The global ammonia market size is worth around USD 93.79 billion in 2024 and is anticipated to cross around USD 172.77 billion by 2034, growing at a CAGR of 6.3% over the forecast period from 2024 to 2034.
Key Points
- Asia Pacific led the global market with the highest market share of 49% in 2023.
- The North America region is the world’s second-largest production and user of this market.
- By product form, the liquid segment registered the maximum market share in 2023.
- By application, the fertilizers segment generated over 42% of revenue share in 2023.
The global ammonia market is experiencing steady growth, driven by its extensive use in fertilizers, chemicals, and industrial applications. Ammonia is a critical input in nitrogen-based fertilizers, which are essential for increasing agricultural productivity to meet global food demand. The market is projected to grow at a compound annual growth rate (CAGR) of around 6.1% from 2024 to 2033, with a market value expected to reach $415.3 billion by the end of the forecast period.
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Market Scope
| Report Coverage | Details |
| Market Size in 2024 | USD 93.79 Billion |
| Market Size by 2034 | USD 172.77 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 6.3% |
| Largest Market | Asia-Pacific |
| Second Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Product Form, Application, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Market Drivers
The primary growth driver is the rising demand for nitrogen fertilizers, particularly in emerging economies, due to the growing global population and the need for enhanced agricultural yields. Additionally, ammonia is increasingly used in refrigeration, industrial chemicals, and as a reducing agent in pollution control systems. Advancements in green ammonia production, which leverages renewable energy sources, are further propelling market expansion
Opportunities
The shift toward sustainable practices presents a significant opportunity. Green ammonia, produced using renewable energy, is gaining traction as industries aim to reduce carbon emissions. This transition aligns with global decarbonization goals and opens new avenues for ammonia’s use in clean energy applications, including hydrogen storage and transportation.
Challenges
Despite its growth prospects, the ammonia market faces challenges such as high production costs associated with green ammonia and the volatility of natural gas prices, a primary feedstock. Regulatory pressures to reduce greenhouse gas emissions also pose hurdles, necessitating technological innovations to meet sustainability standards.
Regional Insights
The Asia-Pacific region dominates the ammonia market, driven by its large agricultural base and growing industrial applications, particularly in China and India. North America and Europe also exhibit strong market potential, supported by technological advancements and increased adoption of low-carbon ammonia. solutions.
Read Also: Amino Acids Market Size to Surpass USD 69.11 Billion by 2034
Key Companies
- Achema AB
- ACME Group
- ACRON
- Acron (Russia)
- AquaHydrex (US)
- BASF SE (Germany)
- CF Industries Holdings Inc. (US)
- China Petroleum & Chemical Corporation
- Electrochaea (Germany)
- Enter (Italy)
- ENGIE (France)
- EuroChem Group AG (Switzerland)
- EXTRON (Germany)
- Fertiglobe plc
- Green Hydrogen Systems (Denmark)
- Greenfield Nitrogen LLC
- Group DF (Ukraine)
- Haifa Chemicals Ltd.
- Haldor Topsoe (Denmark)
- Helm AG
- Hiringa Energy (New Zealand)
- Honeywell International
- Hydrogenics (Canada)
- Incitec Pivot Ltd
- Indian Farmers Fertiliser Cooperative Limited (India)
- ITM Power (UK)
- Jiangsu Huachang Chemical Co. Ltd.
- Koch Fertilizer, LLC (US)
- Linde Group
- Maire Tecnimont S.p.A.
- MAN, Energy Solutions (Germany)
- McPhy Energy (France)
- Mitsubishi Gas Chemical Co., Ltd.
- Nel Hydrogen (Norway)
- Nutrien Ltd. (Canada)
- OCI NV (Netherlands)
- Orica Limited (Australia)
- Ostchem Holding
- Potash Corp
- Praxair, Inc.
- Qatar Fertiliser Company (Qatar)
- Queensland Nitrates Pty Ltd (Australia)
- SABIC (Saudi Arabia)
- Siemens Energy (Germany)
- Starfire Energy (US)
- Sumitomo Chemical
- The Dow Chemical Company
- ThyssenKrupp AG (Germany)
- Togliattiazot (Russia)
- Trammo Inc
- Ube Industries
- Uniper (Germany)
- Uralchem JSC (Russia)
- Yara International (Norway)
Recent News
- In 2022, Thyssen Krupp Uhde USA as well as Bloom Energy will produce about 30,000 tonnes of greener ammonia annually at LSB Industries’ facilities in Pryor, Oklahoma. LSB Businesses is a US fertilizer manufacturer. The engineering plan to transform a small percentage of Pryor’s current conventional ammonium production into greener ammonia will be created by Thyssen Krupp Uhde.
- To find effective and scalable solutions for the manufacture of ecologically approachable ammonia in Iceland, Green Fuel & Haldor Topsoe signed a Memorandum of Agreement in April 2021. The arrangement aims to provide the two businesses the freedom to investigate greener ammonia commercial potential.
- Thanks to a collaboration with MAN Renewable Technologies, Hartmann Company, and Eastern Pacific Transport, OCI NV will now have developed a maritime supply chain and commercialized ammonia & methanol as potential future shipment biofuels by the end of March 2020.
- Industries At a conference on August 23, 2020, Qatar’s Board of Directors endorsed the proposed acquisition of Qatar Petroleum’s 25percentage shareholding in Qatar Fertilizer Company, according to the country, regarded as one of the region’s major industries. In line with IQ’s goal of increasing its downward position and generating wealth, the company has decided to purchase QP’s shareholding in QAFCO.
Segments Covered in the Report
By Product Form
- Liquid
- Gas
- Powder
By Application
- Fertilizers
- Refrigerants
- Pharmaceuticals
- Textile
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
