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Ammonia Global Market Report 2024 - By Size, Share, Key Trends, Forecast To 2033
Ammonia Market
As per the report, 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 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%.
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Growing Fertilizer Industry Boosts Demand For Ammonia As Essential Nutrient For Plant Growth
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.
Technological Advancements Drive Growth In Ammonia Market With Focus On Sustainability And Energy Efficiency
Technological advancement is a key trend gaining popularity in the ammonia market. Companies are investing in new technologies in order to improve energy efficiency and have the lowest CO2 emission. For instance, in May 2021, Netherland-based Stamicarbon Company, involved in designing and project development of chemical plants, launched a green ammonia technology process Stami Green Ammonia technology, paving the path for the production of sustainable fertilizers. To eliminate carbon from the ammonia production process, the technology uses renewable resources such as sun, wind, and hydrogen from water rather than fossil fuels. Such innovation is certainly a key trend in the ammonia market and will help the market grow further.
The ammonia market covered in this report is segmented -
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
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Major companies operating in the ammonia market include 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., Qatar Fertiliser Company, Mitsubishi Gas Chemical Co Inc., Uralchem JSC, Evonik Industries AG, Acron Group, Orica Limited, Gujarat Narmada Valley Fertilizers & Chemicals Ltd., Agrium Europe S.A., Fauji Fertilizer Company Limited, China National Offshore Oil Corporation, National Fertilizers Limited, TFI International Inc., Trammo Inc., Pupuk Kaltim, Sinochem Group, Zimmer Biomet, KBR Inc., Dyno Nobel
Contents of the report:
1. Executive Summary
2. Ammonia Market Report Structure
3. Ammonia Market Trends And Strategies
4. Ammonia Market - Macro Economic Scenario
5. Ammonia Market Size And Growth
…..
27. Ammonia Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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