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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Ammonia Market Size
The global ammonia market reached a volume of approximately 194.8 MMT in 2023. The market is assessed to grow at a CAGR of 1.90% in the forecast period of 2024-2032 to reach a volume of around 218.3 MMT by 2032.
- Saudi Arabia was the top exporter of ammonia in 2020, where exports were valued at USD 2.09 billion, followed by Russia as USD 1.02 billion.
- India was the top importer of ammonia in 2020, where imports were valued at USD 1.4 billion, followed by United States at USD 781 million and South Korea at USD 412 million.
- In June 2024, price of ammonia per kilogram increased by 4.3% and 1.9% in North America and Europe.
- In 2023, 191 million tonnes of ammonia was produced globally in the form of grey and brown ammonia, using natural gas and coal feedstocks respectively.
Ammonia Market Report Snapshots
Ammonia Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the ammonia market attained a volume of approximately 194.8 MMT.
The market is expected to grow at a CAGR of 1.90% between 2024 and 2032.
The market is assessed to reach almost 218.3 MMT by 2032.
The major drivers of the market include the rising application of ammonia in the production of fertilisers, increasing food demands, escalating eco-consciousness, awareness about the importance of cleanliness and hygiene, ability to absorb substantial amounts of heat from its surroundings, and need to reduce dependency on fossil fuels.
Key trends aiding market expansion include the increasing utilisation in various end-use sectors, favourable government initiatives, and the rising production of green ammonia.
Ammonia can be an environment-friendly alternative to other fuels in the shipping and aviation sector as it can reduce the emissions.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The green ammonia refers to the ammonia production that is renewable and carbon-free, using nitrogen from the air and hydrogen from water electrolysis.
The various end uses of ammonia include agriculture, textile, mining, pharmaceutical, and refrigeration, among others.
Key players in the market are Yara International ASA, CSBP Limited, CF Industries Holdings, Inc., Koch Fertilizer, LLC, GROUP DF, CASCALE SA, OCI N.V., Acron Group, BASF SE, SABIC, Indian Farmers Fertiliser Cooperative (IFFCO), and Nutrien Ltd, among others.
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