Ammonia Market: Segmented: By Form (Liquid, Gas), By End Use Industry (Fertilizers, Textile, Refrigeration, Pharmaceutical, Household & Industrial Cleaning, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Ammonia Market to surpass USD 142.5 Billion by 2032 from USD 75.8 Billion in 2021 at a CAGR of 6.5% in the coming years, i.e., 2022-32.
Ammonia is a compound made of hydrogen and nitrogen and has a unique strong smell. One of the most frequently manufactured industrial chemicals is ammonia. It can be found naturally in individuals and the environment, as well as being employed in industry and commerce. It is necessary for numerous biological activities and acts as a precursor to the synthesis of amino acids and nucleotides. The natural breakdown of organic matter, such as plants, animals, and animal excrement, results in the production of ammonia. Ammonia is also used in the production of numerous chemicals, as refrigerant gas, and to clean water sources.
The Ammonia Market is expected to project a notable CAGR of 6.5% in 2032.
The rising demand for different agricultural fertilizers is one of the main factors driving the ammonia industry. Ammonia is a crucial raw material used in the manufacture of agrochemicals like fertilizers, and the demand for fertilizers is escalating, which impacts the market growth. One of the main variables affecting demand is the increasing population, which has increased the demand for items used in agriculture and related agrochemicals.
The Liquid segment is expected to grow with a higher CAGR during 2022-32
Ammonia market is categorized on the basis of Form into Liquid and Gas. In 2019, a sizeable portion of the market's overall share was accounted for by the liquid sub-segment. This is due to the fact that liquid ammonia is used in a wide range of goods, including blockbuster medications created and marketed by pharma companies and also freezers and refrigerators. Ammonia can be injected into the top layer of the soil by farmers to significantly enhance crop production.
The Fertilizers segment is expected to grow with a higher CAGR during 2022-32
Ammonia market is categorized on the basis of End Use Industry into Fertilizers, Textile, Refrigeration, Pharmaceutical, Household & Industrial Cleaning, and Others. In 2020, the fertilizers market share was dominant globally, and it is anticipated to continue this dominance in the years to come. Farmers mostly rely on fertilizer to make their soil productive to maintain healthy crops. Fertilizers aid in raising the concentrations of vital nutrients in food crops, such as selenium, boron, and zinc. The demand for fertilizers will rise as a result of the expanding population and rising food prices.
Increasing Demand for Food that Require Fertilizers
Fertilizer sales are projected to increase as a result of the increasing world population and rising food consumption. In terms of crop yield and agricultural productivity, the fertilizer sector is crucial. The essential nutrients that plants require to thrive, such as nitrogen, phosphorus, and potassium (NPK), are provided by fertilizers. The usage of nitrogenous fertilizers is probably being driven by the rising global popularity of commercial agriculture. The market for these fertilizers is reliant on the demand for grains and oilseeds crops, which fuels fertilizer production as a whole. This ultimately affects the rapid growth of the ammonia market.
The Benefits offered by Ammonia that are Essential for Plant Growth
The agriculture industry uses ammonia on a larger scale as a supply of nitrogen, which is crucial for the growth of the plant. The substance is widely used to create solid compounds including urea, phosphate, ammonium nitrate, and sulphate in the fertilizer business. Ammonium phosphate is a fast-release fertilizer that can also be used for maintenance, overseeding, the planting of new grass, and other lawn-related tasks.
Side-Effects of Ammonia through Inhalation of Gas or Vapors
The majority of people are exposed to ammonia (NH3) through gas or vapor inhalation. Due to ammonia’s natural occurrence and inclusion in cleaning products, exposure to such sources is highly likely. Contact with the eyes, skin, respiratory system, and oral cavity results in an instant interaction. Rapid eye or skin irritation may result from exposure to low amounts of ammonia in solutions or the environment. Significant burns and damage could result from higher concentrations. Any interaction with concentrated liquids, such as those found in industrial cleaners, can result in corrosive wounds like skin burns, long-term eye damage, or even blindness.
Ammonia market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific accounted for a sizeable portion of the market in 2020, and the region is anticipated to continue dominating the ammonia market share throughout the forecast period. This is attributed to the rise in demand for fertilizer in China and India. Food consumption has increased due to rapid urbanization and rising population levels, which would cause fertilizer need to increase for greater agricultural output. The world's greatest producer and consumer of fertilizer is China.
The COVID-19 pandemic had a significant influence on business operations of ammonia producers, as well as its suppliers and distributors. As compared to the pre-COVID-19 era, it is anticipated that in the near future, the fall in ammonia export shipments and slow domestic demand will negatively affect and reduce ammonia demand. For the top businesses in this sector, the pandemic's effects on order intake was noticeable in the first half of 2020.
Ammonia Market is further segmented by region into:
Ammonia Segments Market:
|Market size value in 2021||USD 75.8 Billion|
|Revenue forecast in 2032||USD 142.5 Billion|
|Growth Rate||CAGR of 6.5% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Form, End Use Industry, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||China National Petroleum Corporation, BASF SE, Yara International ASA, EuroChem Group, Nutrien Ltd., CF Industries Holdings Inc., Acron, Orica Limited, SABIC, Qatar Fertiliser Company, Koch Fertilizer LLC, Praxair Technology Inc., Rashtriya Chemicals and Fertilizers Limited, OCI Nitrogen, OSTCHEM, and Other Prominent Players.|
The Ammonia market size was estimated at USD 75.8 Billion in 2021 and is expected to reach USD 142.5 Billion in 2032.
Ammonia is a compound made of hydrogen and nitrogen and has a unique strong smell. One of the most frequently manufactured industrial chemicals is ammonia.
The Liquid and Fertilizers segments accounted for the larger share of the Ammonia Market.
Key players in the Ammonia market are China National Petroleum Corporation, BASF SE, Yara International ASA, EuroChem Group, Nutrien Ltd., CF Industries Holdings Inc., Acron, Orica Limited, SABIC, Qatar Fertiliser Company, Koch Fertilizer LLC, Praxair Technology Inc., Rashtriya Chemicals and Fertilizers Limited, OCI Nitrogen, OSTCHEM, and Other Prominent Players.
The main drivers of ammonia market growth are the advancement of modern farming methods and the growing use of bio-fertilizers.
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