Hyderabad, July 18, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Ammonia Market Report (2023-2028)," the market is estimated to have a volume of 184,642.59 in 2023. It is expected to register a CAGR of 2.03% during the forecast period.
Ammonia is a compound that is inorganic in nature and composed of a combination of three hydrogen atoms and one nitrogen atom. The compound is considered both an amidase inhibitor and a neurotoxin. The growth of the pharmaceutical segment around the world is constantly boosting the ammonia market.
Report Summary:
| Report Attribute | Details |
| Market Volume (2023) | 185,642.59 kilotons |
| Market Volume (2028) | 205,266.01 kilotons |
| CAGR (2023-2028) | 2.03% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Middle East & Africa |
| Largest Market | Asia-Pacific |
| Forecast Units | Volume (kilotons) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increase in the use of ammonia for making explosives. |
| Rise in the use of ammonia as a refrigerant. |
Which are the Top Companies in the Global Ammonia Market?
The ammonia market is highly fragmented in nature. It includes a large variety of companies, both local and international, from various regions.
The most notable players in the global ammonia market are,
- BASF SE
- CASCALE SA
- Industries Holdings Inc.
- Chambal Fertilisers and Chemicals Ltd
- CSBP Limited
- EuroChem Group
- Group DF (OSTCHEM)
- Indian Farmers Fertiliser Cooperative Limited (IFFCO)
- Koch Fertilizer LLC
- Nutrien Ltd
- OCI Nitrogen
- PJSC Togliattiazot (TOAZ)
- Qatar Fertiliser Company
- Rashtriya Chemicals and Fertilizers Limited
- SABIC
- Yara
Other Reports That Might Be of Your Interest:
- Ammonia Storage Tanks Market Report - The ammonia storage tanks market is expected to register a CAGR of 5.00% during the forecast period (2023-2028).
- Refrigerants Market Report - The refrigerants market volume is estimated at 1,969.33 kilotons in 2023. It is expected to reach 2,234.65 kilotons by 2028, registering a CAGR of 2.50% during the forecast period (2023-2028).
Key Highlights from the Global Ammonia Market Report:
The Agriculture Segment is Expected to Dominate the Market
- Ammonia, which is also popularly known as NH3, is a commonly used nitrogen source for the development of plants. The abundant availability and simple application of ammonia as a fertilizer has expanded its application.
- With an increase in the overall production of agriculture, the use of ammonia has boosted over time. Fertilizers with ammonia act as a good source of nutrients for plants
Growing Demand for Ammonia in Asia-Pacific
- China holds around 7% of the overall agriculture segment globally, which means China is feeding around 22% of the global population.
- As per the reports of the General Administration of Customs of the People’s Republic of China, imports of Chinese agricultural products increased by 28.6% in 2021.
What are the Latest Developments in the Ammonia Market?
- In September 2022, OCI Nitrogen launched the Global Blue Ammonia Hydrogen Project in the United States Gulf Vf. The company started constructing the 1.1 million tons per annum blue ammonia facility to increase its capacity to 2.2 mtpa.
- In September 2022, ENGIE and Yara Pilbara Fertiliser collaborated to invest in the Yuri Project to build one of the largest renewable hydrogen facilities in Australia. ENGIE created the new plant to offer renewable hydrogen and power to Yara’s liquid ammonia complex.
Mordor Intelligence has Segmented the Global Ammonia Market Based on Type, End-user Industry, and Geography:
- By Type (Market Size and Forecast based on Value (USD billion), 2017-2027)
-
- Liquid
- Gas
-
- By End-user Industry (Market Size and Forecast based on Value (USD billion), 2017-2027)
-
- Agriculture
- Textiles
- Mining
- Pharmaceutical
- Refrigeration
- Other End-user Industries
-
- By Geography (Market Size and Forecast based on Value (USD billion), 2017-2027)
-
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- Italy
- France
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
-
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Ammonia Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- North America Surfactants Market Report - The North American surfactants market is expected to register a CAGR of more than 3.00% during the forecast period (2023-2028).
- Latin America Surfactants Market Report - The Latin American surfactants market is expected to register a CAGR of more than 3.00% during the forecast period (2023-2028).
- Specialty Surfactants Market Report - The specialty surfactants market is expected to register a CAGR of more than 5.00% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
Attachment
