Ammonia Market By Type (Liquid, Powder, and Gas), By Application (Fertilizers, Refrigerants, Pharmaceuticals, Textile, Others) and Geography  

Ammonia Market size was valued at USD 78,376.6 million in 2023 and is expected to grow at a 5.0% CAGR from 2024 to 2030. Ammonia is a colorless inorganic compound with a single nitrogen atom bonded to three hydrogen atoms. They are neurotoxins and amidase inhibitors. Ammonia is naturally found in the environment through air, water, animals, and plants. Ammonia is used in the manufacture of many daily-use products. Ammonia is a critical component in the manufacture of fertilizers like urea, and ammonium nitrate which are essential for plant growth in the agriculture sector. The global population is expected to have a surge in demand for the food and agriculture industry which is expected to drive the growth of the ammonia market over the forecast years.

In addition, Ammonia is widely popular as a refrigerating gas and broadly used in air conditioning equipment. Furthermore, factors like the advancement of technology in the production of ammonia are increasing efficiency and reducing the cost of ammonia in the market, growing chemical industries, and increasing investments in the development of ammonia production by the key market players are expected to further boost the growth of ammonia market over the forecast period. However, the increasing environmental concerns regarding the emission of greenhouse gases, acid rain, the consumption of high energy sources in the production of ammonia, and volatile prices are expected to hinder the growth of the ammonia market over the forecast years. The development of a sustainable method for the production of ammonia and diversified application of ammonia in various end-use sectors is expected to provide an opportunity for the market key players in the forecast years.  

Ammonia Market Key Developments:

• In March 2023. CF Industries Holdings, Inc., a leading producer for Hydrogen and Nitrogen has inked a purchase agreement with Incitec Pivot Limited for IPL’s ammonia production. The facility has a capacity of up to 880,000 tonnes of ammonia per annum.