The Ammonia Market To Slip Into The Innovation-Oriented Ellipse At A CAGR Of 4% From 2021-2031

Ammonia is a compound of nitrogen and hydrogen, used in the manufacturing of a variety of commercially important chemical products. Ammonia is a major source of nitrogen nutrient, and is mainly used as a fertilizer as well as for the manufacture of other fertilizers such as urea, ammonium sulphate, and ammonium phosphates. Rising demand for industrial chemicals and agrochemicals is one of the major factors boosting the sales of ammonia. Additionally, increasing production of ammonium nitrate by explosive manufacturers is driving demand for anhydrous ammonia. Within the agrochemicals sector, high demand for nitrogen-rich fertilizers such as DAP, MAP, and urea is also fueling the sales of ammonia. As per analysis by Persistence Market Research, the global ammonia market is estimated to expand at a healthy CAGR of more than 4% over the forecast period of 2021-2031.

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The chemicals and materials vertical would be witnessing an eco-friendly transformation in the upcoming period. Plastic waste recycling would be one amongst these green initiatives. This would also be an era of materials informatics, i.e. machine learning would be employed to the materials’ development, which would, apart from improving on the cost of R&D, also provide better agility.

Synthetic biology would be another trend ruling the roost, as it would facilitate more flexible distribution of the chemicals and also help in exploration of novel markets, that too, at lower costs. Persistence Market Research is into tabling of these details of the chemicals and materials vertical through its team of riveting analysts and consultants.

Key Takeaways from Market Study
• Growing consumption of nitrogenous fertilizers is expected to drive demand for agrochemicals over the coming years.
• Robust growth of mining operations in Asia Pacific, especially in countries such as Indonesia and China, has led to significant growth in demand for ammonium nitrate-based explosives, thus stimulating demand for ammonia.
• Increasing use of ammonia in the manufacturing of various fertilizers such as urea, MAP (mono-ammonium phosphate), DAP (di-ammonium phosphate), and various other agrochemicals is driving the market in terms of consumption in Europe.
• Demand for ammonia for the production of modified fertilizers is expected to boost market growth over the coming years.
• Owing to increasing demand from end-use industries, key ammonia manufacturers are focusing more on greenfield projects to meet global demand. However, a few key players are planning to increase the production capacity of their existing plants to meet regional demand.
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Competitive Landscape
The global ammonia industry has been identified as a moderately fragmented market, with a number of large players as well as substantial presence of medium-sized and local players. Tier-1 manufacturers account for a prominent market share of overall ammonia production and supply to end-use industries. Some of the leading players included in the report are Yara International ASA, CF Industries Holdings, Inc., Potash Corp, Orica Limited, Incitec Pivot Ltd, Mitsubishi Gas Chemical Co., Inc., Praxair, Inc., Achema AB, Linde Group, Jiangsu Huachang Chemical Co., Ltd, Koch Fertilizer LLC, SABIC, BASF SE, The Dow Chemical Company, Toggliazot PJSC, OCI Nitrogen, Haifa Chemicals Ltd., CNPC (China National Petroleum Corporation), Trammo, Inc., and Haldor Topsoe A/S. The presence of such diverse players in terms of size and geographic origin is anticipated to create a tough competitive environment at the global level.

Conclusion
Increasing demand for agrochemicals coupled with rise in the production of fertilizers across the globe, especially the manufacturing of fertilizers such as urea, MAP (mono-ammonium phosphate), DAP (di-ammonium phosphate), and various others is expected to increase demand for ammonia over the forecast period. Besides, it is also used as a major feedstock for urea and for the production of modified fertilizers, which will further help drive market growth.

Furthermore, increasing use of explosives in mining operations is driving the need for ammonia, as it is a major component of explosives. Thus, increasing mining activities will increase the use of explosive products, and in turn, propel drive demand for ammonia.

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This release was published on openPR.