Delray Beach, FL, October 28, 2024 (Globe Newswire) — Ammonia market to grow from USD 79.47 billion in 2024 to USD 91.95 billion by 2029, at a CAGR of 3.0% during the forecast period is predicted to grow. Recent research by MarketsandMarkets. Ammonia is one of the most widely used chemicals in the world today and is therefore required in many industries. The Haber-Bosch process also has the added benefit of diversifying the uses of ammonia. Huge demand from many end-user segments, especially agricultural applications are the major factors likely to propel the ammonia market. Population growth and popular fashion have increased the use of ammonia in the textile industry, resulting in increased use in textiles and apparel. Increasing demand for low-carbon solutions is driving the ammonia industry.
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List of major companies in the ammonia market:
CF Industries Holdings, Inc. (USA) Yara International ASA (Norway) OCI Global (Netherlands) BASF SE (Germany) Nutrien (Canada)
Ammonia market drivers, constraints, opportunities and challenges:
Drivers: Reduced agricultural demand for ammonia: Price volatility Opportunities: Growing interest in low-carbon solutions Challenges: Alternative technologies
Main findings of the study:
Anhydrous ammonia is the fastest growing segment of the ammonia market. By sales channel, direct sales is the fastest growing segment in the ammonia market. By end-use industry in the ammonia market, agriculture is the largest segment. It is estimated to be the largest market among the Asia Pacific ammonia market.
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The ammonia market is divided into two types: anhydrous ammonia and water-soluble ammonia. Anhydrous type ammonia is projected to increase at a faster rate during the forecast period. This growth is due to cost effectiveness and direct application to the soil. Anhydrous ammonia is preferred by farmers with large agricultural operations. Its use is also increasing due to the need for efficient farming methods and increasing demand for food. The demand for anhydrous ammonia in the market is driven by the increasing focus on anhydrous ammonia as a fuel in industrial applications and in the clean energy transition.
Based on sales channel, the ammonia market is classified into direct market and indirect market. Large customers, including industrial buyers and farmers, prefer direct sales to ensure a stable and bulk ammonia supply at competitive prices. Direct communication between producers and consumers promotes operational efficiency through greater customization, higher quality products, and faster delivery. Therefore, direct sales are expected to be important in the ammonia market.
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By end-use industry, the ammonia market is segmented into agriculture, textiles, refrigeration, mining, pharmaceuticals, and other end-use industries. Agriculture is expected to dominate the ammonia market during the forecast period. As the population grows, the demand for effective farming methods increases, increasing the need for ammonia to produce fertilizers such as urea and ammonium nitrate. The use of ammonia in this industry is further facilitated by government support for increasing agricultural production and the increased use of advanced agricultural practices.
On the basis of region, the ammonia market is segmented into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America. The Asia-Pacific region will account for the largest share of the ammonia market in 2023. The need to feed growing populations in countries such as China and India is driving the agriculture sector in the Asia-Pacific region, which will further boost the ammonia market. Ammonia production and consumption is also increasing due to investment in renewable energy sources, growth in chemical manufacturing, and industrial growth in the Asia-Pacific region. Ammonia is also increasing in the Asia-Pacific region due to raw material availability and lower manufacturing costs.
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