Fort Collins, Colorado, Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Ammonia Market size was valued at USD 207.1 Billion in 2022 and is anticipated to have a market size of USD 321.8 Billion by 2032 with a CAGR of 4.6%.
The production of fertilizers relies heavily on ammonia as a primary raw material, and the agricultural industry is the most significant factor driving its consumption. The food demand continues to grow as the world population is anticipated to increase.
Ammonia is also used as raw material for various industrial applications, such as plastics, explosives, and pharmaceuticals. Liquid ammonia is significantly used for chemical applications. The demand for ammonia has influenced the growth of chemical industries. For instance, it is mainly used in the textile industry for finishing cotton fabrics. In addition, ammonia is highly soluble in any liquid, allowing the fabric to take on any color. Increasing textile consumption and government initiatives to support the textile industry will drive the growth of the ammonia market in the coming years.
Besides, several companies invest in partnerships and collaborations in the ammonia industry. For instance, Petronas, and GIC have laid out plans to invest in green ammonia in Indian markets with an aim to offer clean energy. Under this investment, Petronas is anticipated to produce five million tonnes of green ammonia by 2030.
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Segmentation Overview:
The global ammonia market has been segmented into form, application, and region. Asia Pacific is the largest producer and consumer of ammonia globally, driven by high demand for fertilizers in countries such as India and China. Japan and South Korea are also significant ammonia producers and consumers. The region is expected to continue to witness a demand growth for ammonia due to the rise in population, food demand, and urbanization. Europe is a significant ammonia producer, with extensive production facilities in Russia, Ukraine, and Germany. The region is also a substantial consumer of ammonia, driven by demand for agricultural fertilizers and industrial uses. However, the region has been shifting towards sustainable and green fertilizers that influence the demand for ammonia in the near future.
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Ammonia Market Report Highlights:
- The global ammonia market growth is anticipated at a CAGR of 4.6% by 2032.
- The growing demand for ammonia as a biofertilizer boosts the market growth in the forthcoming years.
- The application segment is classified as fertilizers, chemicals, refrigeration, fibers and plastics, pharmaceuticals, pulp and paper, and others.
- Based on the form segment, the market is further divided into liquid, gas, and powder form.
- Some prominent players in the ammonia market report include BASF SE, ENGIE, Honeywell International, Linde Group, SABIC, Siemens Energy, Koch Fertilizer LLC, Mitsubishi Gas Chemical Co, Yara International, Sumitomo Chemical, The Dow Chemical Company, Nutrien Ltd, Achema AB, CF Industries Holdings Inc, China Petroleum & Chemical Corporation, Electrochaea, Eurochem Group AG.
Industry Trends and Insights:
In 2022, the collaboration between Tyssen Krupp Uhde and Bloom Energy of the United States was set to produce 30,000 tons of green ammonia per year at the LSB Industries facility in Oklahoma.
Green Fuel & Haldor Topsoe signed a MoU in April 2021 to develop an efficient and scalable solution for environmentally friendly ammonia production in Iceland.
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Ammonia Market Segmentation:
By Form: Liquid, powder, gas
By Application: Fertilizer, chemicals, refrigeration, fibers and plastics, pharmaceuticals, pulp and paper, others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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