KennethResearch published a report titled “Ammonia Market: GlobalDemand Analysis & Opportunity Outlook 2031”which delivers detailed overview of theglobal ammonia market in terms of market segmentation by form, end users, and by region.
Further,for the in-depth analysis, the report encompasses the industry growth
indicators, restraints, supply and demand risk, along with detailed discussion
on current and future market
The global ammonia marketgarnered an approximate revenue figure of USD 74 billion in the year 2021 and is estimated to grow at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. On the basis of end users, the market is segmented into fertilizers, chemicals, refrigeration, textile, household & industrial cleaning, fibers
& plastics, pharmaceuticals, and others. Out of these segments, the
fertilizers segment is anticipated to show notable growth by growing at a
significant CAGR over the forecast period. The increasing demand for large
scale crop production, and rising consumption of bio-fertilizers are
anticipated to be the major growth drivers for the segment. Ammonia is akey raw material used in the production of agrochemicals such as fertilizers, and
popularly used in many other chemical industries. It is a composition of nitrogen and hydrogen, with the formula NH3. The global ammonia market is expected to be driven by increasingcrop production, rising population, growing demand for fertilizers, and increasing use of ammonia in production of explosives, are expected to be the major factors driving the growth of the global ammonia market.
On thebasis of region, the global ammonia market is segmented into five major regions
including North America, Europe, Asia Pacific, Latin America, and Middle East
& Africa region. Among these regions, the market in Asia Pacific region has
showed significant growth in the past and is estimated to grow at a higher CAGR
over the forecast period. The growth of the market in this region can be attributed
to rising demand for better crop production and initiatives taken by the
government to spread the awareness about the properties of ammonia among other
factors.
Theresearch is global in nature and covers detailed analysis on the market in
North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain,
Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden,
Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America
(Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India,
Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand,
Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE,
Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East
and Africa). In addition, analysis comprising market size, Y-O-Y growth &
opportunity analysis, market players’ competitive study, investment
opportunities, demand for future outlook etc. has also been covered and
displayed in the research report.
GrowingAgriculture Production and Consumption of Fertilizers to Drive the Growth of
the Global Ammonia Market
Thehighest consumer of ammonia is the agriculture industry which uses ammonia as a
source of nitrogen for the proper growth of plants. As per the data sourced
from U.S Department of Agriculture (USDA), the agriculture industry in the U.S contributed USD 1.055trillion in the year 2020. The compound is used in the fertilizerindustry in order to produce solid materials such as urea, sulfate, phosphate,
and ammonium nitrate. Furthermore, ammonium phosphate, a fast release
fertilizer, is also used in the planting of grass in case of overseeding and
for maintenance. Besides, the growing prevalence of commercial agriculture
around the world is a major reason driving the adoption of nitrogenous
fertilizers among the agriculture industry thereby, anticipated to drive the
growth of global ammonia market.
However,high concentration of NH3 affecting human health, and surging ammonia emissions
are expected to operate as key restraints to the growth of global ammonia
market over the forecast period.
Thisreport also provides the existing competitive scenario of some of the key
players of the global ammonia market which includes company profiling OCI N.V.,
Nutrien Ltd., Orica Limited, Dow Chemical Company, Praxair Technology, Inc.,
MITSUBISHI GAS CHEMICAL COMPANY, INC., AB “Achema”, Koch Fertilizer, LLC.,
Incitech Pivot limited, and Linde plc among others. The profiling enfolds key
information of the companies which encompasses business overview, products and
services, key financials and recent news and developments. On the whole, the
report depicts detailed overview of the global ammonia market that will help
industry consultants, equipment manufacturers, existing players searching for
expansion opportunities, new players searching possibilities and other
stakeholders to align their market centric strategies according to the ongoing
and expected trends in the future.
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