Ammonia Market worth $91.95 billion by 2029 - Exclusive Report by MarketsandMarkets™

Ammonia is required in many industries as it is one of the most widely used chemicals in the world today. There are additional benefits of the Haber-Bosch process in diversifying the application of ammonia. Huge demand from numerous end-user segments most especially in agricultural use is the main factor that is likely to propel the ammonia market. There has been increasing use of ammonia in the textile industry since the population increase and fashion is gaining more ground resulting in increased use of textiles and apparel. The growth in demand for low-carbon solutions is driving the ammonia industry.

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By type, anhydrous accounts for the largest share of the ammonia market

Anhydrous ammonia has approximately 82% nitrogen and is a valuable nutrient source essential for plant growth, making it a popular choice among farmers. Compared to other nitrogen fertilizers, anhydrous ammonia is often more economical to produce and transport, making it attractive for large-scale agricultural operations. Anhydrous ammonia's versatility extends well beyond agriculture; it is utilized in various industrial applications, including the production of chemicals and explosives.

Textile accounts for the second-largest share of the ammonia market by end-use industry

Ammonia is used in the textile industry for fabric finishing and dyeing, along with the production of synthetic fibers such as nylon and polyester. According to the Indian Chamber of Commerce, the global apparel market is expected to reach USD 2.6 trillion by 2025, with an estimated growth rate of 4%. The expansion will primarily be fueled by emerging economies, especially China and India, which are anticipated to achieve double-digit growth rates. China is expected to emerge as the largest apparel market, with an addition of over USD 378 billion to its market size by 2025. India is forecasted to be the second largest market, with an estimated increase of around USD 121 billion.

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Europe accounted for the second largest share in the global ammonia market

Europe has major market players such as Yara International ASA in Norway, OCI Global Netherlands, BASF SE in Germany, and EuroChem Group in Switzerland among others. These companies are the leading producers of ammonia and remain involved in the development of both typical and green ammonia solutions and importantly drive the sulfate of the European ammonia market. Yara International ASA is a leading global producer of ammonia and fertilizers involved in green ammonia investments. Yara has the European environmental standards and the policy of the European Green Deal, which plans to reach the level of carbon neutrality during 2050. Yara is setting up an industry benchmark through the production of green ammonia through renewable energy sources. This accelerates the pace of the transition to sustainable ammonia throughout Europe.

The report profiles key players such as CF Industries Holdings, Inc. (US), Yara International ASA (Norway), OCI Global (Netherlands), BASF SE (Germany), and Nutrien (Canada).

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