PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1572693
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1572693
The ammonia market size is projected to grow from USD 79.47 billion in 2024 and is projected to reach USD 91.95 billion by 2029, at a CAGR of 3.0%. With the ongoing increase in the global population, the demand for food production is increasing, resulting in the agricultural sector relying increasingly on nitrogen-based fertilizers, with ammonia being an essential component. Ammonia plays a crucial role in the production of fertilizers such as urea which contributes to increased crop yields and the maintenance of soil fertility. Countries like India and China, which have large agricultural sectors, are boosting their use of ammonia-based fertilizers to secure food for their expanding populations. The regular demand from the agricultural sector plays a crucial role in the ongoing growth of the ammonia market. The potential of ammonia in the clean energy transition is a significant driver of market growth.
Scope of the Report | |
---|---|
Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million) and Volume (Kiloton) |
Segments | Type, Sales Channel, Application, and Region |
Regions covered | North America, Asia Pacific, Europe, Middle East & Africa, and South America |
"Anhydrous is projected to be the largest segment by type in ammonia market"
Sustainability is increasingly at the forefront, efficient usage methods of anhydrous ammonia enhance its appeal to consumers. When used effectively, it reduces nitrogen loss and reduces the environmental impact in comparison to other types of nitrogen fertilizers. This boosts long-term environmental sustainability, especially in areas carrying out stricter regulations on agricultural emissions. Anhydrous ammonia, known for its high efficiency, cost-effectiveness, and industrial versatility, is anticipated to stay as the largest segment in the ammonia market.
"Direct is projected to be the largest segment by sales channel in ammonia market"
Direct sales enable manufacturers to grow greater ties with end-users, providing constant supply and customized products created to meet specific requirements. This approach additionally reduces intermediaries, lowering expenses and enhancing efficiency for both suppliers and buyers. The increasing demand for bulk ammonia, especially within the agriculture and chemical sectors, places direct sales as a dependable and economical channel, establishing it as the leading channel for sales in the market.
"Refrigeration is the third largest segment by end-use industry in ammonia market during forecast region."
The growth of the cold chain logistics industry increases the demand for ammonia in refrigeration. The growth of global trade in perishable goods has led to an increased demand for refrigeration systems to maintain product quality during transportation. Ammonia is good in low-temperature applications, making it the ideal choice for refrigerated warehouses and transport vehicles. Major logistics companies are implementing ammonia refrigeration systems to enhance their cold chain operations, ensuring that food and pharmaceuticals are maintained at optimal temperatures during transit.
"Middle East & Africa accounts for the third-largest share in ammonia market by region"
Countries in the Middle East, including Saudi Arabia, the UAE, and Qatar, are investing in chemical industries to reduce their dependence on oil. SABIC (Saudi Basic Industries Corporation) and Qatar Fertiliser Company (QAFCO) are key players influencing chemical and fertilizer production throughout the Middle East and Africa. SABIC, a leading player in the global petrochemical industry is a crucial producer of ammonia and plays an important part in Saudi Arabia's Vision 2030. SABIC's ammonia plays an important role in the production of fertilizers. The company's emphasis on increasing its ammonia production capacity and establishing large-scale ammonia plants addresses both domestic needs and export opportunities, thereby increasing the overall ammonia market in the Middle East and Africa region.
By Company Type: Tier 1: 25%, Tier 2: 42%, and Tier 3: 33%
By Designation: C-level Executives: 20%, Directors: 30%, and Others: 50%
By Region: North America: 20%, Europe: 10%, Asia Pacific: 40%, South America: 10%, Middle East & Africa 20%
Notes: Others include sales, marketing, and product managers.
Tier 1: >USD 1 Billion; Tier 2: USD 500 million-1 Billion; and Tier 3: <USD 500 million
Companies Covered: CF Industries Holdings, Inc. (US), Yara International ASA (Norway), OCI Global (Netherlands), BASF SE (Germany), and Nutrien (Canada), and others are covered in the ammonia market.
The study includes an in-depth competitive analysis of these key players in the ammonia market, with their company profiles, recent developments, and key market strategies
Research Coverage
This research report categorizes the ammonia market by type, (anhydrous, aqueous), by sales channel, (direct, indirect), by end-use industry (agriculture, textile, refrigeration, mining, pharmaceutical, and other end-use, industries), and by region (Asia Pacific, North America, Europe, South America, and Middle East & Africa). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the ammonia market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product launches, acquisitions, and recent developments associated with the ammonia market. Competitive analysis of upcoming startups in the ammonia market ecosystem is covered in this report.
Reasons to buy the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall ammonia market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the ammonia market.
_