Ammonia Market to Surpass USD 213892.73 kilotons by 2030 Rapid Growth

The Ammonia Market was valued at 185568.80 kilotons in 2023, and it is expected to reach 213892.73 kilotons by 2030 with a CAGR of 2.05% during the forecast period.

Ammonia Market Overview:

Ammonia (NH3), a colorless gas with a pungent odor, is integral to various industries, most notably agriculture, where it serves as a key component in nitrogen-based fertilizers. Its significance extends to refrigeration, pharmaceuticals, and chemical manufacturing. According to Maximize Market Research, the global ammonia market was valued at 185,568.80 kilotons in 2023 and is projected to reach 213,892.73 kilotons by 2030, growing at a CAGR of 2.05% during the forecast period.

The demand for ammonia is particularly pronounced in regions with intensive agricultural activities. China, for instance, utilizes ammonia extensively to support its vast agricultural sector, which feeds a significant portion of the global population despite limited arable land. Additionally, the increasing need for cold storage solutions in China has spurred the use of ammonia in refrigeration systems, further bolstering its market demand.

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Ammonia Market Dynamics:

The primary driver of the ammonia market is its indispensable role in agriculture. As the global population continues to rise, the demand for food production escalates, necessitating the use of ammonia-based fertilizers to enhance crop yields. In the United States, for example, over 88% of ammonia consumption is attributed to fertilizer applications, underscoring its critical importance in food security.

Simultaneously, environmental concerns and regulatory pressures are reshaping the ammonia industry. The production and application of ammonia contribute to greenhouse gas emissions and environmental degradation. Consequently, there is a growing emphasis on developing green and blue ammonia-produced using renewable energy sources or incorporating carbon capture technologies-to mitigate environmental impacts and align with global sustainability goals.

Ammonia Market Outlook and Future Trends

The future of the ammonia market is increasingly intertwined with the global energy transition. Green ammonia, synthesized using renewable energy, is emerging as a promising alternative fuel, particularly in sectors like maritime shipping and power generation. This shift is anticipated to open new avenues for ammonia beyond its traditional applications, positioning it as a cornerstone in the pursuit of carbon neutrality.

Technological advancements and strategic investments are accelerating the adoption of sustainable ammonia production methods. Collaborations between industry leaders and governments are fostering innovation in electrolysis and carbon capture technologies, enhancing the feasibility and scalability of green and blue ammonia projects. These developments are expected to redefine the ammonia market landscape, driving growth and environmental compliance.

Key Recent Developments:

United States: CF Industries, in partnership with Japan's JERA and Mitsui, announced a $4 billion investment to establish a low-carbon ammonia production facility in Louisiana. The plant, slated to commence operations in 2029, aims to produce approximately 1.4 million metric tons of ammonia annually, incorporating advanced carbon capture technologies to sequester about 2.3 million metric tons of CO2 each year.

Japan: Mitsui & Co. has initiated the construction of an ammonia plant in Al Ruwais, UAE, in collaboration with TA'ZIZ, Fertiglobe, and GS Energy. The facility, expected to begin production in 2027, will have an annual capacity of 1 million metric tons and will integrate CO2 capture and storage solutions to produce clean ammonia for export to Japan and other Asian markets.

Singapore: Sembcorp Green Hydrogen Pte Ltd has signed a memorandum of understanding with Japan's Sojitz Corporation and Kyushu Electric Power to explore opportunities for green ammonia production in India, targeting exports to Japan.

South Korea: In December 2023, NYK, JERA Co., Inc., and Resonac Holdings Corporation agreed to jointly explore the use of ammonia as a sustainable fuel for ships, aiming to reduce emissions in the maritime industry.

Europe: Yara International and BASF have partnered to develop a large-scale, low-carbon blue ammonia production plant in the Gulf Coast area of the United States, with a projected capacity of 1.2 to 1.4 million tons per year.

Vietnam and Thailand: While specific recent developments in Vietnam and Thailand are not detailed in the provided sources, the global trend towards sustainable ammonia production is likely influencing projects and policies in these countries, given their agricultural sectors and commitments to environmental sustainability.

Ammonia Market Segmentation

by Type

Liquid Ammonia
Gas Ammonia

by Application

Fertilizer
Intermediate to nitrogenous compound
Cleaner
Fermentation
Anti-microbial agent
Refrigerant
Fuel
Stimulant
Textile
Lifting gas
Wood working

by Technology Outlook

Solid Oxide Electrolysis
Proton Exchange Membrane
Alkaline Water Electrolysis

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Some of the current players in the Ammonia Market are:

1. CF Industries Holdings Inc.
2. Yara
3. Nutrien Ltd.
4. OCI Nitrogen
5. OSTCHEM
6. Group DF
7. OCI NV
8. EuroChem Group AG
9. SABIC
10.Acron
11.Orica Limited
12.Uralchem JSC
13.AB Achema
14.Togliattiazot
15.Qatar Fertilizer Company
16.Koch Fertilizer
17.Others

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