Press release
Ammonia Market Size Worth $124.64 Billion By 2030 | CAGR: 6.5%
The global ammonia market is poised to witness sustained growth in the coming years, according to the latest research report by Polaris Market Research. The market was valued at USD 71.20 billion in 2021 and is projected to grow to USD 124.64 billion by 2030. It is anticipated to exhibit a CAGR of 6.5% from 2022-2030.
Market Overview
Ammonia is an odorless gas composed of hydrogen and nitrogen. The gas occurs in nature and is primarily produced by anaerobic decay of plants and animal remains. The commercial production of ammonia is done via the catalytic reaction of hydrogen and nitrogen under high temperature and pressure conditions. Most of the commercially produced ammonia is used directly or indirectly for agriculture. Common chemical fertilizers made from this gas include ammonium nitrate, ammonium phosphate, urea, and other nitrates. Ammonia is also used to produce other chemicals such as hydrazine, nitric acid, amino acids, and cyanides.
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Growth Drivers
The expanding world population and rising food consumption have resulted in a significant rise in fertilizer sales. The essential nutrients required by plants, including nitrogen, phosphorus, and potassium (NPK), are provided by fertilizers. Ammonia plays a crucial role in the production of agricultural fertilizers. The use of ammonia-based fertilizers helps farmers sustain healthy crops and effective soil, impacting the ammonia market demand favorably.
Competitive Landscape
The market has the presence of several established players. These players leverage strategic initiatives to maintain their market position. A few of the major market participants include:
• Asahi Kasei Corporation.
• BASF SE
• CF Industries Holdings Inc.
• EuroChem Group AG
• Evonik Industries AG
• Koch Fertilizer LLC.
• Group DF
• Indian Farmers Fertiliser Cooperative Limited
• MITSUBISHI GAS CHEMICAL COMPANY INC
• Nutrien Ltd.
• OCI NV
• Orica Limited
• Qatar Fertiliser Company
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Segmental Analysis
The market is primarily segmented based on form, application, and region.
Based on form, the liquid segment is projected to register the fastest growth. This is primarily due to the growing demand for fertilizers and an increase in pharmaceutical production globally.
Based on application, the fertilizers segment led the global market. Ammonium nitrate fertilizers, which produce nitrogen, are an essential nutrient utilized for plant growth. Farmers rely on ammonia-based fertilizers to make their soil productive to promote healthy crops, driving the segment's leading market position.
Ammonia Market, Form Outlook (Revenue - USD Billion, 2018 - 2030)
• Liquid
• Gas
• Powder
Ammonia Market, Application Outlook (Revenue - USD Billion, 2018 - 2030)
• Fertilizers
• Refrigerants
• Fibers and Plastics
• Pharmaceuticals
• Textile
• Others
Regional Assessment
• North America
o U.S
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Russia
o Netherlands
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