Ammonia Market Expansion Outlook: $121.65 Billion in 2029

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What Is the Projected CAGR for the Ammonia Market from 2024 to 2025?
In recent times, the ammonia market has seen a significant expansion. This market is set to rise from a value of $79.13 billion in 2024 to $84.52 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.8%. The historical growth of this market can be credited to factors such as the need for agriculture, an increasing population, as well as the necessities of power generation and chemical manufacturing.

What are the Expected Market Size and CAGR for Ammonia by 2029?
In the coming years, the ammonia market size is expected to experience solid growth. The market is projected to reach $121.65 billion in 2029, with a compound annual growth rate (CAGR) of 9.5%. This growth during the forecast period is forecasted to be driven by factors such as the development of the hydrogen economy, renewable energy, carbon capture and storage (CCS), and transition to clean energy. Noteworthy trends in the forecast period include the production of green ammonia, ammonia as a hydrogen carrier, the use of ammonia for energy storage, hydrogen fuel cell vehicles, sustainable production of fertilizers, green shipping, ammonia employed for carbon capture, applications of ammonia in pharmaceuticals, and the use of ammonia sensors and monitoring.

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Which Factors Are Driving the Global Ammonia Market Expansion?
The expansion of the fertilizer sector plays a key role in fuelling the growth of the ammonia market. Ammonia is predominantly used in the production of ammonium nitrate fertilizer, a substance that releases nitrogen, a nutrient crucial for the growth of various plants, including agricultural crops and lawns. The accelerated expansion of the fertilizer industry is likely to stimulate the demand for ammonia, given its extensive use in the manufacture of fertilizers. In 2024, The Agricultural Industries Confederation, a trade association from the UK that represents the agri-supply industry, reported that the nitrogen usage in England & Wales was at 687 thousand tonnes, witnessing a considerable rise from 692 thousand tonnes in 2023. Hence, the burgeoning fertilizer industry is instigating the growth of the ammonia market.

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Which Segment Currently Holds the Largest Share of the Ammonia Market?
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

Subsegments:
1) By Anhydrous Ammonia: Industrial Grade Anhydrous Ammonia, Agricultural Grade Anhydrous Ammonia
2) By Aqueous Ammonia: Low-Concentration Aqueous Ammonia, High-Concentration Aqueous Ammonia

Which Major Trends Are Shaping the Future of the Ammonia Industry?
Numerous prominent firms in the ammonia market are prioritising the creation of innovative biomass-balanced products to accommodate the increasing need for eco-friendly agricultural alternatives. These biomass-balanced commodities act as fertilizers and chemicals, providing a more sustainable substitute compared to conventional methods. They are often accompanied by certifications that underline their ecological merits, enabling consumers and businesses to make conscious choices that foster a circular economy. For example, in May 2024, BASF SE, a chemical corporation based in Germany, introduced ammonia anhydrous BMBcert, ammonia solution 24.5% BMBcert, urea powder BMBcert, urea solution 40% BMBcert, and urea solution 45% BMBcert. BASF's Ammonia Anhydrous BMBcert, an ISCC PLUS-certified biomass-balanced merchandise, noticeably diminishes emissions and strengthens sustainability endeavors. The ammonia solution 24.5% BMBcert provides a lower carbon footmark with its biomass-balanced mix. Urea Prills BMBcert assists clients in curtailing scope 3 emissions, while Urea Solutions (40% and 45%) offer potent biomass-balanced alternatives that contribute to accomplishing sustainability objectives and lessening overall carbon impressions.

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Which Key Players Dominate the Ammonia Industry Globally?
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, Trammo Inc., Pupuk Kaltim, Sinochem Group, KBR Inc., Dyno Nobel

What Are the Fastest-Growing Regions in the Ammonia Market?
Asia-pacific was the largest region in the ammonia market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the ammonia market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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