Ammonia Market Growth to be Driven by Technological Advancements 2018
The abundant use of ammonia in fertilizers and agricultural products is expected to drive the global market. Moreover, the large production capacities in China are expected to make Asia Pacific one of the key market segments in the ammonia market. Regions like Russia, Germany, Ukraine, and other East-European countries contribute to making Europe the other major market segment in the ammonia market.
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The growth in fertilizer production and demand is expected to be the primary driver for the growth in the ammonia market. Acting as a vital source of nitrogen, which is a necessity for plant growth, it promises strong demand in the near future. Also, ammonia acts as a raw material for the preparation of nitric acid which is further used in the production of explosives. Refrigeration is another important application of ammonia, where it is used for cold storage, food preservation, and beverage production. However, modest growth in other application segments of ammonia like live stock, pharmaceuticals, plastics industry, paper industry, food industry, and chemicals among others, is expected to augment the demand in the near future.
One of the major factors that can hold this market back is the fluctuating prices of natural gas, the major feedstock for ammonia. Also, the toxic nature of ammonia in its applications is a major cause for concern. However, environmentally, ammonia is a non-hazardous gas as it does not contribute to global warming.
Some of the major players in the ammonia market are Terra Industries, BASF SE, Agrium, Inc., Koch Nitrogen Company, CF Industries, Inc., and Potash Corporation of Saskatchewan, Inc. among others.
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This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
Rest of the World
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Market growth drivers
Factors limiting market growth
Current market trends
Market projections for upcoming years
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