New York, May 21, 2024 (GLOBE NEWSWIRE) -- Overview
The Global Ammonia Market size is expected to reach USD 243.1 billion by 2024 and is further anticipated to reach USD 415.3 billion by 2032 according to Dimension Market Research. The market is anticipated to register a CAGR of 6.1% from 2024 to 2033.
Nitrogen is a key element for plants, and the Haber-Bosch procedure converts the nitrogen of the atmosphere into ammonia, which in turn, the effectiveness of fertilizer is increased, and thus, the plant productivity is also increased.
Click to Request Sample Report and Drive Impactful Decisions: https://dimensionmarketresearch.com/report/ammonia-market/request-sample/
Moreover, the rising ammonia market is fueled by the textile industry demand and government initiatives, with the global ammonia prices being influenced by complicated production processes and government regulations.
Important Insights
- Market Size: The global ammonia market is expected to grow by USD 172.2 billion by 2033 from 2024 with a CAGR of 6.1%.
- Anhydrous Ammonia is expected to dominate the market in 2024, driven by its agricultural advantages, user-friendly handling, and multipurpose applications in nitrogen fertilizers, refrigeration, and cleansing.
- Fertilizers are set to lead the market in 2024 due to farmers' preference for efficient nitrogenous fertilizers. Also, ammonia, key in fertilizer production, holds significance in refrigeration & industries.
- The Asia Pacific region is set to lead the ammonia market in 2024 with a 58.5% revenue share, driven by key agricultural nations, such as China, the top global producer, and India contributes significantly.
Latest Trends
- Fertilizer Demand: The ammonia market is significantly influenced by the need for fertilizers. Ammonia is a key component in nitrogen-based fertilizers, & fluctuations in agricultural needs impact ammonia production & consumption.
- Industrial Applications: Ammonia is utilized in different industrial processes, like the production of chemicals, refrigerants, & pharmaceuticals. Industrial growth &demand for these products contribute to the dynamics of this market.
- Energy Sector: The market is also influenced by developments in the energy sector, mainly the growing interest in green or sustainable ammonia for use as a clean energy carrier or fuel, impacting both traditional & emerging markets.
Ammonia Market: Competitive Landscape
The key players in the market are engaged in expanding the product portfolio by formulating different product grades customized to various end-use sectors.
Furthermore, industry stakeholders are prioritizing the creation of sustainable & environmentally friendly ammonia as a strategic move to remove their carbon impact in the coming future. Some of the major players in the market include BASF SE, SABIC, ACME Group, Helm AG, Nutrien Ltd, and more.
Transform your business approach with strategic insights from our report. Get in touch to request our brochure today! : https://dimensionmarketresearch.com/report/ammonia-market/download-reports-excerpt/
Some of the prominent market players:
- BASF SE
- CF Industries Holdings, Inc.
- Yara International ASA
- Nutrien Ltd.
- Acron
- Koch Fertilizer, LLC
- Qatar Fertilizer Company
- Rashtriya Chemicals and Fertilizers Limited
- Helm AG
- SABIC
- ACME Group
- EuroChem Group
- China National Petroleum Corporation
- Other Key Players
| Report Highlights | Details |
| Market Size (2023) | USD 243.1 Bn |
| Forecast Value (2033) | USD 415.3 Bn |
| CAGR (2024-2033) | 6.1% |
| Leading Region in terms of Revenue Share | North America |
| Percentage of Revenue Share by Leading Region | % |
| Historical Data | 2017 - 2022 |
| Forecast Data | 2025 – 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Component, By Technology, By Application |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
Anhydrous Ammonia is expected to lead the market in 2024, due to its agricultural benefits, including user-friendly handling & better accessibility. Its applications range from efficient nitrogen fertilizers for crop productivity to different uses in refrigeration & cleansing, while aqueous ammonia is anticipated to gain traction for its better cleaning properties.
Fertilizers are expected to dominate the market in 2024, driven by their popularity among farmers due to the efficient absorption features of nitrogenous fertilizers, as ammonia, primarily used in nitrogen fertilizer production, also plays an important role in diverse applications, including refrigeration and various industrial sectors.
Purchase the Competition Analysis Dashboard Today: https://dimensionmarketresearch.com/checkout/ammonia-market/
Ammonia Market Segmentation
By Product
- Anhydrous Ammonia
- Aqueous Ammonia
By Application
- Refrigerants
- Fertilizers
- Pharmaceuticals
- Textiles
- Others
Growth Drivers
- Raw Material Prices: The cost of raw materials, mainly natural gas used in the Haber-Bosch process, has a significant impact on ammonia production costs. Fluctuations in natural gas prices can influence the overall dynamics of the ammonia market.
- Environmental Regulations: Strict environmental regulations &increasing emphasis on sustainability drive innovation in the ammonia market. The switch towards green ammonia production methods &the adoption of cleaner technologies play a role in market trends.
