Ammonia Market is Projected to Increase a value of US$ 193.67 Bn by the end of 2032

Ammonia Market 2022

The global ammonia market reached a revenue of US$ 117 Bn at the end of 2021. The global ammonia market is estimated to reach a value of US$ 193.67 Bn by the end of 2032. Worldwide consumption of ammonia is projected to increase at 4.7% CAGR through 2032. Substantial production of fertilizers, including urea, MAP, DAP, and others, and increasing production of industrial explosives are expected to drive market growth.

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Significant demand for fertilizer production, industrial explosive production, and manufacturing of industrial chemicals are key growth drivers for the ammonia market. East Asia is expected to remain the most prominent market owing to the high presence of end-use customers.

Global sales of ammonia are projected to increase at a CAGR of 4.7% through 2032. Market growth is expected to be driven by high demand for fertilizers in the agricultural sector. Increase in the requirement for crop production all over the globe has been predominantly influenced by growing demographic dividend and high urbanization in developing nations.

This increase in demand is fueling the consumption of fertilizers, which is also driving the sales of ammonia, as ammonia is used as a raw material for the production of several fertilizers. Further, growing demand for industrial explosives for the extraction of various minerals, especially in South Africa, China, the U.S., Peru, and Australia, to name a few, is also expected to bolster the demand for ammonia.

The market is witnessing a significant change in its dynamics with the introduction of new production technologies for sustainable development. Manufacturers are opting for the production of ammonia with zero or very less carbon emissions to tackle the increasing global warming crisis.

Key Companies-

• Yara International
• CF Industries Holdings, Inc
• Potash Corp
• Orica Limited
• Incitec Pivot Ltd
• Mitsubishi Gas Chemical Co., Ltd.
• Praxair, Inc.
• Ahema 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
• Haldor Topsoe A/s

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Key Takeaways from Market Study

• South Asia Pacific has been estimated to remain one of the fastest-growing markets, projected to expand at 5.5% CAGR over the projected period (2022-2032).
• By end use, agrochemicals are anticipated to create an incremental dollar opportunity of US$ 39.8 Bn by 2032.
• Production of urea is expected to consume around 18.2 million tons of ammonia in South Asia Pacific.
• Anhydrous ammonia sales are expected to witness a growth rate of 3.9%, on a volume basis.
• East Asia is estimated to account for more than 34% of the global consumption of ammonia.

"Key market participants are focusing on strategic expansions and acquisitions, and are also adopting green technology for the production of ammonia to sustain in the long run," says a Persistence Market Research analyst.

Competitive Landscape

The global market for ammonia has been identified as a consolidated space with top players accounting for a key share in the industry.

Several key market players are investing in increasing their production capacity for green ammonia. They are collaborating with technology providers to acquire production technologies for ammonia with very low carbon emissions. Several developments are being witnessed in the setting up of production capacity for green ammonia.

In May 2022, LSB Industries announced agreements with several technology-based companies, including thyssenkrupp Uhde USA and Bloom Energy, to establish a project a itst Oklahoma facility for the manufacturing of around 30,000 metric tons of green ammonia each year.

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Key Questions Answered in the Ammonia Market Report

• How is the Ammonia market expected to grow over the projected period?
• What direction is the Ammonia market expected to take in terms of volume and value during the forecast period?
• What is the impact of macroeconomic factors on the Ammonia market in future?
• What are the key market drivers in the Ammonia market?
• What are significant opportunities and improvement areas for Ammonia manufacturers?
• What are the key developments and trends taking over the Ammonia market?
• Which are the emerging countries that are expected to create significant growth opportunities in the Ammonia market?

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