The Ammonia Market is expected to reach USD 76.64 billion by 2025. Ammonia is also termed as Azane, is a colorless inorganic compound of hydrogen and nitrogen. Its molecular formula is NH3 or H3N with a molecular weight of 17.031 g/mol. In the atmosphere, it is the most copious nitrogen-containing compound. It has a distinct strong odor and is exclusively used in industry. It is highly soluble in water.
The ammonia can also be available in the form of ammonium salts like ammonium sulfate, (NH4)2SO4; ammonium nitrate, NH4NO3; and other ammonium phosphates. It occurs naturally throughout the atmosphere in the water, air, and soil, in animals and plants, and even humans. The Ammonia Industry is estimated to grow at a significant CAGR of 5.3% over the forecast period as the scope and its applications are rising enormously across the globe.
Rising disposable income and growing population in developing countries like Indonesia, India, and Brazil that may lead demand for agricultural products for high lifestyle and inclination in dietary consumption in several developed regions are documented as major factors of Ammonia Market that are estimated to enhance the growth in the years to come. However, high cost of natural gas may restrain overall market growth. Ammonia Market is segmented based on product type, form, application, and region.
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Aqueous ammonia and anhydrous ammonia are the product types that could be explored in Ammonia Market in the coming years. The anhydrous ammonia sector accounted for the substantial market share and is estimated to lead the overall market in coming years. This may be because it is easily available in gaseous form and is cost-efficient. Powder, gas, and liquid are the forms that could be explored in Ammonia Market and is estimated to lead the overall market in the forecast period.
The market may be categorized based on applications like textile, fertilizers, pharmaceuticals, refrigerants, and others that could be explored in forecast period. The fertilizer segment accounted for the substantial market share and is estimated to lead the overall market in the coming years. This may be because of high demand from agricultural industry, as it is a key source of nitrogen that is necessary for plant growth.
Moreover, rising population and high quality food intake all over the world are factors that may boost the fertilizer sector. Ammonia is also used to produce several fertilizer solutions having urea, ammonium nitrate, and aqua ammonia. Also, refrigerant sector is estimated to grow at fastest pace in coming years, as they are eco-friendly and have improved heat transfer properties.
Globally, Asia Pacific accounted for the substantial market share and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be developing industries like pharmaceuticals and fertilizers. Moreover, growing population in the region may face the issues related to the food insufficiency that could be solved by using ammonia in agriculture sector to increase food productivity. The developing countries like China and India are the major consumers of Ammonia in the region.
Instead, Europe and North America are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share in terms of value and volume. However, North America is estimated to grow at fastest pace in the coming years.
The key players of Ammonia Market are China National Petroleum Corporation, Yara International, China Petroleum & Chemical Corporation, BASF SE, Rashtriya Chemicals & Fertilizers Ltd., CF Industries Holdings, Shanxi Jinfeng Coal Chemical, and PotashCorp; Huaqiang Chemical Group. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
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