Asia Pacific Ammonia Market Report and Forecast 2024-2032

Asia Pacific Ammonia Market Outlook

The Asia Pacific ammonia market would likely grow at a CAGR of 1.5% during 2024-2032. Ammonia the point of beginning for all mineral nitrogen fertilisers. Nearly seventy percent of ammonia is employed in the production of fertilisers; the rest is used for several industrial applications, including explosives, plastics, and synthetic fibres. Ammonia is also being considered as a possible low-carbon energy vector.  

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Market Likely to be Driven by Rising Population and Governments’ Emphasis on Decreasing Emissions 

It is expected that rising population with increasing affluence would promote production of ammonia, boosting the Asia Pacific ammonia market; further, governments across the globe are making efforts to decrease emissions from energy systems to net zero.

In 2023, it was reported that Jurong Port, Mitsubishi Heavy Industries Asia Pacific and JERA Asia would collaborate to Come Together to look into setting up an ammonia direct combustion power plant; a Memorandum of Understanding (MoU) was concluded to investigate the setting up of a hundred percent ammonia direct combustion power plant on Jurong Island, Singapore. Earlier, the Singapore government elevated its climate ambition to attain net-zero CO2 emissions by or close to 2050. The project was in line with national decarbonization objectives, and it aimed to use ammonia as a fuel to produce carbon-free electricity, and the key bunkering fuel in future to decarbonize the maritime sector. Comprising nitrogen and hydrogen, ammonia is a very efficient hydrogen carrier and is capable of being directly combusted as a carbon neutral fuel, contributing to the setting up of a robust hydrogen value chain.

Asia Pacific Likely to be a Key Region

Population and economic growth have been driving factors of global nitrogen demand, and Asia Pacific is expected to lead global ammonia production. Asia Pacific is a significant producer of ammonia, China being a major producer. With increasing industrial activity, India is expected to be a key player. 

In the Sustainable Development Scenario, Asia Pacific is expected to remain the most significant ammonia-producing region. China and India are likely to remain key players. 

Green Ammonia Production Through Sustainable Energy Sources Becoming Popular 

Rising environmental concerns and stringent compliances to decrease greenhouse gas emissions are expected to promote adoption of green ammonia technology among ammonia manufacturers. The valorization of green ammonia from sustainable energy sources is leading the way towards safer agricultural products and cleaner industrial chemical production. These factors are likely to boost the Asia Pacific ammonia market.

In 2022, it was reported that Keppel Infrastructure and Greenko would explore ammonia production in India, driven by 1.3 GW of solar, wind and pumped hydro generating capacity. The project was expected to support the Indian government’s objective to produce five million tonnes of green hydrogen every year by 2030. The manufactured ammonia would be directed to demand for low carbon energy in Singapore and India, and could also be employed as bunker fuel.

It has been emphasized that green ammonia could help nations like India substantially decrease their fertiliser subsidy expenses and reduce reliance on liquefied natural gas (LNG) imports for fertiliser production.

Market Segmentation

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By type, the market is divided into:

• Gas
   
• Liquid

By application, the Asia Pacific ammonia market is classified into:

• Fertilisers
   
• Textile
   
• Mining
   
• Pharmaceuticals
   
• Refrigeration
   
• Others

By country, the market is segmented into:

• China
   
• Japan
   
• India
   
• ASEAN
   
• Australia
   
• Others

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Key Industry Players in the Market

The report offers an extensive assessment of major players in the Asia Pacific ammonia market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:

• Mitsubishi Gas Chemical Company, Inc.
   
• Yara International ASA
   
• Mitsui & Co.
   
• BASF SE
   
• Indian Farmers Fertiliser Cooperative Limited (IFFCO)
   
• Nutrien Ltd.
   
• Brunei Fertilizer Industries Sdn Bhd
   
• PT Pupuk Kalimantan Timur (PKT)
   
• Others

Key Highlights of the Report