Ammonia Market by Application
The study on the ammonia market by application, which is based on current trends and information gathered from the prior year, appears to offer a comprehensive knowledge. The market overview in the first section aims to give the reader sufficient details about the product and services. Along with the product applications and end-user industries, it focuses on the definition of the market. The report’s time frame is from 2022 to 2030. The comprehensive study included in the report’s primary section includes competitive analyses and significant industry trends.
The 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 by Application. East Asia is expected to remain the most prominent market owing to the high presence of end-use customers.
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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.
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 Companies-
- Yara International
- CF Industries Holdings, Inc
- Potash Corp
- Orica Limited
- Incitec Pivot Ltd
- Mitsubishi Gas Chemical Co., Ltd.
- Praxair, Inc.
- Ahema AB
- Linde Group
- Jiangsu Huachang Chemical Co. Ltd.
- Koch Fertilizer LLC
- SABIC
- BASF SE
- The Dow Chemical Company
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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.
“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.
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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.
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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