According to ChemAnalyst report, “Ammonia Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Ammonia market has witnessed significant growth as it reached 11.38 million tonnes in 2020 and is anticipated to achieve a healthy global CAGR of 4.60% in the forecast period until 2030. With the increasing utilization of Ammonia by the agriculture industry as they are highly used in fertilizers is expected to flourish the Ammonia market across the globe in the next few years. However, the hazardous effects of ammonia in its concentrated form can somehow hinder the market growth in upcoming years.
Ammonia referred by its molecular formula NH3 is an organic compound consisting of Nitrogen and Hydrogen. It is a colorless, highly reactive, and soluble gas with a pungent smell. Ammonia is considered as a building-block chemical and a key component widely used in the manufacturing of day-to-day products. Naturally Ammonia is present in plants, soil, air, water, animals and humans. The global production of Ammonia is done on a large industrial scale by the steam reforming of natural gas, which it is converted into liquified petroleum gas, or petroleum naphtha to produce hydrogen, which is further combined with nitrogen to produce Ammonia through the Haber-Bosch process.
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Ammonia is considered an important chemical which can be used in various sectors and for many different purposes. Ammonia serves as a fuel in energy production and engines, a key feedstock chemical, the main ingredient for cleaning products, and a refrigerant for cooling systems. It is extensively used in a wide of applications including pesticides, fertilizers, explosives, refrigerant gas, plastics, textiles, dyes, wastewater treatment, leather, rubber, paper, and others. One of the major end-uses for Ammonia is fertilizers. About 80% of the industrially produced ammonia is utilized in agriculture as fertilizers which helps in increasing the essential nutrient levels, like zinc, selenium, boron, etc. Ammonia is widely used in the household cleaning applications as a cleaning agent for the removal of stains or clean mirrors, tubs.
Global Ammonia Market is segmented on the basis of type, end-use, sales channel and region. Based on the type, the global Ammonia market is segmented into liquid and gas. Ammonia in the liquid form dominates the global market as it is highly used in household cleaning applications and fertilizers. On the basis of end-use industries, the global Ammonia market is segregated into agriculture, pharmaceutical, textiles, mining, refrigeration, and others. The agriculture industry dominated the global Ammonia market in the historic period and is expected to maintain its dominance in the forecast period until 2030. Surging demand of Nitrogen fertilizer due to its advantages in the agricultural sector is likely to accelerate the Ammonia market across the globe in the next few years. Rapidly increasing demand of Ammonia for the refrigeration owing to the rising consumption of frozen food, and fresh meat products, is projected to augment the market growth of Ammonia in upcoming years. Increasing demand of Ammonia by the pharmaceutical industry in emerging countries like China and others will further propel the global Ammonia market in the future.
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On the start of COVID-19, in 2020, the global market of Ammonia was adversely affected due to various factors including strict social distancing norms and countrywide lockdowns in emerging as well as industrialized economies around the world. Several end-user industries including agriculture, automobile, textiles and others that largely consumes Ammonia witnessed a severe decline. However, the refrigeration and pharmaceutical sector witnessed a positive impact in the first half of 2020. there was a surge in the demand of perishable goods, meat products and frozen foods during the covid times which further propelled the need for ammonia to use in refrigeration, thereby driving its demand.
Among different regions, APAC region dominated the global market of Ammonia in the historic period and is forecasted to maintain its dominance in the next ten until 2030. Exponentially rising demand of Ammonia for large-scale agricultural activities in Emerging countries including China, India, and others is leading the dominance in the APAC region. Growing demand of Ammonia by the pharmaceutical industry in the Asia Pacific region will further augment the Ammonia market worldwide in the future.
Ammonia Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Ammonia market include BASF SE, Nutrien Ltd., Rashtriya Chemicals and Fertilizers Limited (RCFL), Praxair Technology, Inc., EuroChem Group, SABIC, CF Industries Holdings, Inc., Koch Fertilizer, Yara International ASA, China National Petroleum Corporation, LLC, Qatar Petroleum, and Others.
“Rapidly growing demand of Nitrogen fertilizer due to its numerous advantages from the flourishing Agriculture industry is likely to boost the global Ammonia market in the forecast period until 2030. Due to the outbreak of COVID-19, there was a substantial increase in the demand of frozen food and meat products, which led to the need of Ammonia for the refrigeration purpose especially in Europe, North America and Asia. Rapidly increasing demand of Ammonia for large-scale agricultural activities in the Asia Pacific region will boost the global Ammonia market in the upcoming years. Rising demand of Ammonia by the pharmaceutical industry in emerging countries like China and others will further augment the global Ammonia market in the future. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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