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Ammonia Market Overview, Growth And Forecast 2024-2033
Ammonia Market Overview
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According to The Business Research Company's, 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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Market Drivers and Trends:
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 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.
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Major Key Players of the Market:
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
Ammonia Market 2024 Key Insights:
• 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%.
• Growing Fertilizer Industry Boosts Demand For Ammonia As Essential Nutrient For Plant Growth
• Technological Advancements Drive Growth In Ammonia Market With Focus On Sustainability And Energy Efficiency
• Asia-pacific was the largest region in the ammonia market in 2023 and is expected to be the fastest-growing region in the forecast period
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