ALBANY, NY, June 10, 2021 / PRNewswire / – Ammonia is used in a wide variety of industries and its production has enriched downstream markets for nitrogen-based products. Most of the ammonia produced in the world in recent decades has been consumed in the fertilizer industry. Ammonia-based fertilizers, especially ammonium nitrate-based fertilizers, are widely used by food and crop producers to ensure a steady supply of soil nitrogen for plant growth. The ever-increasing demand for food crops globally has stimulated the use of fertilizers by farmers, thereby boosting ammonia production.
Besides adoption in the agricultural industry, ammonia has been used as a popular natural refrigerant, due to its low cost and attractive thermodynamic properties. All of these have made ammonia an environmentally sustainable refrigerant for industrial refrigeration systems in recent years. Other applications shaping the value chain of ammonia market are waste and sewage treatment, the pharmaceutical industry, and the paper and pulp industry.
Globally, the ammonia market is expected to reach a valuation of 34 billion US dollars by 2031, with a CAGR of about 2% from 2021 to 2031.
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Key Findings from the Ammonia Market Research
- The massive demand comes from the agricultural industry: Ammonium nitrate has become an important source of nitrogen use in agriculture. A growing number of studies have shown that nitrogen fertilization promotes soil biodiversity, thus propelling the demand for nitrogen fertilizer around the world. Thus, the ammonia market has seen steady income streams from the demand for ammonium fertilizer among farmers.
- The production itself has undergone great technological and technical advances. Natural gas has been widely used to produce ammonia. New inexpensive sources are being explored in some of the world’s major economies, with China being a glaring example. The ever-increasing demand for food crops to feed a burgeoning world population is a key trend that has caused the demand for nitrogen fertilizers to proliferate in agriculture. The trend is expected to remain bright for the growth of the ammonia market.
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- Nitrogen-based products See Substantial use of ammonia: Ammonia producers have seen vast income potential in downstream markets for nitrogen products. The trend is evident in the use of ammonia in the manufacture of acrylic fibers and plastics. Apart from this, ammonium nitrates find use in the manufacture of explosives. The increased use of ammonia in the pulp and paper and textile manufacturing industries has further strengthened the outlook for the ammonia market. Other nitrogen-based compounds use nitriles, hydrazine, hydrogen cyanide, hydroxylamine, ammonium carbonate, urea, amino acids, and phenol. Other popular ammonia-powered revenue generation applications come from industrial and commercial refrigeration, food preservation, and space conditioning.
- The pharmaceutical industry contributes to stable revenue streams: A range of pharmaceuticals are produced using ammonia where it is used as an API. It is also used as a neutralizing agent. Thus, API producers responding to the demand for drugs have reaped huge income gains from ammonia production.
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Ammonia market: determining factors and key avenues
- Advances in the agricultural industry around the world are a key driver of demand in the ammonia market
- The increase in the use of nitrogen-based products in the manufacture of everyday products, including textiles and plastics, is stimulating the use of ammonia.
Ammonia market: regional market
- Asia Pacific currently dominates the global ammonia market landscape.
- The regional market is expected to maintain its lead throughout the forecast period.
- China and India are expected to emerge as the main income generators for the Asia Pacific market.
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Ammonia market: key players
- Holding Ostchem
- BASF SE
- Honeywell International
- Sumitomo Chemical
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