Ammonia Market Research with Key Success Factors, Growth Trends and Forecast 2021-2028 |
Ammonia market size is expected to gain momentum from its increasing usage in multiple processes, such as production of synthetic fibers, metallurgy, and coolant in refrigeration. The Global Ammonia industry size is projected to grow from USD 71.98 billion in 2021 to USD 110.93 billion in 2028 at a CAGR of 6.4% during the 2021-2028 period. Ammonia is a colorless gas made of nitrogen and hydrogen. It has a pungent smell. This information is given in an upcoming report by Fortune Business Insights™, The report further states that the gas possesses several beneficial properties. It can decompose to yield hydrogen. It is also very miscible in water, in the presence of catalysts, and at high temperature.
This Report Answers the Following Questions:
- What are the historic, current, and estimated sizes of the market?
- Which region is anticipated to dominate the market in terms of revenue?
- What are the market trends, challenges, opportunities, and dynamics?
- How will the companies intensify competition in the coming years?
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Drivers and Restraints-
Rising Usage in Textile and Agriculture Industries to Boost Growth
Ammonia is experiencing high demand from the agriculture and textile end-use industries. The main reason for this is that the gas is extensively used for soil fertilizers and dyeing, respectively. It is also used for producing various chemicals, such as ammonium phosphate, ammonium sulphate, and urea. Besides, the rising population across the globe is further resulting in the high demand for crops. Hence, ammonia is being used for producing them. However, the gas can have harmful effects on humans as it is corrosive, reactive, and flammable in nature.
Asia Pacific to Remain at the Forefront Fueled by Usage as Fertilizers
Geographically, Asia Pacific is set to dominate throughout the forthcoming years by generating the largest ammonia market share. This growth is attributable to the high demand for ammonia from the developing nations, such as China for usage as fertilizers to produce crops. The country will be followed by South Korea and India for their ever-increasing population.
North America, on the other hand, is likely to experience demand for the production of textiles and synthetic resin fibers. In addition to that, the pharmaceutical industry would also contribute to the market growth in this region. The Middle East and Africa and Europe are projected to exhibit slow growth owing to the increasing demand from the agriculture industry. Lastly, South America would showcase considerable growth stoked by the increasing usage of fertilizers for crop production.
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Key Players Open New Facilities to Expand Production Capacity and Consumer Base
The companies present in the market for ammonia are striving to gain a competitive edge by building new production facilities across various regions to broaden their consumer base and production capacity. Below are two of the latest industry developments:
- June 2019: EuroChem announced the opening of its new ammonia production plant by investing USD 1 billion. It was opened in Russia to expand its consumer base in the region.
- June 2019: EuroChem Group AG opened its third fertilizer blending plant in Brazil to broaden Fertilizantes Tocantins (FTO), its subsidiary. It will surge the production capacity by 6,000 tons (KMT) a day.
Fortune Business Insights™ presents a list of all the manufacturers operating in the global ammonia market. They are as follows:
- BASF SE
- Qatar Fertiliser Company
- Yara International
- Koch Fertilizer
- CF Industries
- Jiangsu Huachang Chemical
- Incitec Pivot
- Linde Group
- China National Petroleum Corporation
- Haldor Topsoe
- OCI Nitrogen
- Dow Chemical
- Mitsubishi Gas Chemical
- Potash Corp
- Haifa Chemicals
- Group DF
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The top companies profiled in this report examined by regional expansion and operations. Here, we thank the experts in the chemical business, the public relations specialists, the conventions, and the survey conducted by the examination group for their help and support. Additionally, market rate, volume, income, demand, and supply information are examined.
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