New York, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Ammonia Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Ammonia Market Research Report, Form, Application and Region - Forecast till 2028” the market is projected to be worth USD 114.73 billion by 2028, registering a CAGR of 6.64% during the forecast period (2021 - 2028)., The market was valued at USD 73.15 billion in 2021.
Market Competitive Analysis
The ammonia market with major market leaders is focusing on strategic growth initiatives such as acquisition, agreement, and expansion to grow their businesses. The list of major companied in the market profiled include:
- CF Industries Holdings Inc. (US),
- Group DF (Ukraine),
- EuroChem Group AG (Switzerland),
- Acron (Russia),
- Uralchem JSC (Russia),
- Togliattiazot (Russia),
- Qatar Fertiliser Company (Qatar),
- Yara (Norway),
- OCI NV (Netherlands),
- Orica Limited (Australia),
- Koch Fertilizer, LLC (US),
- AB" Achema" (Lithuania),
- Nutrien Ltd. (Canada),
- SABIC (Saudi Arabia),
- Indian Farmers Fertiliser Cooperative Limited (India).
- Among others.
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Market Research Future’s Review on Ammonia Market
Market USP Covered
Market Drivers
The global ammonia market growth is being propelled by the factors such as rising demand in the agriculture industry and its growing use to produce explosives. The growth in the fertilizer industry is the major aspect boosting the market performance on a global level. Furthermore, the usage of ammonia as a refrigerant is emerging to offer several lucrative opportunities in the future years.
Market Restraints
The growth of the ammonia market is likely to be impeded by the rising concerns over the harmful effects of ammonia in its concentrated form
COVID-19 Impact
The COVID-19 outbreak has had numerous short-term and long-term consequences on industries such as mining, textiles, agriculture, and other end-user industries, which seriously impacted the ammonia market. It also impacted the agriculture industry due to the halt in the production of fertilizer manufacturing companies and supply chain disruption given the lockdowns and social distancing norms imposed by the governments.
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Segment Analysis
The ammonia market is divided into several segments based on application, sales channel, form, and region.
The liquid form segment recorded for more than 40% of the market share globally in 2018. Furthermore, it is used to inject in the soil by the surface injection method. It rapidly vaporizes but is captured by water ad soil. Furthermore, the liquid ammonia is utilized as a solvent in chemical reactions needing nitrogen.
Among these, the direct sales channel segment held the top position in the global market in 2018.
The fertilizer segment led the global market in 2018 and is likely to exhibit a robust growth rate in the forecast timeframe. The segment's growth is being driven by constantly increasing demand for food attributing to the growing global population and substantial growth of the fertilizer industry.
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Regional Analysis
The global ammonia market is divided into Asia-Pacific, Europe, North America, the Middle East & Africa, and South America. The Asia-Pacific region held the top rank in the global ammonia market in 2016, with China being the largest product supplier. The region is likely to record substantial growth during the forecast timeframe from 2017 to 2025. Coal production is done by coal gasification in China, whereas it is usually produced from natural gas worldwide. The production level is projected to increase significantly across the globe. The global market has been experiencing a consistent fall in prices over recent times due to the region's growing supply and demand gap. The demand for the product fell due to rising competition, fluctuating energy prices, poor economic prospects, and lower crop & food prices.
The North American region is projected to be a leading supplier of ammonia globally due to the presence of production plants in the region. Also, the rising consumption of nitrogen fertilizer is another principal aspect propelling the growth of the ammonia market. The availability of cheap natural gas across the region is also anticipated to boost the market growth during the review timeframe.
Segmentation of Market covered in the research:
Ammonia Market: Information by Form (Liquid, Powder and Gas), Sales Channel (Direct, Distribution), Application (Fertilizers, Chemicals, Refrigeration, Fibers and Plastics, Pharmaceutical, Pulp and Paper and Others) and Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) - Forecast till 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
