Major players in the ammonia market are Yara International ASA, BASF SE, CF Industries Holdings, Inc. , Nutrien Ltd. , SABIC, Eurochem Group, Koch Fertilizer, LLC, China National Petroleum Corporation, Rashtriya Chemicals and Fertilizers Ltd.
New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ammonia Global Market Report 2022" - https://www.reportlinker.com/p06323489/?utm_source=GNW
, OCI Nitrogen, Uralchem JSC, Evonik Industries AG, Qatar Fertiliser Company, and Mitsubishi Gas Chemical Co., Inc.
The global ammonia market is expected to grow from $62.34 billion in 2021 to $66.37 billion in 2022 at a compound annual growth rate (CAGR) of 6.47%. The ammonia market is expected to reach $82.40 billion in 2026 at a CAGR of 5.56%.
The ammonia market consists of sales of ammonia products by entities (organizations, sole traders, and distributors) that is used as a fertilizer in the agricultural industry.It generally refers to a colorless gas composed of hydrogen and nitrogen.
It is the simplest stable compound of these elements and is used to make a variety of commercially relevant nitrogen compounds. Ammonia is also used as a refrigerant gas, for the purification of water supplies, and in the manufacture of plastics, explosives, textiles, pesticides, dyes and other chemicals.
The main products in ammonia include anhydrous ammonia and aqueous ammonia.Anhydrous ammonia is composed of a gas substance and does not contain water.
It is a cost-effective and commonly used nitrogen fertilizer, simple to implement and easily available to producers. The different forms of ammonia include liquid and powder and it is used in various industries including fertilizers, chemicals, refrigeration, pharmaceutical, fibers and plastics, pulp and papers and other application types.
Asia-pacific was the largest region in the ammonia market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered in the ammonia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The ammonia market research report is one of a series of new reports that provides ammonia market statistics, including ammonia industry global market size, regional shares, competitors with an ammonia market share, detailed ammonia market segments, market trends and opportunities, and any further data you may need to thrive in the ammonia industry. This ammonia market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The growth of the fertilizer industry is contributing to the growth of the ammonia market.Ammonia is used as ammonium nitrate fertilizer, which releases nitrogen, an essential nutrient for growing plants, including farm crops and lawns.
The rpaid growth in fertilizer industry is expected to boost utilization of ammonia as it is widely used in manufacturing of fertilizers. For instance, in March 2021, according to the sales and production report of fertilizers shared by Care Ratings, after growing by 4.2% in the previous ten months, fertilizer production in India climbed by 3% in the ten months of FY21. During the same period, overall fertilizer sales climbed by 19.4%. Overall, it is expected to see the consumption and the growth in demand continue. Therefore, an increase in the growth of the fertilizer industry is predicted to boost the demand for ammonia during the forecast period.
Technological advancement is a key trend gaining popularity in the ammonia market.Companies are investing in new technologies in order to improve energy efficiency and have the lowest CO2 emission.
For instance, in May 2021, Netherland-based Stamicarbon Company, involved in designing and project development of chemical plants, launched a green ammonia technology process Stami Green Ammonia technology, paving the path for the production of sustainable fertilizers.To eliminate carbon from the ammonia production process, the technology uses renewable resources such as sun, wind, and hydrogen from water rather than fossil fuels.
Such innovation is certainly a key trend in the ammonia market and will help the market grow further.
In June 2020, Aramco, Saudi Arabian oil and petrochemicals company acquired 70% stake in SABIC from the Public Investment Fund (PIF) for $69.1 billion amount. With this acquisition, Aramco is focused on enhancing its presence in the global petrochemicals industry and will be a big step forward in Aramco’s Downstream strategy. SABIC (Saudi Basic Industries Corporation) is a Saudi Arabia-based chemical manufacturing company, who also operates in ammonia sector.
The countries covered in the ammonia market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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