Global Ammonia Market Size, Market Size, Share, Price, Trends, Analysis Report and Forecast 2023 to 2028

The global ammonia market is expected to exhibit strong growth, reaching USD 95.3 billion by 2028. As per the report titled "Ammonia Market Size, Share & COVID-19 Impact Analysis, By End Users (Fertilizers, Chemicals, Refrigeration, Textile, Household & Industrial Cleaning Fibers & Plastics, Pharmaceutical and Others), By Form (Liquid, Powder and Gas) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 66.4 billion and USD 95.3 billion in 2028. The market is expected to exhibit a CAGR of 6.20% during the forecast period.

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C.F. Industries Holdings, Inc. signed a procurement and engineering contract with Thyssenkrupp for the company's green ammonia project

In April 2021, a procurement and engineering agreement was signed by C.F. Industries Holdings, Inc. and Thyssenkrupp for the company's green NH3 project at its Donaldsonville, Louisiana, manufacturing facility. By 2023, the project is expected to be finished. To produce 20,000 tonnes of green ammonia annually, C.F. Industries will incorporate the carbon-free hydrogen produced by the electrolysis plant into the current synthesis loops.

Increasing Ammonia Production Worldwide to Accelerate Market Growth

Nitrogen and hydrogen combine to generate the inorganic substance ammonia, which has the formula NH3. Since nitrogen chemical is a major source of nutrition necessary for plant growth, the agricultural sector is the main user of ammonia. In addition, ammonia is used to create various liquid fertilizer solutions, including urea, ammonium nitrate, and aqua ammonia. Therefore, it is anticipated that the worldwide ammonia market will experience significant growth, supported by the widespread use of ammonia and rising ammonia production globally. According to statistics, ammonia (NH3) was the second most manufactured chemical after sulphuric acid (H2SO4) in 2019, with a global production of 235 million tonnes. Over the forecast period, production is expected to rise even further.

Lack of Understanding Regarding Green Ammonia May Limit the Market Growth

Green ammonia technology research is still in its early stages. Methods for quickly producing ammonia with water and nitrogen include biological cycling, photochemistry synthesizing, and the synthesis method. However, these techniques have significant technological challenges that necessitate work and R&D costs. Most ammonia producers still use conventional methods to produce ammonia today. The major problem with green ammonia is that chemical producers don't understand it well enough.

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Major Players Develop Acquisition Plans to Boost Brand Image

The leading businesses in the ammonia market plan acquisitions to improve their brand recognition globally. For instance, in May 2021, after a five-year hiatus, Japan's Mitsui O.S.K. Lines is returning to the ammonia shipping business. The business also disclosed that it would participate in a joint development study on the chain of ammonia fuel supply.

Notable Industry Development

March 2021: Development of the Special Economic Zone, an Oman-based company in Duqm (Tatweer), collaborated with ACME Solar Holdings Ltd, a solar developer company in India, to plan to invest USD 2.5 billion to produce green hydrogen and green ammonia in the Duqm SEZ.

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List of Key Players Profiled in the Report

OCI N.V.
Nutrien Ltd.
Orica Limited
Dow Chemical Company
Praxair Technology, Inc.
MITSUBISHI GAS CHEMICAL COMPANY, INC.
A.B. "Achema"
Koch Fertilizer, LLC.
Incitech Pivot limited
Linde plc
Others

Further Report Findings

The market in Asia Pacific is expected to gain a huge portion of the global ammonia market share in the coming years. The presence of numerous international players and the increasing demand for agricultural products in the area are both credited with this expansion.
Ammonia is primarily obtained from natural gas worldwide; however, coal gasification is China's primary production method. China is followed in terms of production by Indonesia and India.
In Europe, the growth in this region is primarily driven due to increased hydrogen fuel advancements and the government pushing to install hydrogen fuel in residential and commercial markets.

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Global Ammonia Market Size, Market Size, Share, Price, Trends, Analysis Report and Forecast 2023 to 2028