Global Ammonia Market was valued at US$ 55.56 Bn in 2017 and is expected to reach US$ 80.14 Bn by 2026, at a CAGR of 4.7 % during the forecast period.
The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Ammonia Market, By Region
Ammonia is a compound of nitrogen and hydrogen. Ammonia is a colorless gas with a characteristic pungent smell. The market is anticipated to grow faster due to fertilizing industry, rise in population, increase in disposable income in various developing countries, increasing demand for agriculture products for better lifestyles, etc.
Furthermore, a trend shift in dietary consumption in many developed regions is also the factor that driving the market. The second-largest market for ammonia is the pharmaceuticals sector in 2017. The sector is expanding due to, ammonia is used in various pharmaceuticals sectors namely from insulins manufacturing drugs which inhibit the growth and multiplications of certain types of bacteria and others.
Refrigeration is another important application of ammonia, where it is used for cold storage, food preservation, and beverage production. However, modest growth in other application segments of ammonia like livestock, pharmaceuticals, plastics industry, paper industry, food industry, and chemicals among others, is expected to augment the demand in the near future.
The rising demand for nitrogen fertilizer owing to its advantages for application in the agricultural sector is anticipated to boost the ammonia market over the coming years. Some of the other major application industries of the product include household & industrial cleaning, food & beverage, metallurgical processes, water, and wastewater treatment, rubber, pulp & paper, and leather.
Based on product type, the ammonia market is segmented into aqueous and anhydrous types. Among these, the anhydrous type is expected to witness the largest growth over the forecast period owing to high availability in gaseous form for easy processing. In addition, features including low cost as compared to aqueous type will boost anhydrous segment demand in the overall ammonia market.
The major factor that can hold this market back is the fluctuating prices of natural gas, which is the raw material required for ammonia. Further, the toxic nature of ammonia in its applications is a major cause for concern. However, environmentally, ammonia is a non-hazardous gas as it does not contribute to global warming.
The population is exponentially increasing in the Asia Pacific region, which leads to the growing demand for daily use products such as food, cosmetics, and so on. Obviously, the growing demand for these products leads to the growing demand for ammonia, as ammonia is used in manufacturing process or fertilizers. In China, the product is primarily produced from coal gasification, however globally it is majorly produced from natural gas resources. In terms of productivity, China is followed by India and Indonesia owing to a significant increase in their production capabilities in recent years.
North America is one of the major producers in the global ammonia market. The U.S. had over 15 global companies that produced the compound in their 22 manufacturing facilities in 2017. About 50% of the product in the country is consumed in further production of nitrogen fertilizers.
Key players operating in the global ammonia market are BASF SE, CF Industries Holdings Inc., PotashCorp, Huaqiang Chemical Group, Shanxi Jinfeng Coal Chemical, Rashtriya Chemicals & Fertilizers Ltd., China Petroleum & Chemical Corporation, and China National Petroleum Corporation.
The report covers the total market for ammonia has been analyzed based on the Porter’s five forces model. The impact of the different market factors, such as drivers, restraints, and opportunities, challenges key issues SWOT analysis, and technology forecasting is also illustrated in the report. This gives an idea about the key drivers, such as high growth and demand in emerging economies countries.
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Scope of the Ammonia Market:
Global Ammonia Market, by Product Type
Global Ammonia Market, by Application
• Others (Rubber & Water treatment)
Global Ammonia Market, by Region
• North America
• Middle East & Africa
• South America
Key Players Operating in the Ammonia Market:
• BASF SE
• CF Industries Holdings Inc.
• Huaqiang Chemical Group
• Shanxi Jinfeng Coal Chemical
• Rashtriya Chemicals & Fertilizers Ltd.
• China Petroleum & Chemical Co.
• China National Petroleum Co.
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