Ammonia Market Forecast to Hit USD 213892.73 kilotons by 2030

Ammonia Market is anticipated to grow steadily throughout the forecast period as the use of ammonia in agriculture, chemicals, and industrial applications grow. As per industry estimates, the market was valued at around USD 185568.80 kilotons in the year 2023 and is projected to reach USD 213892.73 kilotons by 2030, at a CAGR of 2.05% during the forecast period.

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Ammonia Market - Dynamics Growth of ammonia market is largely driven by its widespread application in agriculture as an essential source of nitrogen in nitrogenous fertilizers including urea, ammonium nitrate and ammonium sulfate. Growing world population and increasing food demand has created the need for high yielding crops and in turn, increases the demand for ammonia-based fertilizers. In addition, ammonia is emerging as a potential hydrogen carrier, and a clean fuel source in the energy industry, which could drive future growth opportunities.

Another part of the market potential is the rise in demand for green ammonia, which is produced with renewable energy and via electrolysis. To achieve carbon neutrality and meet climate targets governments and companies are planning large-scale sustainable ammonia production. For instance, ammonia production technology specialized in hydrogen and nitrogen from gas and air under high-pressure and temperature, further supporting the efficiency and sustainability of the ammonia market.

Trends and investments in United States Market

In 2024, the U.S. ammonia market is undergoing a surge of investment and strategic alliances resulting from the increasing need for low-carbon and green ammonia. CF Industries recently announced a multi-Billion dollar investment in a new ammonia plant, producing blue and green ammonia, directly in line with the Biden administration's push for cleaner energy in the country. The Inflation Reduction Act has provided tax incentives for hydrogen and ammonia production that has improved the economic viability of sustainable ammonia production in the United States. The market is also gaining from the rise of ammonia as a maritime fuel and further applications for power generation.

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Market Segmentation - Leading Segment

Segmentation of Ammonia Market: By Application?Agriculture, Industrial, Others. Over 70% of the overall demand is attributed to the agriculture segment, thus representing the highest market share. The most important products are ammonia-based fertilizers, including urea and ammonium nitro-gen, which are important for crop production and the improvement of soil health. The industrial segment which includes the chemical and pharmaceutical applications is also steadily increasing in line with growing demand for ammonia to be used as a feedstock to manufacture explosives, plastics, and synthetic fibers.

Competitive Landscape

Some of the major players in ammonia market are focusing their initiatives to expand their production capacity and use more sustainable means to serve their target market more efficiently. The top five total market-share holding businesses in order are:

Yara International ASA - Yara is one of the largest producers of ammonia and recently announced plans to construct a renewable energy-powered green ammonia plant in Norway. This initiative will help to reduce emissions substantially and reinforce Yara's sustainable ammonia position.

CF Industries Holdings, Inc. (CF): One of the world's largest producers of ammonia Recently, the company has entered into various agreements with partners to startup blue ammonia plants in the U.S. utilizing federal incentives for clean energy growth.

Nutrien Ltd - Nutrien is increasing ammonia production in Canada and the U.S. to keep pace with greater needs for farm input products. It's also designed to help it become in-process decarbonised and we expect this will give it a competitive advantage in market.

OCI N.V.: OCI is expanding its ammonia production facilities in the Middle East and North Africa and investing in its extensive product portfolio to meet the growing demand for ammonia in industrial and energy applications. OCI has also developed technologies to improve production efficiency and cut carbon emissions.

Saudi Basic Industries (SABIC) - exp) has made significant investments recently in ammonia production in Saudi Arabia. It is aiming to green and blue ammonia in with the aim of ensuring it meet with Saudi Arabia's Vision 2030 and sustainability goals.

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Regional Analysis

USA - The U.S. accounts for a very large share of the world ammonia market, due to heavy agricultural demand, as well as increasing adoption of ammonia in energy and maritime applications. The third driver is favorable government support for clean ammonia production in the form of tax incentives and infrastructure development, driving the market growth.

UK - The UK ammonia market is developing at a steady pace due to various government schemes for green energy and sustainable agriculture. The UK government is creating new opportunities for growth through its net-zero strategy that encourages the development of renewable ammonia production.

Germany - The expanding role of ammonia as a hydrogen carrier in energy transition projects is contributing to a vigorous ammonia market in Germany. Market expansion is fueled by the German government promoting carbon reduction and hydrogen infrastructure.

France - To increase food security and decrease dependency on imported fertilizers France is investing in green ammonia production French firms are teaming up with international players to set up renewable energy based ammonia production plants.

Japan - Ammonia feature prominently in Japanese government hydrogen strategy, and some companies are advancing ammonia-based hydrogen carrier technologies.

Ammonia Production Country| 2.China - China is still top ammonia producer and consumer because its large agricultural base. The market growth is being propelled by the government policies favoring domestic fertilizer production and technological developments in ammonia production. At the same time however, China is under pressure to cut emissions consequently increasing investments in green ammonia production.

Conclusion

The ammonia market is expected to register robust growth due to growing demand for the substance as agricultural fertilizers as well as increased use in industrial applications, and clean energy solutions. Green ammonia and blue ammonia represent growing market opportunities jointly captured by sustainable innovation and technology leaders. Market Dynamics Increasing use of ammonia as hydrogen carrier and maritime fuel and Government support for clean energy based initiatives have been driving the market.

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