Press release
Ammonia Market to Witness an Outstanding 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 driven by the increased demand from the agriculture industry for fertilizer production. Ammonia is used to produce nitrogen fertilizers such as ammonium nitrate and urea. According to FAO, around 80% of global ammonia production is consumed in the fertilizer industry. The rising global population and decreasing availability of cultivable land has increased the demand for fertilizers to maximize crop yields. This is further fueling the growth of the ammonia market. Another key driver is the increased use of ammonia in industrial applications such as cleaning agent, industrial refrigerant and resin manufacturing. Various properties of ammonia such as high solubility, non-flammability and ability to work at lower temperatures than other refrigerants have increased its adoption as an industrial refrigerant.
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Ammonium Nitrate Production as a Key Driver for Ammonia Market Growth
The growing demand for ammonium nitrate from various end-use industries such as explosives, pyrotechnics, and fertilizers has been a major growth driver for the global ammonia market. Ammonia is a key raw material used in the production of ammonium nitrate. As ammonium nitrate finds widespread applications in mining, quarrying, construction, and agriculture industries, its consumption has increased manifold over the past decade. According to recent statistics, over 60% of the total ammonia production is consumed for ammonium nitrate manufacturing. With rising mineral extractions and infrastructure development activities globally, the need for ammonium nitrate is projected to surge in the coming years. Major manufacturers are making strategic investments and capacity expansions in their ammonia plants to cater to the rising demand from ammonium nitrate producers. This factor is expected to propel the ammonia market forward during the forecast period.
Renewable Energy Integration as a Promising Market Opportunity
The increasing focus on renewable energy integration and production of green ammonia is opening new growth opportunities for ammonia producers. Presently, fossil fuels are widely used in ammonia manufacturing with steam methane reforming being the dominant production process. However, renewable technologies like solar and wind energy can be leveraged to produce carbon-neutral green ammonia. An increasing number of companies are investing in green ammonia projects with certain regions promoting hydrogen and ammonia economy strategies. Production of ammonia using renewable electricity avoids carbon emissions and helps decarbonize heavy industries. Large fertilizer manufacturers and chemical companies are actively seeking opportunities in the renewable energy space to satisfy global sustainability targets. Governments also offer attractive subsidies and tax exemptions for green investments. The move towards renewable energy-based ammonia manufacturing presents a lucrative growth avenue and helps gain a competitive edge in the future low-carbon economy.
Emergence of Bio-based Routes Indicates Industry Dynamism
With growing global concerns regarding climate change and fossil fuel independence, new frontiers are emerging in the ammonia production landscape. Researchers are actively exploring bio-based and microbial routes to synthesize ammonia from sustainable feedstock in a carbon-efficient manner. For instance, certain microorganisms found in soil and marine environments have been studied to understand their biological nitrogen fixation abilities. Companies are evaluating processes which use technologies like gas fermentation to convert biomass and organic wastes into renewable hydrogen and syngas, thereby reducing reliance on natural
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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)
The report offers insights on the following aspects:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Analysis of Ammonia Market Competition Landscape by Players
Chapter 4: Assessment of Ammonia Market Size by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, recent developments, and investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
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:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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