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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Ammonia Market Trends
Direct emissions from ammonia production amount to 450 Mt CO2, and indirect emissions are around 170 Mt CO2 per year. This is rising the demand for low-carbon green ammonia, produced using green hydrogen and water electrolysis. Moreover, government policies like the Inflation Reduction Act in the US and carbon pricing mechanisms in Europe are expected to improve the economics of green ammonia. As per industry reports, over 10 million tonnes of new green ammonia production capacity has been announced in the last year, which can augment overall ammonia market growth.
Additionally, the restriction on chlorine and fluorine-containing refrigerants is resulting in the rising utilisation of ammonia as a refrigerant in food preservation and air-conditioning processes, which is further increasing the market growth. Moreover, there is an increased adoption of ammonia as a zero-carbon fuel by the maritime sector to replace the use of fossil fuels in marine engines. A study conducted by Sphera in June 2024, commissioned by the Society for Gas as a Marine Fuel, has found that using ammonia as a marine fuel can reduce greenhouse gas emissions by up to 61%, which can help meet International Maritime Organisation's (IMO) GHG reduction targets.
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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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124