Global Ammonia Market to Grow at a CAGR of ~8% during 2022-2031; Market to Expand on the Back of Increasing Demand for Agriculture and Agrochemical Products Such as Fertilizers - Kenneth Research
New York, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Ammonia Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
Global Ammonia Market Size:
The global ammonia market garnered an approximate revenue figure of USD 74 billion in the year 2021 and is estimated to grow at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be primarily attributed to the increasing population, which is raising the demand for agriculture and related agrochemical products such as fertilizers. Moreover, increasing demand for ammonia in pharmaceuticals industry is a major factor expected to drive the market growth. Additionally, ammonia’s properties of acidifying and conditioning soil, as well as growing awareness about producing better quality crops are anticipated to boost the demand for ammonia. As sourced from the Food and Agriculture Organization (FAO), the global supply of ammonia in the year 2020 accounted to 170,761 thousand tons.
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Global Ammonia Market: Key Takeaways
Increasing Production of Ammonia across the World to Boost Market Growth
Ammonia is an inorganic compound that consists of nitrogen and hydrogen with the formula, NH3. The agricultural industry is the primary consumer of ammonia, since the nitrogen chemical is used as a major source of nutrition, which is essential for the growth of plant. Besides, ammonia is also used in the production of different liquid fertilizer solutions that consists of aqua ammonia, ammonium nitrate, and urea. Hence, backed by the wide usage of ammonia, and increasing production of ammonia around the world, the global ammonia market is estimated to be propelled significantly. According to the statistics, ammonia (NH3) had a worldwide production of 235 million tonnes in 2019, making it the second highest produced chemical commodity after sulphuric acid (H2SO4) and the production is anticipated to increase more over the forecast period.
In addition to this, ammonia is widely used in agriculture as a fertilizer. Ammonia is also used as an ingredient to make compound fertilizers. Demand of fertilizers has been growing significantly throughout the years all over the world. It was noted that, in 2016, total fertilizer nutrient demand reached at nearly 187 million tonnes in 2016. With an average annual growth of 1.9 percent in the following years, it accounted to Approximately 202 million tonnes by the end of year 2020. Furthermore, agriculture is a crucial sector to contribute significantly to the growth of the world economy. As per the data by the World Bank, in 2018, it accounted for 4% of global gross domestic product (GDP) and in some least developing countries, it accounted for more than 25% of GDP. Owing to the wide usage of ammonia in the agriculture sector, the growth of agriculture sector worldwide is estimated to be a prime factor to fuel the growth of the global ammonia market.
Global Ammonia Market: Regional Overview
The global ammonia market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Growing Agriculture Industry throughout the Region to Propel Market Growth in the Asia Pacific Region
The ammonia market in the Asia Pacific rgion witnessed a noteworthy growth in the past few decades and generated a significant revenue in the year 2021. It is further estimated to grow at a higher CAGR over the forecast period on the back of rapidly growing population, increasing support initiatives by the government, growing adoption of fertilizers among agriculture industry, and increasing need for crop production. According to the Organization of Economic Co-operation and Development, (OECD-FAO), the Asia Pacific region is estimated to account for 53% of global agriculture output by the end of year 2030.
Increasing GDP to Favor Market Growth in the Europe Region
On the other hand, the market in Europe region is also anticipated to grow with a modest CAGR during the forecast period. The growth of the market is associated with the increasing production of NH3 in the form of natural gas, which serves as a key element for many industries with steam methane reforming serving as a major technology. Additionally, notably growing GDP in the Europe region is anticipated to be an important factor to influence the growth of the ammonia market in the region. As per the data by the World Bank, in 2020, GDP in the region was USD 13.03 trillion and from there it grew to USD 14.49 trillion in 2021. Hence, this is expected to be a major factor to propel the growth of the regional market.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Ammonia Market, Segmentation by End Users
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The fertilizers segment is anticipated to show notable growth by growing at a significant CAGR over the forecast period. The growth of the segment is expected to be driven on the back of growing demand for better crop production, development of advanced farming techniques, and rising utilization of bio-fertilizers. Additionally, ammonia is an important component for ammonium nitrate fertilizers which releases nitrogen that is an essential nutrient for plant growth. It maintains healthy crop and keeps the soil productive, which in turn, is estimated to add in the growth of the segment. It was observed that, fertilizers consumption of per hectare of arable land was 136.8 kilograms as of 2018.
Global Ammonia Market, Segmentation by Form
The gas segment is anticipated to show substantial growth over the projection period. The growth of this segment can be attributed to the high percentage of anhydrous ammonia in commercial fertilizers, and growing usage of it. Anhydrous ammonia (NH3) has the highest nitrogen content of any commercial fertilizer, which is at 82 percent nitrogen. Anhydrous ammonia is a colourless non-flammable liquefied gas. It is frequently used commercially in large freezing and refrigeration plants.
Few of the well-known market leaders in the global ammonia market that are profiled by Kenneth Research are OCI N.V., Nutrien Ltd., Orica Limited, Dow Chemical Company, Praxair Technology, Inc., MITSUBISHI GAS CHEMICAL COMPANY, INC., AB “Achema”, Koch Fertilizer, LLC., Incitech Pivot limited, and Linde plc, and others.
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Recent Developments in the Global Ammonia Market
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