Press release
Ammonia Market to Record Sturdy Growth by 2024 - 2031 | Yara International ASA, BASF SE, CF Industries Holdings
Ammonia Market
Global ammonia market size is expected to reach US$ 132.91 Bn by 2031, from US$ 82.76 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 6.1% during the forecast period (2024-2031).
Market Dynamics:
The ammonia market is primarily driven by increasing demand from the fertilizer industry. Ammonia is a key component in the production of nitrogen-based fertilizers such as urea, ammonium nitrate and ammonium phosphate. Growing population and declining arable land have increased the demand for food, which in turn has boosted fertilizer production and demand for ammonia. Additionally, ammonia also finds numerous applications in industries such as textiles, pharmaceuticals, refrigeration and pulp & paper production, which is further accelerating market revenue growth.
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Conversion of Ammonia to Hydrogen Offers Immense Opportunity
With growing focus on cleaner fuels, ammonia is garnering attention as a potential hydrogen carrier due to its inherent hydrogen content. It can be transported and stored more efficiently than hydrogen in its liquid form. Various pilot projects are undergoing to utilize ammonia as a hydrogen vector in fuel cells or internal combustion engines. Its conversion back to hydrogen produces no carbon and requires much less energy compared to hydrogen production from other sources. This shift towards so-called "ammonia economy" presents a massive growth prospect for ammonia companies. Ongoing R&D aims to develop more economical and less energy intensive ammonia cracking technologies, which once commercialized will further stimulate the hydrogen economy.
Rising Preference for Bio-Based Fertilizers is an Emerging Trend in Agriculture
Mounting concerns over excessive chemical fertilizer usage and its environmental effects have boosted interest in more sustainable agriculture worldwide. The concept of precision farming utilizing targeted nutrient application is gaining popularity. Bio-stimulants derived from natural organisms are emerging as efficient substitutes enhancing soil health and crop immunity. They require minimal synthetic inputs and thus reduce pollution. Leading players are investing in bio-fertilizer plants using organic wastes. This evolving trend hints at a gradual market shift from traditional ammonia-based fertilizers. While chemical nitrogen will stay integral, the bio-based segment is anticipated to see impressive expansion rates. Ammonia producers need to closely monitor this situation and devise new strategies to leverage opportunities in the bio-economy.
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Top Companies Featured in This Report:
★ Yara International ASA
★ BASF SE
★ CF Industries Holdings Inc.
★ Nutrien Ltd.
★ Potash Corporation of Saskatchewan Inc.
★ Dangyang Huaqiang Chemical Co., Ltd.,
★ Shanxi Jinfeng Coal Chemical Co Ltd.
★ GTS Chemical Holdings plc.,Togliattiazot
★ OCI Nitrogen B.V.
★ Agrium Inc.
★ Sabic
★ Koch Fertilizer LLC.
Market Segmentation:
By Product Type:
★ By Form: Liquid, Gas, and Powder
★ By End Use Industry: Agriculture, Pharmaceutical, Textile, Chemical, Plastics, Pulp and Paper, and Others (Mining, Water Treatment, etc.)
By Applications:
★ By Application: Fertilizers, Refrigerants, Cleansing Agents, and Explosives
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Ammonia Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Ammonia market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Ammonia market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Ammonia market.
Segment Analysis: Examining the market value and sales volume of Ammonia by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Ammonia market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Ammonia sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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