WILMINGTON, DE / ACCESSWIRE / August 24, 2022 / Transparency Market Research Inc. - Agriculture and pharmaceutical comprise key market segments in ammonia market. Additionally, its use as downstream nitrogen-based products in range of industries is driving growth of revenue of ammonia market. The ammonia market is projected to reach worth of US$ 34 Bn by 2031. A large proportion of ammonia is used in liquid form, particularly due to their abundant demand in manufacture of fertilizers and pharmaceuticals.
Use of nitrogen fertilizers in agriculture accounts for largest opportunity for ammonia market. Globally, pressing need for increasing the crop yield will continue to enrich the future market outlook for ammonia, opined the analysts in an in-depth research study. Commercial use of ammonium nitrates, ammonium sulfate, and ammonium phosphates has propelled the streams of revenue of ammonia market.
The use of ammonia in the production of explosive is also growing. Moreover, commercialization of downstream nitrogen-based products will spur the prospects, opine the authors of the study on the ammonia market.
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Key Findings of Ammonia Market Study
- Massive Demand for Nitrogen Fertilizers Underpins Vast Revenue Streams: Producers and consumers of ammonia in the key geographies are benefitting from continuous strides in global nitrogen industry. There is abundant demand for nitrogen fertilizers particularly on the back of nations focusing on bolstering food security. However, in recent years, use of ammonia in other industrial applications has emerged remarkably, expanding the avenue for firms. Nonetheless, the agriculture segment is estimated to remain as lucrative end use industry in the ammonia market.
- Growing Industrial and Commercial Refrigeration to Generate Substantial Sales Opportunities: Strides made in industrial and commercial refrigeration globally is a key driver for new revenue streams in the ammonia market. The products have gained popularity as natural refrigerant. This aside, the advantages of cost-effectiveness and attractive properties of the refrigerants made with ammonia will lead to massive demand during the forecast period.
- Application in Manufacture of Pharmaceuticals Presents Lucrative Avenue: Rise in demand for ammonia in the manufacture of drugs and vaccines is steering profitable opportunities in ammonia market. Furthermore, rising demand for ammonia among producers of APIs will lead to expansion of production of ammonia.
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Ammonia Market: Key Drivers
- Global food security concerns are stirring the consumption of fertilizers in the agriculture industry. The study observed a rise in demand for nitrogen fertilizers in several countries around the world over the past few years.
- A key drive for ammonia market stems from strides made in refrigeration industry. Besides their usage as refrigerant, the demand for ammonia has risen continually from its use in the waste and wastewater treatment, rubber, pulp and paper, and food & beverage industries.
Ammonia Market: Regional Growth Dynamics
Asia Pacific accounted for the leading market share in 2021. The region is anticipated to hold its sway in the global market landscape, fueled by rising use of ammonia in range of industrial applications. Rise in demand for food crops is spurring the uptake of nitrogen fertilizers, which, in turn, is propelling revenue growth of the regional market. Of note, China has emerged as one of the key consumers as well as producers of ammonia.
However, Europe is expected to emerge as the most attractive region in the ammonia market during the forecast period.
Ammonia Market: Key Players
Some of the key companies in the ammonia market are UBE Corporation, Helm AG, Togliattiazot, ACRON, Honeywell International, Sumitomo Chemical, Ostchem Holding, Yara International, BASF SE.
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Ammonia Market Segmentation
- Pulp & Paper
- Others (including Food & Beverages and Petroleum)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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