Global Ammonia Market to Grow at a CAGR of ~8% During 2022 – 2031 as a Result of Increasing Crop Production Worldwide
Kenneth Research, the division of Research Nestor, recently released a research report entitled “Ammonia Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global ammonia market in terms of market segmentation by form, end users, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market.
Access full description: https://www.kennethresearch.com/report-details/ammonia-market/10094820
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. On the basis of end users, the market is segmented into fertilizers, chemicals, refrigeration, textile, household & industrial cleaning, fibers & plastics, pharmaceuticals, and others. Out of these segments, the fertilizers segment is anticipated to show notable growth by growing at a significant CAGR over the forecast period. The increasing demand for large scale crop production, and rising consumption of bio-fertilizers are anticipated to be the major growth drivers for the segment.
Ammonia is a key raw material used in the production of agrochemicals such as fertilizers, and popularly used in many other chemical industries. It is a composition of nitrogen and hydrogen, with the formula NH3. The global ammonia market is expected to be driven by increasing crop production, rising population, growing demand for fertilizers, and increasing use of ammonia in production of explosives, are expected to be the major factors driving the growth of the global ammonia market.
On the basis of region, the global ammonia market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Among these regions, the market in Asia Pacific region has showed significant growth in the past and is estimated to grow at a higher CAGR over the forecast period. The growth of the market in this region can be attributed to rising demand for better crop production and initiatives taken by the government to spread the awareness about the properties of ammonia among other factors.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Agriculture Production and Consumption of Fertilizers to Drive the Growth of the Global Ammonia Market
The highest consumer of ammonia is the agriculture industry which uses ammonia as a source of nitrogen for the proper growth of plants. As per the data sourced from U.S Department of Agriculture (USDA), the agriculture industry in the U.S contributed USD 1.055 trillion in the year 2020. The compound is used in the fertilizer industry in order to produce solid materials such as urea, sulfate, phosphate, and ammonium nitrate. Furthermore, ammonium phosphate, a fast release fertilizer, is also used in the planting of grass in case of overseeding and for maintenance. Besides, the growing prevalence of commercial agriculture around the world is a major reason driving the adoption of nitrogenous fertilizers among the agriculture industry thereby, anticipated to drive the growth of global ammonia market.
However, high concentration of NH3 affecting human health, and surging ammonia emissions are expected to operate as key restraints to the growth of global ammonia market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global ammonia market which includes company profiling 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 among others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global ammonia market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Kenneth Research is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.
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