The global market report on ammonia has a strong foundation in its analysis of various factors that can impact the market. Its rising demand in the agricultural sector to boost the production level of crops, its application in the production of hydrogen, demand for the substance as a fuel component from several sectors, increasing investment in the market, changes in production facilities, as a component for refrigeration and others are expected to boost the global ammonia market growth.
Yara, Nutrien Ltd, Group DF, CF Industries Holdings, Inc, SABIC, OCI NV, EuroChem Group AG, AB “Achema, Acron Group, Orica Limited, Uralchem JSC, Qatar Fertiliser Company, Togliattyazot, IFFCO, Koch Fertilizer, LLC, and others are emerging as prominent names in the global ammonia market. These companies are known for their superlative performance in the research and development sector to get a proper boost from the market. They also invest in tie-ups, mergers, branding, acquisitions, and others to make sure the market gets significant boosting from several sources.
Ammonia Market is projected to be worth USD 114.73 billion by 2028, registering a CAGR of 6.64% during the forecast period (2021 - 2028).
The global market report on the ammonia market has been studied on the basis of form and application, which provides an in-depth study of how the market is getting impacted by dynamics and factors and what volume and valuation it can expect in the coming days. This sort of analysis helps in planning a proper course of action that can inspire growth.
By form, the report on the global ammonia market includes gas, liquid, and powder. The liquid segment had the maximum market share and it was around 43.14% in 2018. This segmental growth depends a lot on the growing demand for fertilizers, refrigerants, and chemicals.
By application, the review of the global ammonia market Share has been segmented into chemicals, refrigeration, pulp and paper, fertilizers, pharmaceutical, fibers and plastics, and others. The fertilizer segment includes a CAGR of 6.23% due to a huge rise in agricultural activities to support the global demand for food.
Asia Pacific region had a market coverage of 53% in 2017 due to advantages reaped by companies during production and constant demand generated by various end user industries, like agriculture and others.
In July 2020, the US industrial gas and chemical business Air Products declared that they would make $5bn joint investment for a chemical production plant in Saudi Arabia that has been powered by 4GW of renewable energy. It will form a collaboration with companies like Saudi generator ACWA Power and tech accelerator city Neom in a bid to fund the power-to-hydrogen-to-ammonia facility. This will help in transporting as ammonia can be transported in easier ways than hydrogen and then can be used to produce hydrogen.
In July 2020, Wärtsilä, a Finnish technology group, announced that they would be conducting various methods for the the world’s first long-term, full-scale testing of ammonia fuel to assess its impact on a marine four-stroke combustion engine. This project received a $2 million grant from the Norwegian Research Council and got boosted by Wärtsilä’s previous research on ammonia as a potential fuel where it discussed in length regarding the possibilities of using ammonia as a fuel in the shipping industry to curb greenhouse gas emissions.
However, these research works got impacted by the COVID-19 pandemic as situations triggered by the outbreak disrupted the supply chain.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members.
Wantstats Research and Media Private Limited,
99 Hudson Street,5Th Floor,
New York, New York 10013,
United States of America