Ammonia Market Forecasts Highest Growth During 2017-2024

Ammonia Market size is anticipated to witness a surge in demand due to rising product application in multiple downstream industries including agriculture, pharmaceuticals and consumer goods. Increasing utilization of ammonia particularly in the fertilizer industry will boost business growth. The product is even well recognized as the building block for the global nitrogen industry.

Ammonia, a compound of nitrogen and hydrogen, is a colorless gas with a typically pungent smell. It is majorly used in manufacturing several industrial chemicals. The product is primarily used in the manufacturing of urea, ammonium phosphates and ammonium sulphate. Furthermore, it is used a crucial feedstock component to produce nitric acid, an important precursor for specialty organic compounds. Some of the crucial specialty organic compounds using the product includes adipic acid, toluene, nitrobenzene, ammonium nitrate and calcium nitrate. Thus, propelling the overall ammonia market growth.

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Rising focus on energy consumption systems is expected to increase product usage as a refrigerant to provide sustainable, safe and energy saving refrigeration. It belongs to the category of natural refrigerants and is well recognized as the furthermost ecologically friendly refrigerant. It has zero Global Warming Potential (GWP) and Ozone Depletion Potential (ODP).

The product even has better heat transfer properties compared to other chemical refrigerants. This helps refrigerant equipment usage in smaller heat transfer area, that results in reduction of plant construction cost combined with operating costs of the system.
Based on product type, ammonia market is categorized into aqueous and anhydrous types. Among these, anhydrous type is expected to witness largest growth over the forecast period owing to high availability in gaseous form for easy processing. In addition, features including low cost as compared to aqueous type will boost anhydrous segment demand in the overall ammonia market.

On basis agrochemical segment, the industry is diversified into MAP, DAP, nitric acid, urea, ammonium nitrate, ammonium sulphate, and others. Urea is projected to achieve major share in the global ammonia market by 2024 owing to increasing product usage for manufacturing fertilizer to improve the quality and quantity of the crop.

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North America is one the major producer in the global ammonia market. The U.S. had over 15 global companies that produced the compound in their 22 manufacturing facilities in 2016. About 45% of the product in the country is consumed in further production of nitrogen fertilizers. The remaining capacity is used for producing synthetic fibers resins, plastics and several chemical compounds. As natural gas covers over 50% of the nitrogen fertilizer production cost, the availability of low-priced natural gas in the country is anticipated to be a key factor for product penetration in the region.

Global ammonia market is highly consolidated, with restricted number of manufacturers and suppliers. However, several industry players are focusing on expanding their productivity to accommodate growing demand for industrial explosives particularly in the mining industry. Furthermore, increase in ammonium production is expected to significantly boost the ammonia market size over the forecast period.

Some of the key industry players in market includes Yara International, Koch Fertilizer, CF Industries, Jiangsu Huachang Chemical, Orica, BASF, Incitec Pivot, SABIC, Linde Group, China National Petroleum Corporation and Trammo. Other prominent participants are Haldor Topsoe, OCI Nitrogen, Dow Chemical, Achema, Praxair, Mitsubishi Gas Chemical, Potash Corp, Haifa Chemicals, Group DF, Agrium, Togliattiazot and CSBP.
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