The global ammonia market is anticipated to reach USD 76.64 billion by 2025
LONDON, Nov. 28, 2017 /PRNewswire/ -- Ammonia Market Analysis By Product Form (Liquid, Gas, Powder), By Application (Fertilizers, Textile, Pharmaceuticals, Refrigerants), By Region, And Segment Forecasts, 2014 - 2025
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The global ammonia market is anticipated to reach USD 76.64 billion by 2025, according to a new report by Grand View Research, Inc.
Fertilizer is the major application of the product as well as an important source of nitrogen in the agricultural industry, which is expected to benefit the market over the forecast period.
Liquid ammonia segment dominated the market in 2016. It is majorly used in fertilizer and industrial & household cleaning applications. Ammonia is a colorless and pungent alkaline gas composed of hydrogen and nitrogen. It is an essential gas, which is used in various biological processes and industrial applications. It causes irritation to the eyes, skin, nose, lungs, and throat. Globally governments have established various safety-related regulations associated with the production, usage, and transportation of the product. The regulations also provide some directives for the equipment and methods used during the production process and handling of ammonia.
Globally, the gap between supply & demand of the product is gradually becoming surplus, hence resulting in continuous price fluctuations. This gap is mainly due to continuous capacity additions, especially in Southeast Asia (China and Indonesia), Middle East, Central & South America, and the U.S. The continuous increase in capacity additions and weakening of the demand owing to lower crop prices, poor economic prospects, fluctuating energy prices, and rising competition are anticipated to be the major challenges for the industry over the forecast period.
Further key findings from the report suggest:
• The global ammonia market was valued at USD 48.65 billion in 2016. The industry is anticipated to reach USD 76.64 billion by 2025, ascending at a CAGR of 5.3% from 2017 to 2025.
• Fertilizer application segment dominated with over 40% of the overall share in terms of revenue
• Rising demand for nitrogen fertilizer owing to its advantages for application in the agricultural sector is anticipated to boost the ammonia market over the coming years
• Some of the other major application industries of the product include household & industrial cleaning, food & beverage, metallurgical processes, water and wastewater treatment, rubber, pulp & paper, and leather
• Asia Pacific dominated the industry in 2016 and is projected to be the fastest-growing region over the forecast period
• The industry is highly competitive in nature with the presence of various global players
• Some of the key market players are Yara International; BASF SE; CF Industries Holdings; Inc.; PotashCorp; Huaqiang Chemical Group; Shanxi Jinfeng Coal Chemical; Rashtriya Chemicals & Fertilizers Ltd.; China Petroleum & Chemical Corporation; and China National Petroleum Corporation
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