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Global Ammonia Market 2024 Growth Rate, Latest Trends, Industry Insights And Forecast To 2033 | Major Players Are Yara International ASA, BASF SE, CF Industries Holdings Inc., Nutrien Ltd., OCI Nitrogen
Ammonia Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the ammonia industry. This report on ammonia market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The ammonia market size has grown strongly in recent years. It will grow from $73.44 billion in 2023 to $79.65 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to agricultural demand, expanding population, energy and power generation, chemical manufacturing: .
The ammonia market size is expected to see strong growth in the next few years. It will grow to $112.19 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to hydrogen economy development, renewable energy, carbon capture and storage (ccs), clean energy transition. Major trends in the forecast period include green ammonia production, ammonia as hydrogen carrier, ammonia for energy storage, hydrogen fuel cell vehicles, sustainable fertilizer production, green shipping, ammonia for carbon capture, ammonia in pharmaceuticals, ammonia sensors and monitoring
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Key Market Players:
Yara International ASA, BASF SE, CF Industries Holdings Inc., Nutrien Ltd., OCI Nitrogen, Eurochem Group, Koch Fertilizer LLC, China National Petroleum Corporation, Rashtriya Chemicals and Fertilizers Ltd.
Market Drivers:
According to the Ammonia Market Report 2024 by The Business Research Company, the growth of the fertilizer industry is contributing to the growth of the ammonia market. Ammonia is used as ammonium nitrate fertilizer, which releases nitrogen, an essential nutrient for growing plants, including farm crops and lawns. The rapid growth in fertilizer industry is expected to boost utilization of ammonia as it is widely used in manufacturing of fertilizers. For instance, in March 2021, according to the sales and production report of fertilizers shared by Care Ratings, after growing by 4.2% in the previous ten months, fertilizer production in India climbed by 3% in the ten months of FY21. During the same period, overall fertilizer sales climbed by 19.4%. Overall, it is expected to see the consumption and the growth in demand continue. Therefore, an increase in the growth of the fertilizer industry is predicted to boost the demand for ammonia during the forecast period.
More information about the Global Ammonia Market Report -
https://www.thebusinessresearchcompany.com/report/ammonia-global-market-report
Market segments for template include:
1) By Product Type: Anhydrous Ammonia, Aqueous Ammonia
2) By Form Type: Liquid, Powder
3) By Application Type: Fertilizers, Chemicals, Refrigeration, Pharmaceutical, Fibers and Plastics, Pulp and Papers, Other Application Types
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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