
- Jinmei Group
- Yihua Group
- Qatar Fertilizer Co (QAFCO)
- PetroChina Group
- TogliattiAzot
- EuroChem Group
- Acro Group
- Yangmei Group
- Parsian Oil and Gas Development Group Co.
- Indian Farmers Fertiliser Co-operative Limited (IFFCO)
The report provides a detailed analysis of these key players in the ammonia market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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