DUBLIN, Oct. 21, 2021 /PRNewswire/ -- The "Ammonia - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Ammonia Market to Reach $89.6 Billion by 2026
Amid the COVID-19 crisis, the global market for Ammonia estimated at US$63.7 Billion in the year 2020, is projected to reach a revised size of US$89.6 Billion by 2026, growing at a CAGR of 5.9% over the analysis period.
Liquid, one of the segments analyzed in the report, is projected to grow at a 7.2% CAGR to reach US$49 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Gas segment is readjusted to a revised 5.1% CAGR for the next 7-year period. This segment currently accounts for a 32.7% share of the global Ammonia market.
Globally, regions vary in terms of various fertilizers used, which again is dependent on local climates. This leads to a significant difference in product-mix for different regions. For instance, urea has wide usage in regions with warmer climate such as North America and Europe while ammonium nitrate is used only in Europe. Fertilizer is any natural or manufactured material added to the soil in order to supply one or more plant nutrients.
The term is generally applicable to all manufactured materials other than lime and gypsum. Fertilizer, regarded as food for plants, contains nutrients needed to supplement the soil`s supply, which is often less than required to satisfy demands for optimum crop production. The most common fertilizer nutrients are nitrogen (N), phosphorous (P), and potassium (K). These nutrients are needed in large amounts by crops and are often limited in soils. The composition of fertilizer varies depending on the crop for which it is used and the nutrient composition of the soil.
Apart from their use as fertilizers, derivates of ammonia have a number of other industrial uses. For instance, ammonia is being increasingly used as a refrigerant. Unlike many other gases ammonia does not result in depletion of ozone and global warming when out in the atmosphere. This characteristic of ammonia is aiding the return of the gas as a refrigerant. Ammonia is an efficient refrigerant used in food preservation and processing. Ammonia is also used in explosives and polymers. Industrial ammonia is also used as feedstock in carpet, textiles, animal feed, plastics, foams and building products sectors.
The U.S. Market is Estimated at $9 Billion in 2021, While China is Forecast to Reach $24.2 Billion by 2026
The Ammonia market in the U.S. is estimated at US$9 Billion in the year 2021. The country currently accounts for a 13.73% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$24.2 Billion in the year 2026 trailing a CAGR of 7.7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR while Rest of European market (as defined in the study) will reach US$26.2 Billion by the close of the analysis period.
Over the forecast period, natural gas is anticipated to increase its market share, while the shares of feedstocks including fuel oil and naphtha are forecast to witness a declining trend. Natural gas would be the preferred raw material in the newer ammonia plants. Ammonia plants are, however, expensive, with investment costs exceeding $1 billion.
Building these plants could also take up to a period of three years. Despite its growth potential, the global ammonia market is being adversely impacted by the growing awareness of the harmful impacts of ammonia on health. Also, the volatility in natural gas prices and strict regulations associated with the use of ammonia are expected to hamper market growth.
Furthermore, a decline in prices in recent years, due to the steady rise in capacity additions and decelerating demand, are also posing challenges to the market. The ammonia market is being hindered by the fact that exposure to high concentrations and inhalation of NH3 gas or vapors might lead to health issues.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession
- 2020 Marked as a Year of Disruption & Transformation
- The Pandemic Slows Down Demand for Agricultural Products and Fertilizers
- Ammonia: Product Profile
- Ammonia Synthesis: Historical Perspective
- Key Applications of Ammonia
- Global Market Prospects & Outlook
- Fertilizers: The Leading Application Market
- Developing Regions to Spearhead Growth
- Ammonia Production Scenario
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 122 Featured)
- BASF SE
- CF Industries Holdings, Inc.
- China National Petroleum Corporation (CNPC)
- China Petroleum & Chemical Corporation (SINOPEC)
- Huaqiang Chemical Group Co., Ltd.
- Rashtriya Chemicals and Fertilizers Ltd.
- Shanxi Jinfeng Coal Chemical Industry Co., Ltd.
- Yara International ASA
3. MARKET TRENDS & DRIVERS
- Rising Food Needs of the World and Focus on Improving Farm Yield through Fertilizer Use to Drive Ammonia Demand
- Role of Fertilizers in Addressing Multi-Nutrient Deficiency Causing Food and Nutritional Insecurity to Spur Market Growth
- Rapidly Evolving Threat of Plant Diseases and Concerns over Associated Yield Losses
- Explosives Emerge as a Promising End-Use Market for Ammonia
- Ammonia as a Refrigerant to Propel Market Gains
- List of Various Refrigerants Types
- Importance of Cold Storage Systems in Global Supply Chains: Positive Outlook for Ammonia-Based Refrigeration Systems
- HCFC Phase Out Programs Build Momentum for Alternative Refrigerants in Cold Chains
- Pharmaceutical Manufacturing Industry to Boost Prospects for Ammonia
- Green Ammonia Holds Tremendous Potential for Growth
- Green Ammonia Market Poised for High Growth
- SOE Technology Leads Green Ammonia Market
- Focus on Green Ammonia Projects
- Ammonia Holds Promise for Convenient Hydrogen Transportation
- Sustainable Focus of Mining Industry Drives Focus onto Green Ammonia
- IMO Mandates Transition to Eco-Friendly Marine Fuel, Ammonia Market to Benefit in Long Run
- Japan Embraces Green Ammonia for Marine Sector
- Technology Developments and Research Programs to Boost Market Growth
- Researchers Develop Eco-Friendly Ammonia to Green Hydrogen Conversion Method
- Rutherford Appleton Laboratory Researchers Develop Green Ammonia as Eco-Fuel
- Natural Gas Dynamics Determine Profitability of Ammonia Production
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/n627oa
Research and Markets
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