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The Ammonia Market to proliferate based on innovation from 2016-2024
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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.
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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.
Key players in the Australia ammonia market include Yara International ASA, Orica Limited, Incitec Pivot Limited, and CSBP Limited (Wesfarmers Limited). The Australia ammonia market is highly consolidated, with limited number of ammonia manufacturers and suppliers. However, major players in the market are focusing on expanding their production of ammonium nitrate to cater to demand for industrial explosives from the mining industry. Increase in ammonium nitrate production is anticipated to significantly increase demand for ammonia and nitric acid.
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