BANGALORE, India, Jan. 14, 2022 /PRNewswire/ -- Ammonia Market is segmented by Type- Liquid Ammonia, Gas Ammonia, By Application - Fertilizer, Refrigerant, Polymer Synthesis, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Chemicals Industry Category.
The Ammonia market size is estimated to be worth USD 75390 million in 2022 and is forecast to be a readjusted size of USD 80500 million by 2028 with a CAGR of 1.1% during the review period.
Major factors driving the growth of the Ammonia market.
The major factor that is driving the Ammonia market is the growing use of Ammonia in applications for fertilizers, Refrigerant, and Polymer Synthesis.
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TRENDS INFLUENCING THE GROWTH OF THE AMMONIA MARKET
The production of food crops naturally depletes soil nutrient supplies. In order to maintain healthy crops, farmers rely on fertilizers to keep their soils productive. Fertilizers can also help increase levels of essential nutrients, like zinc, selenium, and boron, in food crops. Ammonia is a basic building block for ammonium nitrate fertilizer, which releases nitrogen, an essential nutrient for growing plants, including farm crops and lawns. A major share of ammonia produced worldwide is used in fertilizer, to help sustain food production for billions of people around the world.
Ammonia derivatives are used in a variety of industries. Ammonia, for example, is becoming more popular as a refrigerant. When released into the atmosphere, unlike many other gases, ammonia does not deplete ozone or cause global warming. This property of ammonia aids in the gas's reintroduction as a refrigerant. Ammonia is a powerful refrigerant that is utilized in the preservation and processing of food. Ammonia is also used in the manufacturing of explosives and polymers. Carpet, textiles, animal feed, plastics, foams, and building items all employ industrial ammonia as feedstock. Thus the growing use of Ammonia as a refrigerant is expected to further fuel the ammonia market growth.
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AMMONIA MARKET SHARE ANALYSIS
Based on region, Asia-Pacific dominated the market with China holding the largest market share of about 35%. Asia-Pacific was followed by North America, and Europe, both having a share of about 35 percent.
Based on product type, The liquid segment is expected to be the most lucrative during the forecast period. The reason for this is that liquid ammonia is utilized in a wide range of items, from refrigerators to top freezers to blockbuster drugs developed and marketed by pharmaceutical companies. Farmers can pump ammonia into the surface of their crops' soil to boost crop yields automatically and drastically.
Based on application, the fertilizers segment is expected to hold the largest ammonia market share. NH3 is a component of ammonium nitrate fertilizers, which release nitrogen, an essential nutrient for plant growth, including lawns and farm crops. Farmers primarily rely on fertilizer to keep their soil productive in order to maintain healthy crops.
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TOP COMPANIES IN THE AMMONIA MARKET
Global Ammonia key players include Yara, CF, Shandong Everlast AC Chemical, Hangzhou Hengmao Chemical, DOW, etc. Global top five manufacturers hold a share of over 20%.
Market By Region
- North America
- Latin America
- Middle East & Africa
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- The global Aqua Ammonia market was valued at USD 577.5 million in 2020 and it is expected to reach USD 641 million by the end of 2027, growing at a CAGR of 1.5% during 2021-2027.
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