Ammonia Market Surges: Robust Growth of 234 MMT, With 1-2% CAGR to 2025 Says Procurement Intelligence Report | ELINT Market Research
The ammonia market has shown significant growth, with production increasing from 192 MMT in 2022 to approximately 234 MMT. Procurement intelligence suggest steady annual growth of 1-2% from 2023 to 2025, reinforcing optimism for the industry's future.
Albuquerque, March 27, 2024 (GLOBE NEWSWIRE) -- The expanding numbers in the ammonia market show increased production as we move from the demand figure of 192 MMT in 2022 to the current figure of around 234 MMT. Such promising figures already support the compelling story of growth and endurance. ELINT Market Research's projections further strengthen optimism that the industry will register a steady annual growth rate of 1-2% from 2023 to 2025. The sustained upward movement indicates a vibrant and lively Ammonia industry and a positive outlook for industry stakeholders.
The most significant element that propels the resilience of the ammonia market is China, which holds the top position. As the biggest provider and user of ammonia worldwide, China has become a player driving the market dynamics. The US Geological Survey indicates that in 2022, the country produced about 42 million metric tonnes of ammonia. Increasing production corresponds to rising ammonia demand by industries, including agriculture. Its many applications in fertilizers, textiles, pharmaceuticals, and mining have generated an enormous need that created a significant market pull.
Ammonia is a ubiquitous compound used to make chemical ammonia fertilizers, chemicals, and refrigerants. It is versatile because it provides plants with nitrogen, one of the most vital elements for their growth. The most commonly used way of producing ammonia is the Haber-Bosch process, which mixes hydrogen extracted from natural gas and nitrogen from the air. Ammonia that results from this process is essential for manufacturing multiple nitrogen-based products.
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*Surge in Agricultural Demand and Global Shift towards Sustainable Practices to Boost Market Growth *
Ammonia-based fertilizers are essential in increasing crop yield, as agriculture is still a major driving force in the ammonia procurement market. As food demand rises with the growing global population, ammonia emerges as a significant agent to combat these agricultural challenges. Ammonia remains vital for the chemical industry as a pre-chemical compound such as nitric acid, urea, and ammonium nitrate. The rising need for these downstream products drives the development of the market. Additionally, ammonia is essential in producing polymers and resins, further shaping their market dynamics. Rampant environmental awareness has led to green ammonia derived from renewable energy sources. This clean substitute will increase in popularity and replace the environmentally unfriendly procedure. The demand for environmentally friendly practices will translate to companies that invest in green ammonia production.
*Key Highlights for the Ammonia Procurement Market *
· The Asia Pacific region constitutes a 50% market, with China and India leading. Research predicts that the Asia Pacific dominance over the market will prevail throughout 2023-2025. Industrialization is rapidly growing, and the farming sector is increasing. People are demanding ammonia. Asia Pacific has become a significant force in shaping the direction of the industry.
· The ammonia industry, particularly the fertilizers segment, has a solid standing in the market. The industry segment will likely grow and increase its market share from 2023 to 2025 and thus further strengthen its already dominant positioning in the market. The rising demand for fertilizers across the globe is due to an increase in human population and the need for more food production.
· The agriculture industry is taking the lead in the global ammonia market. The growth projections suggest unprecedented growth, and according to these projections, the Agriculture sector will dominate the market share by 2025. The world population is expanding, which calls for more intense agricultural activities, increasing the demand for ammonia in the agriculture industry. The government's supportive policies and programs to develop and grow the agriculture sector complement its growth.
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*Ammonia Procurement Market Regional Dynamics*
The Asia Pacific region is taking the lead in the ammonia market, with a share of 50%. China and India, which are rapidly industrializing, actively engaged in agriculture, and have a high population, drive the growth. Besides maintaining its power in high-volume production, Asia has become a center for innovation and strategic alliances that confirm its status as a significant player in the global ammonia industry. North America, consisting of the USA and Canada, is an important player, accounting for 9% of the world's ammonia production. This region is unique because it employs state-of-the-art and environmentally oriented production technologies and stringent regulatory standards. Germany and the Netherlands lead the industry in Europe, with a combined 21% of the world market share. Green manufacturing strategies in this region are adoptable with the view of ambitious carbon emission reduction plans.
*Notable Developments in the Ammonia Procurement Market *
· Kenya is taking steps to transform the fertilizer industry by collaborating with Kenya Nut Company and TalusAg, implementing an innovative green ammonia system that seeks to revolutionize fertilizer production. Thus, this strategic agreement marks a significant stride in the direction of greenhouse agriculture, aligning with global environmental conservation efforts.
· Petronas and GIC would invest in a five million cubic meter project for green ammonia production in India. Additionally, the fact that India is preferable as the location of the undertaking further underscores the importance of international teamwork. This move aligns with the nation's demand for clean energy solutions, which fits Petronas' and GIC's goals.
*Leading Players in the Ammonia Market *
There are many key players in the ammonia industry, with each participant dictating the industry's dynamics. Critical contributors such as Yara, CF Industries, Nutrien, Toaz, Koch Nitrogen, Mosaic, Azot, Zakldy Azotowe, Kemerovo, QAFCO, and PT Pup define the industry's structure. In addition, these companies introduce innovations in ammonia production and ensure they keep up with these trends to remain ahead in the technologically driven ammonia production industry.
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*Major Questions Addressed in the Ammonia Procurement Market Report *
*What is the current status of the global ammonia market?*
As of 2022, the ammonia market continues to grow strongly, estimated at 234 MMT, with an actual demand of 192 MMT. ELINT Market Research expects an annual growth rate between 1% and 2% from 2023 to 2025.
*What are the key highlights for the ammonia market by region?*
China and India comprise the Asia Pacific region, which has a 50% share of this industry. From 2023 to 2025, the Asia Pacific region will retain its global dominance in fertilizers.
*What are the projections for the Agriculture industry in the ammonia market?*
By 2025, the Agriculture industry will command a significant market share due to the growing global population, intensification of agricultural activities, and supportive governmental policies.
*Who are the prominent players in the ammonia market?*
The key contributors include Yara, CF Industries, Nutrien, Toaz, Koch Nitrogen, Mosaic, Azot, Zakldy Azotowe, Kemerovo, QAFCO, PT Pupuk, and Omif. Innovation and sustainability programs implemented by these companies enable them to mold the dynamics of industries.
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