- Global Trade: Ammonia is a globally traded commodity. Trade relationships, geopolitical factors, &transportation costs affect the international flow of ammonia, impacting market prices and availability in different regions.
Restraints
- Environmental Regulations: Stringent environmental regulations related to ammonia production and emissions can increase compliance costs and limit production capacities, posing a significant restraint on market growth.
- Volatile Raw Material Prices: Fluctuations in the prices of natural gas, a key raw material for ammonia production, can impact profit margins and create uncertainty in the market.
- Safety Concerns: Ammonia is highly toxic and hazardous, posing significant safety risks during production, storage, and transportation, which can lead to increased operational costs and regulatory scrutiny.
Growth Opportunities
- Green Ammonia Production: Investing in green ammonia production using renewable energy sources such as wind and solar can reduce carbon footprints, meet regulatory standards, and cater to the growing demand for sustainable agricultural inputs.
- Expansion in Emerging Markets: Increasing agricultural activities and industrialization in emerging economies, particularly in Asia-Pacific and Latin America, present significant opportunities for market expansion and increased ammonia consumption.
- Technological Innovations: Advancements in production technologies, such as more efficient catalytic processes and carbon capture and storage (CCS) integration, can enhance production efficiency, reduce environmental impact, and open new avenues for ammonia applications in energy storage and transportation.
Regional Analysis
The Asia Pacific region is expected to dominate the ammonia market, holding a substantial 58.5% share in total revenue in 2024. Key agricultural nations in the APAC, like Indonesia, Japan, Thailand, India, & the Philippines, contributed to this dominance.
Further, China, recognized by the IEA as the leading global ammonia producer, accounts for 30% of total production & is the largest consumer of nitrogenous fertilizers globally. In addition, India, with 8% of global production, plays a significant role, particularly in urea production.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Click to Request Sample Report and Drive Impactful Decisions: https://dimensionmarketresearch.com/report/ammonia-market/request-sample/
Recent Developments in the Ammonia Market
- January 2024: India's Ministry of New & Renewable Energy announced auctions to incentivize green hydrogen production for ammonia and oil refining, providing subsidies to producers with in-house hydrogen production.
- January 2024: INOX Air Products got a major contract with the Maharashtra government for a USD 3 billion green ammonia plant, aiming for completion in 3-5 years to have an annual output of 500,000 MTPA.
- December 2023: Sembcorp Green Hydrogen, Sojitz Corp, & Kyushu Electric Power signed an MoU to explore green ammonia production in India for export to Japan, highlighting collaborative efforts in sustainable energy.
- November 2023: Adani Power collaborated with Japan's IHI Corporation & Kowa, to launch a green ammonia combustion pilot at its Mundra plant, targeting the co-firing of up to 20% in a 330MW unit.
- October 2023: Petronas & GIC plans to invest in AM Green's project, focused on producing 5 million tonnes of green ammonia annually in India by 2030.
Discover additional reports tailored to your industry needs
- Medical Polyoxymethylene Market size is expected to reach USD 133.6 million in 2024 and is anticipated to value USD 253.5 million by 2033 at a CAGR of 7.4%.
- Malonic Acid Market size is expected to reach USD 127.1 million in 2024 and is anticipated to value USD 169.0 million by 2033 at a CAGR of 3.2%.
- Ground Calcium Carbonate Market is expected to reach USD 36.9 billion in 2024 and is further anticipated to value USD 67.1 billion by 2033, at a CAGR of 6.9%.
- Alpha Olefin Market size is expected to reach a value of USD 11,665.1 million by the end of 2024, and it is further anticipated to reach a market value of USD 18,896.5 million by 2033 at a CAGR of 5.5%.
- Para-aramid Fibers Market was valued at USD 3.5 billion in 2023. And is anticipated to grow by 5.1% CAGR during the forecast period while expected to reach USD 5.8 billion by 2033.
- Monoethylene Glycol (MEG) Market was valued at USD 26,290.3 million in 2023, and it is anticipated to grow with a CAGR of 3.5% during the forecasted period and is expected to reach USD 37,241.2 million by 2033.
- Flame Retardant Market size is expected to reach USD 10.4 billion in 2024 and is anticipated to value USD 19.8 billion by 2033 at a CAGR of 7.4%.
- Grafted Polyolefins Market size is estimated to reach USD 1.9 billion in 2024 and is further predicted to reach USD 2.9 billion by 2033, at a CAGR of 5.0%.
- Organic Pigment Market size is expected to reach a market value of USD 6.7 billion in 2024 which is further anticipated to grow to USD 10.1 billion in 2033 at a CAGR of 4.7%.
- Synthetic Natural Gas Market size is expected to reach a value of USD 39.1 billion in 2024 which is further expected to reach USD 276.2 billion in 2033 at a CAGR of 24.2% for the forecast period.
About Dimension Market Research (DMR):
Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world.
We also believe that our clients don’t always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.
