Austin, Dec. 20, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The ammonia market is projected to reach a valuation of USD 121.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2032.”
Key Trends Fueling the Ammonia Market
Ammonia, a nitrogen and hydrogen compound, is integral in a wide range of industries, with its most prominent use being as a mineral fertilizer. One of the most prominent factors that are accelerating the demand for ammonia-based fertilizers is the increasing global population and the growing requirement for agricultural production. Since more than 80% of global ammonia production is used in fertilizers, the market is supported primarily by the agricultural sector, which continues to demand greater crop yields and food security.
Furthermore, ammonia is commonly used for applications in industrial settings including but not limited to refrigeration, chemical synthesis, and explosive production which influences its demand as well. Ammonia is increasingly being seen as a potential player in the energy field; an alternative energy carrier (hydrogen energy system). The potential application of liquid hydrogen in fuel cells and as a hydrogen resource is considered to expand its uptake in the energy market in the upcoming years.
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Key Companies:
- Koch Fertilizer LLC
- Qatar Fertilizer Company
- Togliattiazot
- SABIC
- Acron
- CF Industries Holdings Inc.
- Nutrien Ltd
- Sumitomo Chemical Co Ltd
- Yara
- BASF SE
- Agrium Inc.
- OCI Nitrogen
- EuroChem Group
- Group DF
- ICL Group
- Reliance Industries Limited
- PotashCorp
- Bunge Limited
- Mitsubishi Corporation RtM Japan Ltd
- Hanwa Co., Ltd.
Ammonia Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 79.1 Billion |
| Market Size by 2032 | USD 121.5 Billion |
| CAGR | CAGR of 4.9% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Aqueous, Anhydrous) • By Application (Refrigerants, Fertilizers, Textile, Pharmaceuticals, Household and industrial cleaning, Mining, Others) |
| Key Drivers | • Rising consumption of ammonia in refrigerants drives the Ammonia market growth. |
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Innovations in Ammonia Production
The ammonia industry is witnessing continuous innovation, with manufacturers investing in advanced production technologies to meet growing demand while minimizing environmental impact. The traditional method of ammonia production, known as the Haber-Bosch process, is energy-intensive and produces significant amounts of carbon dioxide (CO2). However, newer methods, including electrochemical and biological processes, are being developed to produce ammonia with reduced carbon emissions.
The concept of green ammonia, produced using renewable energy sources such as wind and solar power, is gaining traction as a sustainable alternative to traditional ammonia production. This innovation has the potential to transform the ammonia market by reducing its carbon footprint and enabling ammonia to serve as a key component in the energy transition. Several companies, including Yara International and BASF, are focusing on developing green ammonia technologies, with pilot projects and commercial-scale production expected to roll out in the near future.
Furthermore, advancements in ammonia storage and transport technology are enhancing the efficiency of ammonia distribution, enabling it to be safely and cost-effectively delivered to end-users. This is particularly important for regions with limited ammonia production facilities, where supply chains are critical to meeting local demand.
Which End-Use Segment Led the Market in 2023?
In 2023, the fertilizers segment held the largest market share, contributing to approximately 48% of the global ammonia market revenue. Ammonia-based fertilizers continue to be the primary use for ammonia, driven by the need for increased agricultural productivity to meet the demands of a growing global population. With agriculture being the largest consumer of ammonia, the fertilizer segment remains a cornerstone of the ammonia market.
The industrial applications segment, which includes ammonia’s use in chemical manufacturing, refrigeration, and explosives, held the second-largest share. This segment is expected to grow steadily, driven by the expanding chemical industry and the need for ammonia in various production processes.
Which Region Dominated the Market in 2023?
Asia-Pacific dominated the ammonia market in 2023, accounting for over 48% of the global ammonia market revenue. The region’s dominance is attributed to the significant agricultural activities in countries like China, India, and Southeast Asia, where ammonia-based fertilizers are essential for food production. China, being the largest producer and consumer of ammonia in the world, plays a pivotal role in the region’s market share.
In addition to the agricultural sector, the rapid industrialization and urbanization in Asia-Pacific are driving the demand for ammonia in various industries, including chemicals, refrigeration, and energy. The growing need for industrial ammonia in emerging economies is expected to continue to support market growth in the region.
Europe and North America also hold significant market shares, with Europe focusing heavily on sustainable ammonia production methods, including green ammonia. The European Union’s emphasis on reducing carbon emissions and promoting renewable energy sources is fostering innovation in ammonia production, particularly in countries like Germany, France, and the Netherlands.
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Recent Developments in the Ammonia Market
- 2023: Yara International, a global leader in the fertilizer industry, announced the launch of its first commercial-scale green ammonia plant in Norway. The plant will produce ammonia using renewable electricity, marking a significant step toward reducing the carbon footprint of ammonia production. This development is expected to set a precedent for other companies in the industry.
- 2023: CF Industries, one of the largest ammonia producers in North America, announced plans to invest in the development of low-carbon ammonia production technologies. The company aims to reduce its greenhouse gas emissions by 25% by 2030, aligning with global sustainability goals.
Table of Contents – Major Key Points
1. Introduction
- Market Definition
- Scope (Inclusion and Exclusions)
- Research Assumptions
2. Executive Summary
- Market Overview
- Regional Synopsis
- Competitive Summary
3. Research Methodology
- Top-Down Approach
- Bottom-up Approach
- Data Validation
- Primary Interviews
4. Market Dynamics Impact Analysis
- Market Driving Factors Analysis
- PESTLE Analysis
- Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
- By Production Capacity and Utilization, by Country, By Type, 2023
- Feedstock Prices, by Country, By Type, 2023
- Regulatory Impact, by l Country, By Type, 2023.
- Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
- Innovation and R&D, Product, 2023
6. Competitive Landscape
- List of Major Companies, By Region
- Market Share Analysis, By Region
- By Product Benchmarking
- Strategic Initiatives
- Technological Advancements
- Market Positioning and Branding
7. Ammonia Market Segmentation, By Product
8. Ammonia Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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