The Global Ammonia Market is anticipated to gain traction due to its increasing use in pharmaceutical and agriculture industry, and ammonias increasing demand in the developing economies of Asia Pacific.
Ammonia is a colorless inorganic compound of nitrogen and hydrogen, usually existing in gaseous form with a characteristic pungent odor. Ammonia is highly soluble in water and is a good ionizing solvent. It has a high heat of vaporization and can be handled as a liquid in thermally insulated containers in the laboratory. It is used for biological processes and has various industrial applications. Ammonia is primarily used as a fertilizer. It is also used in the manufacture of commercial explosives, manufacturing of synthetic fibers, such as nylon and rayon, and dyeing and scouring of cotton, wool, and silk. It also finds application in neutralization of acidic by-products of petroleum refining, in the rubber industry, in ammonia-soda process, and in refrigeration & air-conditioning equipment.
The growing demand of ammonia in fertilizers is expected to drive the ammonia market. Increasing use of ammonia in various end-use applications such as pharmaceutical and agricultural has supported the ammonia market growth. There has been an increased demand for agricultural products owing to population increase, which in turn has increased the adoption of ammonia. Additionally, increasing demand of refrigeration and air conditioning in various industries augments the ammonia market growth. There has been an increased demand of ammonia in emerging economies of Asia-Pacific owing to development of manufacturing and chemical sectors. Global players are expanding their business in this region to increase their customer base and improve the geographical outreach.
The global ammonia market is segmented on the basis of type, end-user, and geography.
Geographically, the global ammonia market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, Asia-Pacific is expected to dominate the global market over forecast period. The increasing demand for ammonia for production of synthetic fibers plastics, resins, and other chemical compounds is expected to drive the growth of ammonia in this region. The growing use of ammonia in agriculture also accelerates the adoption. The increasing demand for ammonia from countries such as China, Japan, and India would provide growth opportunities during the forecast period. The presence of large number of chemical companies also augments the growth of ammonia in the region.
Key players in the global ammonia market are: