(MENAFN- GlobeNewsWire - Nasdaq)
New York, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Ammonia Global Market Report 2022: Ukraine-Russia War Impact' -
, Qatar Fertiliser Company, Mitsubishi Gas Chemical Co Inc., Uralchem JSC, and Evonik Industries AG.
The global ammonia market is expected to grow from $61.05 billion in 2021 to $66.93 billion in 2022 at a compound annual growth rate (CAGR) of 9.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The ammonia market is expected to reach $86.03 billion in 2026 at a CAGR of 6.5%.
The ammonia market consists of sales of ammonia products by entities (organizations, sole traders, and distributors) that are used as fertilizer in the agricultural industry.Ammonia refers to a colorless gas composed of hydrogen and nitrogen.
It is the simplest stable compound and is used to make a variety of commercially relevant compounds. It is also used as a refrigerant gas, for the purification of water supplies, and in the manufacture of plastics, explosives, textiles, pesticides, dyes, and other chemicals.
The main types of products in the ammonia market are anhydrous ammonia and aqueous ammonia.Anhydrous ammonia is composed of a gas substance and does not contain water.
It is a cost-effective and commonly used nitrogen fertilizer, simple to implement and easily available to producers. The different forms include liquid, gas, and powder that are used in fertilizers, chemicals, refrigeration, pharmaceuticals, fibers and plastics, pulp and paper, and other applications.
Asia-Pacific was the largest region in the ammonia market in 2021. The regions covered in the ammonia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growth of the fertilizer industry is expected to propel the growth of the ammonia market going forward.Ammonia is used as ammonium nitrate fertilizer, which releases nitrogen, an essential nutrient for growing plants, including farm crops and lawns.
With the rising demand for fertilizers, the demand for ammonia will also increase. For instance, according to Care Ratings, an India-based top credit rating agency, after growing by 4.2% in the previous ten months, fertilizer production in India climbed by 3% in the ten months of 2021. During the same period, overall fertilizer sales climbed by 19.4%. Therefore, an increase in the growth of the fertilizer industry is driving the growth of the ammonia market.
Technological advancement is a key trend gaining popularity in the ammonia market.Companies are investing in new technologies in order to improve energy efficiency and have the lowest CO2 (carbon dioxide) emissions.
For instance, in May 2021, Stamicarbon, a Netherlands-based provider of urea technology, launched Stami Green Ammonia technology, paving the path for the production of sustainable fertilizers. This technology replaces fossil fuels with renewable sources including the sun, wind, and hydrogen from water to completely remove carbon from the ammonia production process.
In June 2020, Saudi Arabian Oil Company, a Saudi Arabia-based petroleum and natural gas company, acquired a 70% stake in SABIC (Saudi Basic Industries Corporation) for a deal amount of $69.1 billion. With this acquisition, Aramco's presence would enhance the global petrochemical industry. Saudi Basic Industries Corporation (SABIC) is a Saudi Arabia-based manufacturer of various chemicals, including ammonia.
The countries covered in the ammonia market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The ammonia market research report is one of a series of new reports that provides ammonia market statistics, including ammonia industry global market size, regional shares, competitors with ammonia market share, detailed ammonia market segments, market trends, and opportunities, and any further data you may need to thrive in the ammonia industry. This ammonia market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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