As per the report released by Fior Markets, the global ammonia market is projected to jump from USD 52.71 Billion in 2017 to USD 81.42 Billion by 2025, at a CAGR of 5.59% during the forecast period from 2018-2025. Ammonia market got a major boost in the Asia Pacific region, accounting for a 39.26% share of revenue in 2017 followed by North America.
“Global Ammonia Market by Product Form (Liquid, Gas, Powder), Application (Fertilizers, Textile, Pharmaceuticals, Others), Regions”, and Global Forecast 2018-2025.
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Top players operating in the global ammonia market are BASF SE, CF Industries Holdings, Inc., PotashCorp, Huaqiang Chem Group, Shanxi Jinfeng Coal Chem, Rashtriya Chemicals & Fertilizers Ltd., China Petroleum & Chemical Corporation, China National Petroleum Corporation, Yara International, Orica Limited, Praxair, Inc, Achema AB, Linde Group, Haifa Chemicals Ltd, Haldor Topsoe, Koch Fertilizer LLC among others. While looking at the increasing demand for the nitrogenous fertilizers from the North American farm sector, key manufacturers are increasingly focusing on improving their production capacities. For instance, in 2018, CF industries revealed that it is expanding production capacity of low-cost ammonia at its Garner, Iowa plant. This expansion may increase the availability of low-cost ammonia by up to 150,000 tons, according to estimates.
Product form contains liquid, gas, and powder. Liquid form segment led the market on account of wide-ranging utilization of liquid ammonia in fertilizer and various end industries. The segment held a 47.82% share of the market revenue in 2017. Gas form segment is also expected to achieve a healthy market share over the forecast period. The application segment covers fertilizers, refrigerants, pharmaceuticals, textiles, and others. Ammonia is extensively used as a fertilizer in the agriculture sector as it releases nitrogen when in contact with soil. Thus the global emphasis on raising the farm productivity highly contributed to fertilizer segment growth, making it the dominating segment with a 41.92% share of revenue in 2017. Ammonia has emerged as the preferred refrigerant owing to its high efficiency and better heat transfer properties as well as its zero ozone depletion potential. Thus refrigerant segment is anticipated to grow at the highest CAGR of 7.67% over the forecast period.
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Increasing demand for nitrogenous fertilizers and eco-friendly refrigerants are the driving factors boosting the global demand for the ammonia. However, the growth limiting factors includes volatility in prices of the natural gas, an important raw material as well as concerns related to production overcapacity.
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