Ammonia Market Estimated to Reach $91.95 billion by 2029 Globally, at a CAGR of 3.0%, says MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Oct. 28, 2024 (GLOBE NEWSWIRE) -- The Ammonia Market is projected to grow from USD 79.47 billion in 2024 to USD 91.95 billion by 2029, at a CAGR of 3.0% during the forecast period, as per the recent study by MarketsandMarkets. Ammonia is required in many industries as it is one of the most widely used chemicals in the world today. There are additional benefits of the Haber-Bosch process in diversifying the application of ammonia. Huge demand from numerous end-user segments most especially in agricultural use is the main factor that is likely to propel the ammonia market. There has been increasing use of ammonia in the textile industry since the population increase and fashion is gaining more ground resulting in increased use of textiles and apparel. The growth in demand for low-carbon solutions is driving the ammonia industry.

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List of Key Players in Ammonia Market:

1. CF Industries Holdings, Inc. (US)
2. Yara International ASA (Norway)
3. OCI Global (Netherlands)
4. BASF SE (Germany)
5. Nutrien (Canada)

Drivers, Restraints, Opportunities and Challenges in Ammonia Market:

1. Driver: Rising agricultural demand for ammonia
2. Restraint: Fluctuations in pricing
3. Opportunity: Growing emphasis on low-carbon solutions
4. Challenge: Alternative technologies

Key Findings of the Study:

1. Anhydrous type of ammonia is the fastest-growing type segment in the ammonia market.
2. Direct sales is the fastest-growing segment in the ammonia market, by sales channel.
3. Agriculture is the largest segment by end-use industry in the ammonia market.
4. Asia Pacific is estimated to be the largest market in the ammonia market.

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The ammonia market is segmented into two types, anhydrous, and aqueous. Anhydrous type of ammonia is projected to grow at a faster rate during the forecast period. This growth is attributed to its cost-effectiveness and direct application to soil. Anhydrous ammonia is preferred by farmers for large-scale agricultural enterprises. Its utilization is also increasing due to the necessity for efficient farming methods and the growing demand for food. Anhydrous ammonia's demand in the market is being driven by its increasing attention in industrial applications and as a fuel in the shift to clean energy.

Based on sales channels, the ammonia market is segmented into direct and indirect. Large-scale customers including industrial buyers and farmers prefer direct sales to ensure steady, large-scale ammonia supply at competitive rates. Direct communication between producers and consumers promotes operational efficiency through higher customization, higher-quality products, and prompt delivery. Thus, direct sales are anticipated to become significant in the ammonia market.

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By end-use industry ammonia market is segmented into agriculture, textile, refrigeration, mining, pharmaceutical, and other end-use industries. The agriculture is expected to dominate the ammonia market during the forecast period.  The demand for effective farming methods increases with population growth, which increases the need for ammonia for producing fertilizers like urea and ammonium nitrate. Ammonia's use in this industry is further boosted by the government's support for increasing agricultural output and the growing use of advanced farming practices.

Based on region the ammonia market is segmented into five regions, namely, North America, Asia Pacific, Europe, Middle East & Africa, and South America. Asia Pacific accounted for the largest share of the ammonia market in 2023. In countries like China, and India, the need to feed a growing population is driving the agricultural sector in Asia Pacific which will further propel the ammonia market. Ammonia production and consumption are also rising because of investments in renewable energy sources, growing chemical manufacturing, and industrial growth in the Asia Pacific. Ammonia is also increasing in Asia Pacific due to its availability of raw materials and lower manufacturing costs.

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