LONDON, Jan. 03, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Ammonia Global Market Report 2024, the global ammonia market has witnessed robust growth in recent years, marking a significant expansion from $73.44 billion in 2023 to an estimated $79.65 billion in 2024, reflecting an impressive Compound Annual Growth Rate (CAGR) of 8.5%. As we look ahead, the ammonia market is anticipated to experience even stronger growth, with projections indicating a surge to $112.19 billion by 2028 at a CAGR of 8.9%.
Growth Drivers:
The anticipated growth in the ammonia market is underpinned by key factors, including the development of the hydrogen economy, the widespread adoption of renewable energy, the implementation of carbon capture and storage (CCS) technologies, and the ongoing global transition towards clean energy. Companies operating in the ammonia market are actively investing in innovative technologies to enhance energy efficiency and reduce CO2 emissions in ammonia production.
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Innovations in Ammonia Production:
A notable example of this technological innovation is the Stami Green Ammonia technology by Stamicarbon B.V. The Netherlands-based company has pioneered a process that utilizes renewable resources such as sun, wind, and hydrogen from water to produce ammonia. This revolutionary approach eliminates the reliance on fossil fuels, marking a significant step towards environmentally friendly ammonia production. By deriving nitrogen from the air and using hydrogen obtained through water electrolysis, this technology offers a sustainable and competitive alternative to conventional processes, aligning with the global push for green fertilizers sourced from renewable energy.
Competitive Landscape:
The global ammonia market is characterized by a fairly fragmented landscape, with a few major players dominating the industry. In 2022, the top ten competitors collectively accounted for 22.5% of the total ammonia market share. Notable leaders in the ammonia market include CF Industries Holdings, Inc., Nutrien Ltd., Yara International ASA, OCI Global, SABIC, China National Petroleum Corporation, Qatar Fertilizer Company, Wesfarmers Limited (CSBP Limited), BASF SE, and Koch Industries.
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Market Segmentation:
The ammonia market, covered comprehensively in this report, is segmented based on Product Type (Anhydrous Ammonia, Aqueous Ammonia), Form Type (Liquid, Powder), and Application Type (Fertilizers, Chemicals, Refrigeration, Pharmaceutical, Fibers and Plastics, Pulp and Papers, and Other Application Types). Notably, the top opportunities lie in the anhydrous ammonia segment, projected to achieve $16,498.8 million in global annual sales by 2028.
In conclusion, the ammonia market is on a trajectory of robust growth, driven by technological innovations, a focus on sustainability, and the global shift towards cleaner energy solutions. For industry players seeking to capitalize on these opportunities, the insights provided in this comprehensive report are invaluable. Understanding the market dynamics, emerging trends, and competitive landscape will enable businesses to make informed decisions, positioning themselves strategically for success in this evolving market.
Ammonia Global Market Report 2024 by The Business Research Company provides insights on the ammonia market size, ammonia market segments, ammonia market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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