Global Ammonia Market is projected to be valued at USD 68,354.5 Million by 2028 registering a CAGR of 4.02% during the forecast period.
Growing demand for ammonia for fertilizer production is a key driver of the global ammonia market. Urea, ammonium nitrate, ammonium sulfate, ammonium phosphate, diammonium phosphate, monoammonium phosphate, and others are some of the fertilizers produced using ammonia.
Another major driver of the ammonia market is its use in mining and refrigeration systems.
Global Ammonia Market has been segmented on the basis of Form, Sales Channel, Application and Region.
Based on form, the global ammonia market has been segmented into liquid, powder, and gas. The liquid form segment was valued at USD 19,821.3 million in 2018. The gas form segment emerged as the fastest-growing segment with a CAGR of 4.34% during the review period. The growth of the gas form segment is because it is the purest form and does not contain any water molecules.
On the basis of application, the market is classified into fertilizers, chemicals, refrigeration, fibers and plastics, pharmaceutical, pulp and paper, and others. Among these, the fertilizers application segment accounted for more than 60% of the market share in 2018. The rising demand for food on the backdrop of an increasing global population is projected to drive the demand for ammonia.
By the sales channel, the market is divided into direct channel and distribution channel. The direct channel segment dominated the global ammonia market in 2018 with an approximately one-fifth share of the global ammonia market.
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Key Findings of the Study
- Global ammonia market is projected to reach a value of USD 68,354.5 million by 2028 at a CAGR of around 4.2% during the forecast period of 2019 to 2028.
- Asia-Pacific emerged as the leading and fastest-growing region for this market on account of the presence of leading agricultural countries such as India, China, Thailand, and Indonesia.
- Increasing use of hydrogen as a biofuel is a key opportunity for players in this market.
MRFR recognizes the following companies as the Key Players in the Global Ammonia Market— Yara (Norway), CF Industries Holdings Inc. (US), Nutrien Ltd. (Canada), Group DF (Ukraine), OCI NV (Netherlands), EuroChem Group AG (Switzerland), SABIC (Saudi Arabia), Acron (Russia), Orica Limited (Australia), Uralchem JSC (Russia), AB ”Achema” (Lithuania), Togliattiazot (Russia), Indian Farmers Fertiliser Cooperative Limited (India), Qatar Fertiliser Company (Qatar), and Koch Fertilizer, LLC (US) among others.
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