Global Ammonia Market, By Form (Liquid, Gas, and Powder), By Application (Fertilizers, Refrigerants, Cleansing Agents, and Explosives), By End Use Industry (Agriculture, Pharmaceutical, Textile, Chemical, Plastics, Pulp and Paper, and Others (Mining, Water Treatment, etc.)), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 82.76 Bn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 6.10% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights
Increasing demand for ammonia as a cleansing agent in household application is driving the market growth. Household ammonia is a solution of ammonia in water that is ammonium hydroxide, which is used as cleaners for many surfaces. Ammonia results in a relatively streak-free shine. The most common use of cleaners is to clean glass, stainless steel, and porcelain. Household ammonia ranges in concentration by weight from 5% to 10% ammonia. Furthermore, the rising ammonia production capacity is positively affecting the market growth.
Global Ammonia Market - Impact of Coronavirus (Covid-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The COVID-19 pandemic had a negative impact on this market, thereby affecting industries such as agriculture, textile, and mining. However, the market has shown signs of recovery, with the pharmaceutical segment playing a role in its improvement. The ammonia market is expected to grow significantly, with a focus on the agriculture industry and the increasing usage of ammonia for the production of fertilizers. While the pandemic caused a negative demand shock across all regions, the market has rebounded, and the use of ammonia as a refrigerant is witnessed as an opportunity for the market growth. The Asia Pacific region, particularly China and India, dominated the market, with the largest consumption and production of ammonia.
Recent Developments
- In November 2023, Yara Clean Ammonia, North Sea Container Line, and Yara International, joined forces to realize the world's first container ship that will use clean ammonia as fuel. Named, Yara Eyde, the vessel will be the first to sail the emission-free sea route between Norway and Germany.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Ammonia Market”- Forecast to 2031, Global Ammonia Market, By Form (Liquid, Gas, and Powder), By Application (Fertilizers, Refrigerants, Cleansing Agents, and Explosives), By End Use Industry (Agriculture, Pharmaceutical, Textile, Chemical, Plastics, Pulp and Paper, and Others (Mining, Water Treatment, etc.)), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link - https://www.coherentmarketinsights.com/market-insight/ammonia-market-2157
Key Takeaways of this Market
- The global ammonia market was valued at US$ 82.76 Bn in 2023 and is forecast to reach a value of US$ 132.91 Bn by 2031, exhibiting a CAGR of 6.10% between 2024 and 2031.
- The major players operating in the global ammonia market include Yara International ASA, BASF SE, CF Industries Holdings, Inc., Nutrien Ltd., Potash Corporation of Saskatchewan Inc., Dangyang Huaqiang Chemical Co., Ltd., Shanxi Jinfeng Coal Chemical Co Ltd., GTS Chemical Holdings plc. Togliattiazot, OCI Nitrogen B.V., Agrium Inc., Sabic, and Koch Fertilizer, LLC.
- Key players operating in the global ammonia market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolios.
