Overview:
The global market of ammonia is deemed to expand at CAGR of 4.2% during the forecast period (2016-2022), Market Research Future (MRFR) avers. Growing fertilizer industry, rising population, and increasing disposable income have spurred a shift in dietary trends, which as a consequence, can trigger the market growth of ammonia.
Market Competition:
Constant price fluctuation has made the global ammonia market competitive. The ammonia fuel stocks is getting both by international and regional players who are continuously integrating various technologies and are investing in research and developments. Companies, such as Casale, Haldor Topsoe, ThyssenKrupp, and KBR are implementing designs to manufacture green ammonia with the commercial prospect.
The key market influencers are BASF, CF Industries, Yara International, PotashCorp, Group DF, Togliatti, and others.
Drivers and Restraints:
Ammonia is a crucial component for industries, such as fertilizer and agriculture. It is essential in producing nitrogen which in turn is necessary for the growth of plants. Hence, the growing need in industries above. The global shift in dietary consumption is expected to boost the sale further.
In food and beverage industry, ammonia is necessary for refrigeration, food preservation, and beverage production. Ammonia also plays significantly in the production of explosives and is a must in the chemical industry. Other industries, such as pharmaceuticals, plastic, and paper can perform as driving factors for the global market during the forecast period.
However, toxic nature of ammonia and fluctuating price of natural gas can act as deterrents for the global ammonia market.
Industry Trends:
Renewable ammonia and green ammonia are the latest market developments. With growing concern regarding the environment, countries across the world are now focusing on produces that have minimal adverse effects on nature. Recently, Netherland has taken the initiative to produce renewable ammonia in Delfzijl. With growing demand for green ammonia, Yara and BASF have joined hands to produce low-carbon ammonia. Dualtower of Belgium is planning on using wind-turbines to harvest ammonia to produce hydrogen and nitrogen.
Segmentation:
The global ammonia market can be segmented by form and application.
Form-wise segmentation includes liquid and powder. Liquid form dominates the market as it generates the maximum revenue. End-user industries are going to act as key drivers and boost the demand during the forecast period.
Based on application, the market is segmented into fertilizers, pharmaceuticals, refrigerants, household, food, and others. The fertilizer segment accounts for a significant market share owing to a paradigmatic shift in consumer behavior. With growing population and increasing intake of quality food, the global market is experiencing a surge, and it is only going to ascend from here. The pharmaceutical segment is next in growth as ammonia is necessary for the production of insulin and in drugs that prevent the growth of certain bacteria and others.
Regional Analysis:
Geographically, the global ammonia market revenue is segmented into North America, Europe, Asia Pacific (APAC), Rest-of-the-World (RoW).
The APAC region is the fastest growing market for ammonia. The immense population base of the region and agricultural field fragmentation have made the APAC a substantial consumer. Also, the presence of growing economies, such as China and India have made an indelible impact. China is the largest producer as well. Other countries, such as Malaysia and Indonesia are also recording a healthy development. However, increasing supply and demand gap has affected the market and has dictated a fall in price in the global market.
In terms of value and volume, North America comes second. The presence of various end-user industries has triggered the growth of the ammonia market. Also, availability of cheap natural gas can act as a driving factor.
Europe accounts for a considerable market share of the global ammonia market. With latest technologies, Europe has now taken a green route and have now started producing renewable and low-carbon ammonia.
The ammonia market has prospects in various countries from the Middle East Africa and Latin America. In Latin America, a lot of pasturelands is getting converted into cropland, and this can play a significant role in the rising demand for ammonia.
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