Pune, India, Dec. 07, 2021 (GLOBE NEWSWIRE) -- The global ammonia market size is projected to reach USD 110.93 billion by 2028, exhibiting a CAGR of 6.4%during the forecast period. As per the report by Fortune Business Insights™, titled “Ammonia Market, 2021-2028”, the market’s value was estimated to be USD 67.01 billion in 2020 and is expected to touch USD 71.98 billion in 2021.
Exponential Growth in World Population to Favor the Market
The global population is growing at a prolific pace and agricultural practices, processes, and technologies will need to rapidly catch up to feed the ever-increasing number of people. Projections released by the Food and Agriculture (FAO) show that the world population is set to spike by nearly 33% over the next three decades, leading to the addition of roughly 2.3 billion people. To meet the nutrition requirements of the growing numbers, the FAO estimates that overall food production will have to increase by 70%, with production in developing nations needing to double from current levels.
NH3 will be a critical element in enabling governments to boost farm yields, as this compound is the most essential ingredient in making fertilizers. Since agricultural productivity is heavily dependent on fertilizers, the soaring demand for crops and raw materials in the coming years will escalate the adoption and employment of NH3.
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List of Companies Covered in the Ammonia Market Report:
- Yara International ASA (Oslo, Norway)
- China National Petroleum Corporation (Beijing, China)
- Koch Fertilizer, LLC (Kansas, the U.S.)
- Qatar Petroleum (Doha, Qatar)
- Nutrien Ltd. (Saskatoon, Canada)
- BASF SE (Ludwigshafen, Germany)
- Rashtriya Chemicals and Fertilizers Limited (RCFL) (Mumbai, India)
- Praxair Technology, Inc. (Connecticut, the U.S.)
- EuroChem Group (Zug, Switzerland)
- SABIC (Riyadh, Saudi Arabia)
- CF Industries Holdings, Inc. (Illinois, the U.S.)
Segmentation
Based on application, the market is segmented into fertilizers, textiles, refrigeration, pharmaceuticals, household & industrial cleaning, and others. The textile segment held a share of 10.93% in the US market in 2020. Based on geography, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Highlights
The report supplies valuable insights into the impact of the COVID-19 outbreak on the market and provides a panoramic overview of the general aviation industry trends. Additionally, the report contains a comprehensive analysis of the various factors driving and restraining the market growth, as well as an exhaustive evaluation of all market segments. Last, it incorporates a careful study of the competitive dynamics and regional developments influencing the market.
COVID-19 Impact
The widespread disruptions caused to fertilizer supply chains amid the COVID-19 pandemic have deeply affected the ammonia market growth. Compounding this is the growing inaccessibility to raw materials and other agriculture inputs for farmers, worsened by trade and travel restrictions, sudden imposition of lockdowns, and falling demand. As a result, the market displayed a decline of 4.8% in 2020.
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Driving Factor
Promising Potential of Green Ammonia in Clean Energy to Brighten Market Prospects
Traditional forms of NH3 – gray, blue, and turquoise – are known to emit massive amounts of methane and carbon dioxide. For example, gray NH3, which is produced using the Haber-Bosch process, releases methane and CO2 in large amounts. Therefore, companies are building new capacities to manufacture green NH3, which is made with hydrogen that comes from water electrolysis powered by alternative energy.
In Saudi Arabia, for instance, US-based Air Products and Chemicals and NEOM, a company that is building a carbon-free city in Saudi Arabia, have embarked on a USD 5 billion project to construct and develop a green ammonia facility on the Red Sea coast that will be powered by wind energy. It is slated to be completed by 2025. Similarly, in May 2021, the UAE's Khalifa Industrial Zone Abu Dhabi or KIZADannounced plans to build a US$ 1 billion green NH3 plant to bolster the country’s position in clean energy. Similar projects are also being initiated in Norway, New Zealand, and Chile, opening up path-breaking growth avenues for this market.
Regional Insights
Extensive Demand for Fertilizers to Propel the Asia Pacific Market
In Europe, the market will be principally driven by the growing demand for sustainable agricultural inputs, which is stoking the development of green ammonia in the region. In North America, the primary growth determinants for the market include the adoption of sophisticated cultivation techniques, strong government support formodern farming practices, and robust agriculture infrastructure.
Asia Pacific is anticipated to command the market share during the forecast period owing to the massive demand for fertilizers in the region, especially in India. India is an agrarian economy, with the farming sector employing over 50% of the population. In addition, the country is set to become the most populated country in the world, which will skyrocket the demand for crops, fueling the employment of NH3 in fertilizer production. The region’s market size was USD 27.41 billionin 2020.
Competitive Landscape
Novel Partnerships to Excite the Market
The competitive milieu of this market is being shaped by strategic partnerships forged by key ammonia producers. These collaborations are aimed at mutually expanding production capabilities and enhancing research & development competencies to secure a larger share in the global market.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New ProductLaunches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Ammonia Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
Industry Development
- April 2021: CF Industries Holdings and Thyssenkrupp signed an engineering and procurement agreement to advance CF’s green ammonia project at its complex located in Louisiana. Under the contract, Thyssenkrupp will supply CF a 20-megawatt alkaline water electrolysis plant to produce green hydrogen at its facility.
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