Ammonia Market Size, Share, Growth Analysis, By Product(Aqueous Ammonia, and Anhydrous Ammonia), By Grade(Fertilizers (Urea, Ammonium Nitrate Composite, Ammonium Nitrate, Diammonium Phosphate)), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15B2092 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 94 | Figures: 73

Ammonia Market Dynamics

Ammonia Market Drivers

Increasing Energy Production is Boosting Market Growth

The potential use of ammonia as an energy carrier is on the rise, primarily because of its high energy density and ease of transportation and storage. As renewable energy sources are becoming increasingly popular, the development of energy production technologies based on ammonia is being driven forward. this demand for ammonia for various industrial applications and energy. This increasing demand of ammonia in energy production and various applications will drive growth of the market.

Ammonia Market Restraints

Safety Concerns to Hinder Market Growth

The market growth of ammonia can be limited by safety concerns due to its hazardous and corrosive nature, which requires special handling and storage. The transportation, storage, and handling of ammonia can pose significant safety risks, leading to increased regulations and higher production costs, thereby hindering the growth of the ammonia market.

Ammonia Market Report Snapshots

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Ammonia Market size was valued at USD 71.99 billion in 2021 and is poised to grow from USD 76.66 billion in 2022 to USD 125.85 billion by 2030, at a CAGR of 6.41% during the forecast period (2023-2030).

The ammonia market features a highly competitive landscape, with numerous players operating in the industry. Dominated by large multinational corporations with an established global presence and wide distribution networks, these players possess significant expertise in manufacturing and marketing ammonia-based products. To maintain a competitive edge in the market, these companies continue to invest heavily in research and development activities to improve their product portfolio. 'Yara International ASA', 'CF Industries Holdings, Inc.', 'OCI N.V.', 'EuroChem Group AG', 'Nutrien Ltd.', 'Koch Industries, Inc.', 'SABIC', 'Mitsubishi Chemical Corporation', 'Shanxi Jinfeng Coal Chemical Co., Ltd.', 'PJSC Acron', 'Grupa Azoty S.A.', 'Qatar Fertilizer Company (QAFCO)', 'Agrium Inc.', 'GSFC Ltd.', 'PotashCorp', 'Togliattiazot JSC', 'Orica Limited.'

The potential use of ammonia as an energy carrier is on the rise, primarily because of its high energy density and ease of transportation and storage. As renewable energy sources are becoming increasingly popular, the development of energy production technologies based on ammonia is being driven forward. this demand for ammonia for various industrial applications and energy. This increasing demand of ammonia in energy production and various applications will drive growth of the market.

A significant trend in the ammonia market is the increasing demand for ammonia as a fertilizer. Ammonia is a vital source of nitrogen for plants, and its high nitrogen content is essential for plant growth. With the rising demand for food, there is a growing need for efficient and effective fertilizers like ammonia to increase crop yield and quality. As a result, the ammonia market is expected to witness substantial growth in the coming years.

Globally, The Asia-Pacific region holds a dominant position in the global ammonia market, owing to its high demand for fertilizers and industrial applications.

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Ammonia Market Size, Share, Growth Analysis, By Product(Aqueous Ammonia, and Anhydrous Ammonia), By Grade(Fertilizers (Urea, Ammonium Nitrate Composite, Ammonium Nitrate, Diammonium Phosphate)), By Region - Industry Forecast 2024-2031

Ammonia Market Dynamics

Ammonia Market Report Snapshots

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