Ammonia Market Demand, Growth Factors, Supply, Latest Rising Trend & Forecast to 2024

The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.

They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.

Persistence Market Research delivers key insights on the Australia ammonia market in its latest report titled, “Australia Market Study on Ammonia: Increasing Consumption in Nitric Acid Production to Drive Growth by 2024”. The ammonia market in Australia is estimated to register 5.8% Y-o-Y growth in 2016 over 2015 and is expected to expand at a CAGR of 6.3% over the forecast period (2016-2024).

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By product type, anhydrous ammonia segment is expected to continue to dominate the market in terms of value and volume share throughout the forecast period (2016–2024). Production of ammonium nitrate by explosives manufacturers to cater to demand for industrial explosives from the mining sector is anticipated to drive growth of the Australia ammonia market over the forecast period. Also, increasing demand for nitrogen-rich fertilizers such as DAP and MAP is expected to drive volume sales of ammonia during the forecast period. However, volatility in natural gas prices and increasing dependency on fertilizer imports are factors expected to restraint growth of the ammonia market in Australia.

On the basis of end use, nitric acid segment is expected to exhibit relatively strong projections by 2024 end, owing to pivotal use of nitric acid both directly and as precursor to other downstream products. The segment is expected to continue to account for major value and volume shares in the Australia ammonia market throughout the forecast period, to account for 46.2% by 2024 in terms of value and expand at a CAGR of 7.9% in terms of volume during the forecast period. Ammonium nitrate segment in the Australia ammonia market is expected to be valued at US$ 172.0 Mn by 2016 end, registering 7.3% Y-o-Y growth over 2015.

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On the basis of application, industrial chemicals segment is expected to maintain its dominance throughout the forecast period. Explosives segment is expected to register the second-highest CAGR of 7.5% over the forecast period, to reach value of US$ 298.2 Mn by 2024 end.

Western Australia is the largest market for ammonia. The market in the region is estimated to be valued at US$ 230.7 Bn by 2016 end. The ammonia market in New South Wales is anticipated to expand at a significant CAGR of 7.2% in terms of value over the forecast period.

Company Highlights

Orica Limited
Yara Pilbara Holdings Pty Ltd.
Incitec Pivot Ltd.
CSBP Limited (Wesfarmers)
Other
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