Ammonia Market Is Expected To Reach A Revenue Of USD 415.3 Bn By 2033, At 6.1% CAGR: Dimension Market Research
Exploring the Ammonia Market: Current Trends, Key Demand Drivers, Industry Challenges, and Emerging Opportunities in the Global Chemical and Agricultural Sectors
New York, May 21, 2024 (GLOBE NEWSWIRE) -- *Overview*
*The Global Ammonia Market size is expected to reach USD 243.1 billion by 2024 and is further anticipated to reach USD 415.3 billion by 2032 according to Dimension Market Research. The market is anticipated to register a CAGR of 6.1% from 2024 to 2033.*
Nitrogen is a key element for plants, and the Haber-Bosch procedure converts the nitrogen of the atmosphere into ammonia, which in turn, the effectiveness of fertilizer is increased, and thus, the plant productivity is also increased.
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Moreover, the rising ammonia market is fueled by the textile industry demand and government initiatives, with the global ammonia prices being influenced by complicated production processes and government regulations.
*Important Insights*
· Market Size: The global ammonia market is expected to grow by *USD 172.2 billion* by 2033 from 2024 with a CAGR of *6.1%*.
· Anhydrous Ammonia is expected to dominate the market in 2024, driven by its agricultural advantages, user-friendly handling, and multipurpose applications in nitrogen fertilizers, refrigeration, and cleansing.
· Fertilizers are set to lead the market in 2024 due to farmers' preference for efficient nitrogenous fertilizers. Also, ammonia, key in fertilizer production, holds significance in refrigeration & industries.
· The Asia Pacific region is set to lead the ammonia market in 2024 with a *58.5%* revenue share, driven by key agricultural nations, such as China, the top global producer, and India contributes significantly.
*Latest Trends*
· *Fertilizer Demand*: The ammonia market is significantly influenced by the need for fertilizers. Ammonia is a key component in nitrogen-based fertilizers, & fluctuations in agricultural needs impact ammonia production & consumption.
· *Industrial Applications*: Ammonia is utilized in different industrial processes, like the production of chemicals, refrigerants, & pharmaceuticals. Industrial growth &demand for these products contribute to the dynamics of this market.
· *Energy Sector*: The market is also influenced by developments in the energy sector, mainly the growing interest in green or sustainable ammonia for use as a clean energy carrier or fuel, impacting both traditional & emerging markets.
*Ammonia Market: Competitive Landscape*
The key players in the market are engaged in expanding the product portfolio by formulating different product grades customized to various end-use sectors.
Furthermore, industry stakeholders are prioritizing the creation of sustainable & environmentally friendly ammonia as a strategic move to remove their carbon impact in the coming future. Some of the major players in the market include BASF SE, SABIC, ACME Group, Helm AG, Nutrien Ltd, and more.
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*Some of the prominent market players:*
· BASF SE
· CF Industries Holdings, Inc.
· Yara International ASA
· Nutrien Ltd.
· Acron
· Koch Fertilizer, LLC
· Qatar Fertilizer Company
· Rashtriya Chemicals and Fertilizers Limited
· Helm AG
· SABIC
· ACME Group
· EuroChem Group
· China National Petroleum Corporation
· Other Key Players
*Report Highlights* *Details*
Market Size (2023) USD 243.1 Bn
Forecast Value (2033) USD 415.3 Bn
CAGR (2024-2033) 6.1%
Leading Region in terms of Revenue Share North America
Percentage of Revenue Share by Leading Region %
Historical Data 2017 - 2022
Forecast Data 2025 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Technology, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
*Market Analysis*
Anhydrous Ammonia is expected to lead the market in 2024, due to its agricultural benefits, including user-friendly handling & better accessibility. Its applications range from efficient nitrogen fertilizers for crop productivity to different uses in refrigeration & cleansing, while aqueous ammonia is anticipated to gain traction for its better cleaning properties.
Fertilizers are expected to dominate the market in 2024, driven by their popularity among farmers due to the efficient absorption features of nitrogenous fertilizers, as ammonia, primarily used in nitrogen fertilizer production, also plays an important role in diverse applications, including refrigeration and various industrial sectors.
