The latest report by IMARC Group, titled “Ammonia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global ammonia market size reached US$ 75.7 Billion in 2022. Ammonia (NH3) is an inorganic alkaline compound that appears as a clear, colorless gas with a pungent odor. It is industrially produced using the Haber-Bosch process that involves the reaction of hydrogen and nitrogen in the presence of a catalyst. It can be easily compressed into liquid form, which dissolves in water to form ammonium hydroxide. It is also widely used to manufacture nitrogen-based fertilizers, such as urea, ammonium nitrates, ammonium phosphates, and ammonium sulfate, for the proper growth of crops and plants. Ammonia also finds extensive applications in the production of plastics, rubber, chemicals, textiles, explosives, coloring agents, household cleaning products, and pesticides.
Global Ammonia Market Trends:
The surging need for agricultural chemicals, such as fertilizers and pesticides, to enhance the farm yield due to the expanding population, declining arable land, and escalating food demand represents the primary factor driving the market growth. In addition, the rising product adoption as a purifying agent in water treatment plants to filter impurities and purify liquid mediums without causing any adverse environmental impacts has augmented the demand for ammonia. It is also extensively utilized as a refrigerant in heating, ventilation, and air conditioning (HVAC) systems since ammonia quickly absorbs heat from the surroundings. Furthermore, there has been widespread adoption of ammonia in manufacturing household cleaning products and detergents as it is highly effective in breaking down household grime, removing stains, and cleaning glass without leaving any residual streak marks. In line with this, the development of green ammonia using sustainable technologies has accelerated the product adoption rate. Other factors, including the significant growth in the agriculture sector, escalating demand for ammonium nitrate for mining and explosive applications, growing inclination toward sustainable energy consumption systems, and emerging industrial applications, are also creating a favorable market outlook. Looking forward, the market value is anticipated to reach US$ 103.8 Billion by 2028, expanding at a CAGR of 5.2% during 2023-2028.
- Based on the physical form, the market has been bifurcated into liquid, powder and gas.
- On the basis of the application, the market has been categorized into MAP and DAP, urea, nitric acid, ammonium sulfate, ammonium nitrate, and others.
- The market has been divided based on the end use industry into agrochemical, industrial chemical, mining, pharmaceutical, textiles, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Achema AB, BASF SE, CF Industries Holdings Inc., Koch Industries Inc., Linde plc, Nutrien Ltd., OCI N.V., Orica Limited, PJSC Togliattiazot, Saudi Basic Industries Corporation, and Yara International ASA.
|Base Year of the Analysis
||Physical Form, Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Achema AB, BASF SE, CF Industries Holdings Inc., Koch Industries Inc., Linde plc, Nutrien Ltd, OCI N.V., Orica Limited, PJSC Togliattiazot, Saudi Basic Industries Corporation and Yara International ASA.
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