Ammonia Market Outlook
According to the report by Expert Market Research (EMR), the global ammonia market size reached a volume of 194.8 MMT in 2023. Aided by the surging demand in agriculture, chemical manufacturing, and industrial processes, the market is projected to further grow at a CAGR of 1.90% between 2024 and 2032 to reach a volume of 218.3 MMT by 2032.
Ammonia (NH3) is a vital industrial chemical primarily used in the production of fertilisers. Its nitrogen-rich composition makes it crucial for plant growth, and its derivatives are widely employed in various applications, including refrigeration, pharmaceuticals, and textiles. As the agricultural sector continues to expand globally, driven by the need to feed a growing population, ammonia remains a key component in supporting crop yields.
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A primary driver of the global ammonia market growth is the increasing demand for fertilisers to support global food production. The agricultural sector relies heavily on nitrogen-based fertilisers like urea and ammonium nitrate to enhance crop yields. As global populations grow and diets shift, the agricultural demand for ammonia-based fertilisers is expected to remain strong.
In the industrial sector, ammonia is utilised as a refrigerant and in the synthesis of various chemicals, such as nitric acid, which is a precursor to many commercial products. Additionally, it plays a crucial role in pollution control applications, such as reducing nitrogen oxide emissions from power plants and industrial facilities.
Furthermore, rising investments in sustainable and green ammonia production are gaining traction. Green ammonia, produced using renewable energy sources, is being developed as a carbon-neutral fuel and energy carrier, particularly in the shipping industry. This shift toward environmentally friendly ammonia production presents new opportunities for market growth, consequently driving up the ammonia market share.
The agriculture sector dominates ammonia consumption, primarily for fertiliser production. Ammonia-based fertilisers, like urea, ammonium nitrate, and ammonium sulphate, are essential for maintaining soil fertility and maximising crop yields. Their application is widespread across major agricultural regions globally.
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In addition to agriculture, ammonia is extensively used in various industrial applications. The chemical manufacturing sector uses ammonia to produce compounds like ammonium hydroxide, nitric acid, and hydrogen cyanide. The refrigeration sector employs ammonia as a refrigerant due to its efficiency and low environmental impact compared to other synthetic refrigerants.
Ammonia is also utilised in pharmaceuticals for the synthesis of antibiotics and other drugs. It is used in textiles for fabric treatment, in pulp and paper processing, and for rubber vulcanisation. Furthermore, it serves as a reducing agent in selective catalytic reduction (SCR) processes to control nitrogen oxide emissions.
As per the ammonia market analysis, the Asia-Pacific region leads the market, driven by high fertiliser demand in China and India. Rapid industrialisation and urbanisation, combined with the need to feed large populations, are pushing fertiliser consumption higher. These countries also have robust chemical manufacturing sectors that rely on ammonia.
North America holds a significant market share due to the strong agricultural sector and a well-established chemical sector. The region is also investing in sustainable ammonia production to reduce its carbon footprint.
In Europe, stringent environmental regulations and the growing adoption of green farming practices are influencing ammonia consumption. The region is actively promoting the use of low-carbon and green ammonia, leading to ammonia market expansion.
Latin America and the Middle East & Africa represent emerging markets, where increasing agricultural production and expanding industrial activities drive demand. Government support for fertiliser use to improve food security further enhances ammonia demand in these regions.
Market Segmentation
The market can be divided based on the type, end use, and region.
Market Breakup by Type
- Liquid
- Gas
Market Breakup by End Use
- Agriculture
- Textile
- Mining
- Pharmaceutical
- Refrigeration
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global ammonia market. Some of the major players explored in the report by Expert Market Research are as follows:
- Yara International ASA
- CSBP Limited
- CF Industries Holdings, Inc.
- Koch Fertilizer, LLC
- GROUP DF
- CASCALE SA
- OCI N.V.
- Acron Group
- BASF SE
- SABIC
- Indian Farmers Fertiliser Cooperative (IFFCO)
- Nutrien Ltd
- Others
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