Asia Pacific Ammonia Market Outlook
According to a new report by Expert Market Research titled “Asia Pacific Ammonia Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032″, the Asia Pacific ammonia market is projected to grow at a CAGR of 1.5% between 2024 and 2032. Aided by the extensive industrial applications of ammonia and the escalating demand for agro-based products in the region, the market is expected to grow significantly by 2032.
Ammonia, primarily recognised as a pungent gas with the formula NH3, plays a pivotal role in the industrial landscape of the Asia Pacific region. It is a fundamental building block for the synthesis of many pharmaceuticals and is employed in many commercial cleaning products. Its preeminent role, however, lies in agriculture, where it is utilised as a direct fertiliser or as a key constituent in fertiliser compositions, providing essential nitrogen sources for plant growth.
The Asia Pacific region, with its burgeoning population and rapidly urbanising cities, is witnessing an insatiable demand for agricultural produce. This has driven a significant upswing in the requirement for fertilisers, which in turn, has bolstered the Asia Pacific ammonia market demand. As countries like China, India, and Indonesia grapple with the challenge of feeding their vast populations, the emphasis on enhanced agricultural yield becomes paramount, thereby amplifying the role of ammonia in agro industry.
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Moreover, the industrial expanse of the Asia Pacific region further underlines the criticality of ammonia. From its utility in the production of nitric acid, a precursor for many compounds, to its applications in the refrigeration industry, the omnipresence of ammonia in various industrial sectors of the region adds impetus to its Asia Pacific ammonia market growth.
The burgeoning healthcare sector in the region also underscores the importance of ammonia. In the realm of pharmaceuticals, ammonia serves as a foundational component in the synthesis of numerous medicinal compounds, catering to a myriad of health concerns. As healthcare infrastructure strengthens and expands in countries like India, China, and Japan, the reliance on pharmaceuticals sees a commensurate rise, indirectly propelling the demand for ammonia.
Further influencing the Asia Pacific ammonia market outlook is the continuous research and innovation in the chemical industry of the region. Newer applications and more efficient production methods for ammonia are being explored, and the Asia Pacific, with its robust research ecosystem, stands at the cusp of these innovations.
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Asia Pacific Ammonia Market Segmentation
The market can be divided based on type, application, and country.
Market Breakup by Type
- Gas
- Liquid
Market Breakup by Application
- Fertilisers
- Textile
- Mining
- Pharmaceuticals
- Refrigeration
- Others
Market Breakup by Country
- China
- Japan
- India
- ASEAN
- Australia
- Others
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 the Asia Pacific ammonia market. Some of the major players explored in the report by Expert Market Research are as follows:
- Mitsubishi Gas Chemical Company, Inc.
- Yara International ASA
- Mitsui & Co.
- BASF SE
- Indian Farmers Fertiliser Cooperative Limited (IFFCO)
- Nutrien Ltd.
- Brunei Fertilizer Industries Sdn Bhd
- PT Pupuk Kalimantan Timur (PKT)
- Others
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