DUBLIN–(BUSINESS WIRE)–The “Ammonia Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)” report has been added to ResearchAndMarkets.com’s offering.
The market is projected to reach a valuation of US$ 190 billion by the end of 2031, exhibiting a compound annual growth rate (CAGR) of 6.0% during the forecast period of 2024-2031, driven by expanding agricultural sector and the emerging trend towards green ammonia
Expanding Agricultural Sector Driving Ammonia Usage
The growing demand for producing high-quality crops with increased yield is propelling the agricultural sector worldwide. As a result, there is a surge in the requirement for various agrochemicals, particularly fertilizers, which indirectly boosts the demand for ammonia. The agricultural sector’s significant contribution to the GDP, particularly in developing countries, is driving the need for ammonia-based fertilizers such as urea, MAP, and DAP. Government subsidies on fertilizers further stimulate farmers’ demand for ammonia across regions.
Emerging Trend of Green Ammonia to Create Significant Opportunities
Manufacturers are increasingly adopting green ammonia production methods to mitigate carbon emissions and reduce environmental impact. Green ammonia, produced using clean renewable energy sources, offers several benefits over traditional brown ammonia manufactured from fossil fuels. This shift towards green alternatives presents significant opportunities for ammonia manufacturers, with potential long-term implications on market dynamics.
Challenges and Opportunities in Market Growth
Despite the optimistic outlook, challenges such as demand-supply gaps and over-reliance on chemical fertilizers hinder market growth in certain regions. However, the increasing demand for sustainable agriculture practices and organic fertilizers presents avenues for innovation and market expansion. Additionally, the robust growth of the anhydrous ammonia segment, driven by strong fertilizer consumption, underscores the market’s resilience and potential.
Country-wise Analysis: China and India Driving Market Dynamics
China remains a key player in the global ammonia market, with substantial production volumes driven by the country’s thriving agricultural and industrial sectors. Similarly, India’s growing agricultural industry, supported by government initiatives and subsidies, is driving significant demand for ammonia-based fertilizers. With increasing population needs and agricultural advancements, both countries are expected to shape the trajectory of the global ammonia market in the coming years.
Category-wise Insights: Anhydrous Ammonia and Urea Segments Lead Market Growth
The anhydrous ammonia segment, characterized by abundant availability and strong demand from fertilizer manufacturers, is poised for significant growth. Additionally, the urea segment emerges as a prominent revenue driver, fueled by the rising demand for fertilizers to meet global agricultural needs.
Competitive Analysis: Focus on Expansion and Green Technology
Key market players are expanding their production capacities and embracing green technology to meet growing consumer demands. Strategic acquisitions and partnerships aim to strengthen market dominance and enhance value chain capabilities. The shift towards green ammonia production underscores the industry’s commitment to sustainability and innovation.
Some key Companies are:
Key Segments Covered in Ammonia Industry Research
Ammonia Market by Product Type:
Ammonia Market by Application:
Ammonia Market by End Use:
For more information about this report visit https://www.researchandmarkets.com/r/4kkuiv
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