Ammonia Market to Reach USD 95.3 Billion by 2028; Growing Demand of Ammonia in Agriculture Industry | Markets N Research

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The global ammonia market size was valued at USD 66.4 billion in 2021. The market is projected to grow from USD 66.4 billion in 2021 to USD 95.3 billion by 2028, exhibiting a CAGR of 6.20% during the forecast period.

Chicago, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The global ammonia market is expected to exhibit strong growth, reaching USD 95.3 billion by 2028. As per the report titled "Ammonia Market Size, Share & COVID-19 Impact Analysis, By End Users (Fertilizers, Chemicals, Refrigeration, Textile, Household & Industrial Cleaning Fibers & Plastics, Pharmaceutical and Others), By Form (Liquid, Powder and Gas) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 66.4 billion and USD 95.3 billion in 2028. The market is expected to exhibit a CAGR of 6.20% during the forecast period.

Market Overview

Ammonia is a hydrogen and nitrogen chemical also referred to as azane. Ammonia is a colorless gas with a strong odor. Many foods and fertilizers use ammonia as a supplement. The market's expansion may primarily be ascribed to the rising demand for agricultural products and related agrochemicals such as fertilizers due to the world's expanding population. Furthermore, a significant driver anticipated to fuel market expansion is the rising need for ammonia in the pharmaceuticals sector. The ability of ammonia to condition and acidify the soil, as well as growing public awareness about growing crops of higher quality, are additional factors that are predicted to increase demand for ammonia.

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COVID-19 IMPACT

The COVID-19 outbreak has severely impacted the supply chain for fertilizer in the Asia Pacific region. The inability of farmers to obtain fertilizers because of difficulties with customs clearance, disruptions in local and global transportation systems, and backed-up roads and ports. The production of grains and oilseeds has decreased due to farmers' inability to obtain raw materials because they depend on these qualities. To ensure farmers have easy access to soil nutrients during the coronavirus pandemic, the Indian government, for instance, is closely monitoring the production and distribution of fertilizers.

Notable Industry Development

  • March 2021: Development of the Special Economic Zone, an Oman-based company in Duqm (Tatweer), collaborated with ACME Solar Holdings Ltd, a solar developer company in India, to plan to invest USD 2.5 billion to produce green hydrogen and green ammonia in the Duqm SEZ.

Growth Factor

Increasing Ammonia Production Worldwide to Accelerate Market Growth

Nitrogen and hydrogen combine to generate the inorganic substance ammonia, which has the formula NH3. Since nitrogen chemical is a major source of nutrition necessary for plant growth, the agricultural sector is the main user of ammonia. In addition, ammonia is used to create various liquid fertilizer solutions, including urea, ammonium nitrate, and aqua ammonia. Therefore, it is anticipated that the worldwide ammonia market will experience significant growth, supported by the widespread use of ammonia and rising ammonia production globally. According to statistics, ammonia (NH3) was the second most manufactured chemical after sulphuric acid (H2SO4) in 2019, with a global production of 235 million tonnes. Over the forecast period, production is expected to rise even further.

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Major Players Develop Acquisition Plans to Boost Brand Image

The leading businesses in the ammonia market plan acquisitions to improve their brand recognition globally. For instance, in May 2021, after a five-year hiatus, Japan's Mitsui O.S.K. Lines is returning to the ammonia shipping business. The business also disclosed that it would participate in a joint development study on the chain of ammonia fuel supply.

List of Key Players Profiled in the Report

  • OCI N.V.

  • Nutrien Ltd.

  • Orica Limited

  • Dow Chemical Company

  • Praxair Technology, Inc.

  • MITSUBISHI GAS CHEMICAL COMPANY, INC.

  • A.B. "Achema"

  • Koch Fertilizer, LLC.

  • Incitech Pivot limited

  • Linde plc

  • Others

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Lack of Understanding Regarding Green Ammonia May Limit the Market Growth

Green ammonia technology research is still in its early stages. Methods for quickly producing ammonia with water and nitrogen include biological cycling, photochemistry synthesizing, and the synthesis method. However, these techniques have significant technological challenges that necessitate work and R&D costs. Most ammonia producers still use conventional methods to produce ammonia today. The major problem with green ammonia is that chemical producers don't understand it well enough.

Report Scope and Segmentation

Report Coverage

Details

Forecast Period

2022-2028

Forecast Period 2021 to 2028 CAGR

6.20%

2028 Value Projection

95.3 billion

Base Year

2021

Market Size in 2021

66.4 billion

Historical Data for

2018 - 2021

Segments covered

By End User, By Form, and By Geography

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America

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Segmentation of Global Ammonia Market

Global Ammonia Market – By End Users

  • Fertilizers

  • Chemicals

  • Refrigeration

  • Textile

  • Household & Industrial Cleaning

  • Fibers & Plastics

  • Pharmaceutical

  • Others

Global Ammonia Market – By Form

  • Liquid

  • Powder

  • Gas

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Regional Overview

Asia Pacific is projected to hold the largest share of the ammonia market over the forecast period. The rising demand for fertilizer in China and India is to blame for this. Food demand has increased due to rapid urbanization and rising populations, and this trend will only fuel crop production's need for fertilizer. China uses and produces the most fertilizer globally. The government has implemented programs to promote phosphate consumption and production to increase overall output because China's soils are naturally phosphate deficient.

Further Report Findings

  • The market in Asia Pacific is expected to gain a huge portion of the global ammonia market share in the coming years. The presence of numerous international players and the increasing demand for agricultural products in the area are both credited with this expansion.

  • Ammonia is primarily obtained from natural gas worldwide; however, coal gasification is China's primary production method. China is followed in terms of production by Indonesia and India.

  • In Europe, the growth in this region is primarily driven due to increased hydrogen fuel advancements and the government pushing to install hydrogen fuel in residential and commercial markets.

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