Covina, March 31, 2022 (GLOBE NEWSWIRE) -- Global Ammonia Market accounted for US$ 65.23 billion in 2020 and is estimated to be US$ 117.43 billion by 2030 and is anticipated to register a CAGR of 6.10%. Ammonia is a colourless, smelly gas that contains 82.25 percent nitrogen and 17.75 percent hydrogen and is used for direct soil application and water irrigation. Chemical fertilisers, synthetic fibres, resins, and other goods all use ammonia as a raw material. Ammonia is used in the production of nitrogen solutions, ammonium sulphate, ammonium phosphates, urea, ammoniated super-phosphate fertilisers, and liquid fertilisers, as well as for the oxidation of ammonia to nitric acid, which is used in the production of nitric phosphates and ammonium, calcium, sodium, and potassium nitrates. Ammonia's propensity to mix immediately with acids to produce salts is one of its most distinguishing characteristics. Ammonium salts are chemicals such as ammonium nitrate (often used in fertilisers and explosives), ammonium phosphate, and ammonium carbonate that are formed as a result of this process. Around 80% of ammonia produced globally is utilised to make mineral fertilisers, with the remainder being used for technological purposes.
The report " Global Ammonia Market, By Product Form (Liquid, Gas and Powder), By Application (Fertilizers, Refrigerants, Pharmaceuticals, Textile and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029’’
Key Highlights:
- In March 2020, OCI NV will have established a maritime value chain and commercialised ammonia and methanol as future shipping fuels, thanks to a partnership with MAN Energy Solutions, Hartmann Group, and Eastern Pacific Shipping.
- Industries Qatar, one of the region's industrial behemoths, said in August 2020 that its Board of Directors had authorised the planned acquisition of Qatar Petroleum's 25% ownership in Qatar Fertiliser Company (QAFCO) at a meeting on August 23, 2020. The purchase of QP's QAFCO interest is consistent with IQ's objective of expanding its downstream presence and creating value.
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Analyst View:
The ammonia market has grown significantly over the years, and this trend is projected to continue in the next years due to increased demand for various agricultural fertilisers. Increased population is one of the key factors influencing demand, which has boosted demand for agriculture and related agrochemical products. Increased demand for food crops is due from Asia Pacific's fast growing population. Large-scale adoption of fertilisers and plant nutrition products is being driven by the need to boost yield per unit of cultivated area in order to satisfy rising production demands. The demand for ammonia, a vital raw ingredient used in the production of agrochemicals such as fertilisers, is increasing.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Ammonia Market, By Product Form (Liquid, Gas and Powder), By Application (Fertilizers, Refrigerants, Pharmaceuticals, Textile and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029”
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Key Market Insights from the report:
Global Ammonia Market accounted for US$ 65.23 billion in 2020 and is estimated to be US$ 117.43 billion by 2030 and is anticipated to register a CAGR of 6.10%. The global ammonia market report segments the market on the basis of product form, application, and region.
- Based on Product Form, Global Ammonia Market is segmented into Liquid, Gas and Powder.
- Based on Application, Global Ammonia Market is segmented into Fertilizers, Refrigerants, Pharmaceuticals, Textile and Others.
- By Region, the Global Ammonia Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Ammonia Market:
The key players operating in the ammonia market are Bloomberg LP, BASF SE, Agrium, Inc., Koch, Nitrogen Company, CF Industries, Inc., Potash Corporation of Saskatchewan, Inc., Rashtriya, Chemicals & Fertilisers Ltd., Shandong Lianmeng Chem Group, Koch Industries, Inc. and EuroChem Group AG
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period.
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