Latest News- Ammonia Market: Fertilizer is expected to lead the Application segment during 2023-2027

The Ammonia Market is being driven by Increasing demand for fertilizers

The Ammonia Market is expected to grow at a CAGR of 3.56% during 2022 and 2027. During this period, the market is also expected to show a growth of 38.15 MT. Ammonia production through the green method, which does not emit greenhouse gases, is gaining traction in the industry. Notably, a proof-of-concept facility at Harwell in Oxford Shire has successfully produced ammonia using electricity, water, and air, eliminating carbon emissions in the process. Traditionally, ammonia is manufactured via the Haber process, which converts hydrogen and nitrogen at high temperatures (752°F to 842°F) and with an iron catalyst. This process, responsible for 1.6% of global carbon dioxide emissions, can now be made more sustainable through green production methods. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Fertilizer
  • Industrial
• Form Factor
  • Liquid
  • Gas
• Geography
  • APAC
    • China
    • India
    • South Korea
  • Europe
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for fertilizers
• Decreasing arable land
• High demand for ammonia in China and India

However, the market also witnesses some limitations, which are as follows:

• Stringent regulations regarding the storage and transportation of ammonia
• Fluctuation in the prices of natural gas
• Unpredictable macro factors

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Market Scope in Ammonia Market Research Report

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Research Analysis Overview

The Ammonia (NH3) market encompasses various applications, including NH3 fertilizers in agriculture for food production, and as refrigerant gas in industries like refrigeration and pharmaceuticals. However, the market faces challenges such as negative demand due to the greenhouse effect and ozone depletion. The shift towards green ammonia as a zero-carbon fuel and reducing greenhouse gas emissions is crucial. The decline in arable land and energy efficiency are also factors. Steam methane reforming and hydrofluorocarbons leakage are concerns in the production process. The chemicals, Agriculture and Fertilizers, Explosives, and Refrigeration sectors are significant consumers.

Market Research Overview

The global ammonia market, a significant segment of the larger commodity chemicals industry, experiences ongoing growth due to various driving factors. According to Technavio, the global commodity chemicals market, which encompasses manufacturers of industrial and basic chemicals, is expected to expand substantially. Key drivers include the escalating construction sector, leading to increased demand for paints, pigments, and other construction chemicals, as well as the rising need for refrigerants and NH3 as a zero-carbon fuel in transportation and heating applications. Furthermore, the escalating demand for food due to population growth and the limited arable land necessitate the use of efficient agricultural practices, including the application of ammonia-based fertilizers. However, environmental concerns, such as the greenhouse effect and ozone depletion, necessitate the transition towards green ammonia production to mitigate greenhouse gas emissions and address climate change.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/