Ammonia Market Size – USD 55.01 Billion in 2018, Growth – CAGR of 5.7%, Trends – Shifting dietary trend and increase in R&D activities.
The global Ammonia market is forecast to reach USD 90.88 Billion by 2027, according to a new report by Reports and Data. Ammonia is a compound of hydrogen and nitrogen. It is a colorless gas with a pungent smell. It is used in the manufacture of several industrial chemicals. The product is used in the manufacture of urea, ammonium sulfate, and ammonium phosphates.
It is a crucial feedstock ingredient used to produce nitric acid, which is an important precursor for specialty organic chemicals. An increase in the focus on energy consumption systems is anticipated to increase the usage of products as a refrigerant to provide safe, sustainable, and energy-saving refrigeration. Ammonia has a zero Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). The product has better transfer properties as compared to another chemical refrigerant.
North America is expected to grow significantly owing to the presence of over 15 leading global companies, and their 22 manufacturing facilities in the U.S. Almost 45% of the product is the country is consumed for the production of nitrogen fertilizers. The remaining is used for producing synthetic fiber resins, plastics, and several chemical compounds. As natural gas covers more than 50% of the nitrogen fertilizer production cost, the availability of low-priced natural gas in the country is anticipated to propel market demand in the region.
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Further key findings from the report suggest
- The agriculture industry is dominating the market for ammonia. It is commonly used in fertilizers, and its usage has been increasing throughout the years, driving its demand in the agriculture market. Fertilizers are plant nutrients and are required for the growth of crops. The expansion of the fertilizer market is expected owing to the growth in the production of agriculture, increasing urbanization, and high disposable income.
- The emergence of green ammonia is one of the key trends in the market. Ammonia is produced by the Haber’s process, which accounts for almost 1.6% of the global emission of carbon dioxide. The method of using renewable energy to produce green ammonia is saving the emission of 360 million tons of carbon dioxide globally. The production of green ammonia is impacting the market growth positively.
- Ammonia is processed into a downstream fertilizer product before applying it to the soil. These products include urea, ammonium nitrates, ammonium sulfate, ammonium phosphates, and nitrogen solutions. Consumption of ammonia in industrial applications is expected to grow in the coming years. It is also used to make explosives.
- Ammonia is also used to produce acrylonitrile for acrylic fibers and plastics, caprolactam for nylon 6, hexamethylenediamine for nylon 66, isocyanates for hydrazine and polyurethanes, and various amines and nitriles.
- Key participants include BASF SE, SABIC, CF Industries Holdings, Inc., Huaqiang Chem Group, PotashCorp, Rashtriya Chemicals & Fertilizers Ltd., China National Petroleum Corporation, China Petroleum & Chemical Corporation, Shanxi Jinfeng Coal Chem, and Qatar Fertilizer Company, among others.
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Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Distribution Channel Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Industry Verticals Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
The Ammonia market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Ammonia market.
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Frequently Asked Questions Addressed in the Report:
- What is the estimated market revenue growth over the forecast period?
- What are the major factors driving the global Ammonia market revenue growth?
- Which regional market is expected to account for the largest revenue share in the global Ammonia market over the forecast years?
- Which are the leading players in the global Ammonia market?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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