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How Big Is The Ammonia Market Today And What Is Its Future Size?

There has been significant growth in the size of the ammonia market in the past few years. It is expected to increase from a value of $79.13 billion in 2024 to $84.52 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. The increase in the historic period can be credited to factors such as demand from agriculture, growing population, energy and power generation, and chemical manufacturing.

In the subsequent years, the ammonia market is projected to experience significant expansion, escalating to $121.65 billion by 2029, with a combined annual growth rate (CAGR) of 9.5%. This growth over the forecasted period is linked to the development of the hydrogen economy, renewable energy, carbon capture, and storage (ccs) along with transition to clean energy. Predicted trends for this period include the production of green ammonia, utilization of ammonia as a hydrogen carrier, using ammonia for energy storage, hydrogen fuel cell vehicles, sustainable fertilizer manufacturing, green shipping, ammonia for capturing carbon, pharmaceutical use of ammonia, as well as the use of ammonia sensors and monitoring.

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What External And Internal Drivers Are Influencing The Ammonia Market?

The expansion of the fertilizer industry is having a positive impact on the ammonia market’s advancement. Ammonia, used to create ammonium nitrate fertilizer, dispenses nitrogen, a critical nutrient for cultivating plants, including agricultural crops and lawns. The accelerated expansion of the fertilizer industry is anticipated to enhance the consumption of ammonia, given its prevalent use in fertilizer production. For example, data from The Agricultural Industries Confederation, a UK-based trade association for the agri-supply sector, revealed that in England & Wales, the nitrogen usage stood at 687 thousand tonnes in 2022, a slight decrease from 692 thousand tonnes in 2023. Thus, the fertilizer industry’s development is propelling the growth of the ammonia market.

How Is The Ammonia Market Categorized Across Applications And Types?

The ammoniamarket covered in this report is segmented –

1) By Product Type: Anhydrous Ammonia, Aqueous Ammonia

2) By Form Type: Liquid, Powder

3) By Application Type: Fertilizers, Chemicals, Refrigeration, Pharmaceutical, Fibers and Plastics, Pulp and Papers, Other Application Types

Subsegments:

1) By Anhydrous Ammonia: Industrial Grade Anhydrous Ammonia, Agricultural Grade Anhydrous Ammonia

2) By Aqueous Ammonia: Low-Concentration Aqueous Ammonia, High-Concentration Aqueous Ammonia

How Are Market Trends Influencing Competition In The Ammonia Market?

Key players in the ammonia market, such as BASF SE, are prioritizing the creation of innovative biomass-balanced items to satisfy the increasing requirement for eco-friendly agricultural solutions. These biomass-balanced products, used as fertilizers and chemicals, present a more sustainable alternative to conventional methods. They often bear certifications emphasizing their environmental friendliness, guiding both consumers and businesses towards choices that foster a circular economy. Illustratively, in May 2024, BASF SE, a chemical company from Germany, introduced Ammonia Anhydrous BMBcert, Ammonia Solution 24.5% BMBcert, Urea Powder BMBcert, Urea Solution 40% BMBcert, and Urea Solution 45% BMBcert. BASF’s Ammonia Anhydrous BMBcert is an ISCC PLUS certified biomass-balanced product which effectively lowers emissions and promotes sustainability initiatives. The 24.5% BMBcert ammonia solution boasts a reduced carbon footprint thanks to its biomass-balanced formulation. Urea Prills BMBcert enables clients to decrease scope 3 emissions while Urea Solutions (40% and 45%) provide efficient biomass-balanced choices to help attain sustainability objectives and mitigate overall carbon effects.

Who Are The Global Leaders Steering The Ammonia Market Forward?

Major companies operating in the ammonia market include Yara International ASA, BASF SE, CF Industries Holdings Inc., Nutrien Ltd., OCI Nitrogen, Eurochem Group, Koch Fertilizer LLC, China National Petroleum Corporation, Rashtriya Chemicals and Fertilizers Ltd., Qatar Fertiliser Company, Mitsubishi Gas Chemical Co Inc., Uralchem JSC, Evonik Industries AG, Acron Group, Orica Limited, Gujarat Narmada Valley Fertilizers & Chemicals Ltd., Agrium Europe S.A., Fauji Fertilizer Company Limited, China National Offshore Oil Corporation, National Fertilizers Limited, Trammo Inc., Pupuk Kaltim, Sinochem Group, KBR Inc., Dyno Nobel

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What Are The Emerging Regional Trends Driving The Ammonia Market?

Asia-pacific was the largest region in the ammonia market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the ammonia market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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