Ammonia Market to Reach US$ 103.8 Billion by 2028

According to the latest report by IMARC Group, titled "Ammonia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The global ammonia market size reached US$ 75.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 103.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

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Ammonia Industry Outlook:

Ammonia is a colorless, pungent-smelling gas with the chemical formula NH3. It comprises one nitrogen atom and three hydrogen atoms and has a molecular weight of 17.03 g/mol. It is an important industrial chemical used to produce fertilizers, explosives, and cleaning agents. It is also used as a refrigerant and a cleaning agent for electronics. Ammonia is highly soluble in water and can form a weakly basic solution. It is a highly reactive compound and can act as a nucleophile in organic reactions. Due to its exceptional properties, ammonia is useful in a wide range of industrial and scientific applications.

Ammonia Industry Demand:

The global market is majorly driven by the increasing use of ammonia in the production of other chemicals, such as urea and nitric acid. In line with this, the rising agricultural activities, especially in developing countries, are significantly contributing to market growth. Furthermore, the growing demand for fertilizers and other chemicals across different sectors is positively influencing the market.

Apart from this, the escalating demand for clean water for various applications, such as drinking water and industrial processes, is driving the demand for ammonia in the water treatment sector. Moreover, the increasing demand for refrigeration in various industries, such as food and beverage, is catalyzing product demand. Besides, the rising focus on clean energy and the transition towards hydrogen-powered vehicles is propelling product adoption in the energy sector worldwide.

Additionally, the key market players are acquiring, collaborating, expanding production capacity, opening new production plants, and launching new products to produce green NH3 with zero-emission and create competition across the value chain.

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Key Market Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being:

• Achema AB
• BASF SE
• CF Industries Holdings Inc.
• Koch Industries Inc
• Linde plc
• Nutrien Ltd
• OCI N.V.
• Orica Limited
• PJSC Togliattiazot
• Saudi Basic Industries Corporation
• Yara International ASA.

Breakup by Physical Form:

• Anhydrous Ammonia
• Aqueous Ammonia

Breakup by Application:

• MAP and DAP
• Urea
• Nitric Acid
• Ammonium Sulfate
• Ammonium Nitrate
• Others

Breakup by End-Use Industry:

• Agrochemical
• Industrial Chemical
• Mining
• Pharmaceutical
• Textiles
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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