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*Ammonia Market Segmentation*
*By Product*
· Anhydrous Ammonia
· Aqueous Ammonia
* By Application*
· Refrigerants
· Fertilizers
· Pharmaceuticals
· Textiles
· Others
*Growth Drivers*
· *Raw Material Prices*: The cost of raw materials, mainly natural gas used in the Haber-Bosch process, has a significant impact on ammonia production costs. Fluctuations in natural gas prices can influence the overall dynamics of the ammonia market.
· *Environmental Regulations*: Strict environmental regulations &increasing emphasis on sustainability drive innovation in the ammonia market. The switch towards green ammonia production methods &the adoption of cleaner technologies play a role in market trends.
· *Global Trade*: Ammonia is a globally traded commodity. Trade relationships, geopolitical factors, &transportation costs affect the international flow of ammonia, impacting market prices and availability in different regions.
*Restraints*
· *Environmental Regulations: *Stringent environmental regulations related to ammonia production and emissions can increase compliance costs and limit production capacities, posing a significant restraint on market growth.
· *Volatile Raw Material Prices:* Fluctuations in the prices of natural gas, a key raw material for ammonia production, can impact profit margins and create uncertainty in the market.
· *Safety Concerns:* Ammonia is highly toxic and hazardous, posing significant safety risks during production, storage, and transportation, which can lead to increased operational costs and regulatory scrutiny.
*Growth Opportunities*
· *Green Ammonia Production:* Investing in green ammonia production using renewable energy sources such as wind and solar can reduce carbon footprints, meet regulatory standards, and cater to the growing demand for sustainable agricultural inputs.
· *Expansion in Emerging Markets:* Increasing agricultural activities and industrialization in emerging economies, particularly in Asia-Pacific and Latin America, present significant opportunities for market expansion and increased ammonia consumption.
· *Technological Innovations:* Advancements in production technologies, such as more efficient catalytic processes and carbon capture and storage (CCS) integration, can enhance production efficiency, reduce environmental impact, and open new avenues for ammonia applications in energy storage and transportation.
*Regional Analysis*
The Asia Pacific region is expected to dominate the ammonia market, holding a substantial *58.5%* share in total revenue in 2024. Key agricultural nations in the APAC, like Indonesia, Japan, Thailand, India, & the Philippines, contributed to this dominance.
Further, China, recognized by the IEA as the leading global ammonia producer, accounts for 30% of total production & is the largest consumer of nitrogenous fertilizers globally. In addition, India, with *8%* of global production, plays a significant role, particularly in urea production.
*By Region*
*North America*
· The U.S.
· Canada
*Europe*
· Germany
· The U.K.
· France
· Italy
· Russia
· Spain
· Benelux
· Nordic
· Rest of Europe
*Asia-Pacific*
· China
· Japan
· South Korea
· India
· ANZ
· ASEAN
· Rest of Asia-Pacific
*Latin America*
· Brazil
· Mexico
· Argentina
· Colombia
· Rest of Latin America
*Middle East & Africa*
· Saudi Arabia
· UAE
· South Africa
· Israel
· Egypt
· Rest of MEA
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*Recent Developments in the Ammonia Market*
· *January 2024: *India's Ministry of New & Renewable Energy announced auctions to incentivize green hydrogen production for ammonia and oil refining, providing subsidies to producers with in-house hydrogen production.
· *January 2024: *INOX Air Products got a major contract with the Maharashtra government for a USD 3 billion green ammonia plant, aiming for completion in 3-5 years to have an annual output of 500,000 MTPA.
· *December 2023: *Sembcorp Green Hydrogen, Sojitz Corp, & Kyushu Electric Power signed an MoU to explore green ammonia production in India for export to Japan, highlighting collaborative efforts in sustainable energy.
· *November 2023: *Adani Power collaborated with Japan's IHI Corporation & Kowa, to launch a green ammonia combustion pilot at its Mundra plant, targeting the co-firing of up to 20% in a 330MW unit.
· *October 2023: *Petronas & GIC plans to invest in AM Green's project, focused on producing 5 million tonnes of green ammonia annually in India by 2030.
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