The global ammonia market size is expected to reach USD 124.64 Billion by 2030, according to a new study by Polaris Market Research. The report “Ammonia Market Share, Size, Trends, Industry Analysis Report, By Form (Liquid, Gas, Powder); By Application (Fertilizers, Refrigerants, Fibers and Plastics, Pharmaceuticals, Textile, Others); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Ammonia is becoming a more important component of the solutions that refrigerators, as well as other freezing appliances, use to keep food either extremely cold or frozen. To create a new type of ammonia with more inventive uses in several fields and industries, superior quality, and safety around people, manufacturers are spending a lot of money on research and development. Thus, this is boosting the industry's growth.
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Further, the rise in demand for fertilizers in the agriculture industry due to their benefits is boosting the growth of the industry. Ammonia is a naturally occurring gas that can be found in soil, air, and water.
As part of the nitrogen cycle, which already takes place as plants fertilize, it is also naturally regenerated. Ninety percent of the ammonia produced globally is utilized in fertilizers to support the global food supply for billions of people. Naturally, growing food crops depletes the nutrients in the soil. Farmers rely on fertilizers to keep their soils productive to produce healthy harvests.
Also, the increasing demand for renewable energy is boosting industry growth. When it comes to the overall increase of capacity, the production of renewable energy continues to surpass that of fossil fuels. The International Renewable Energy Agency (IRENA) claims that solar and wind power have great potential for development and will likely take the lead in the renewable energy market in the years to come.
Global renewable power capacity was 2799 GW by the end of 2020. With a 1211 GW capacity, hydropower contributed the lion's share of the global total. The remaining energy was split equally between wind and solar, with capabilities of 733 GW and 714 GW, respectively. There were also 500 MW of marine energy, 127 GW of biofuel, and 14 GW of geothermal energy.
To ensure that enough food is produced for everyone, there is an increasing need for effective nitrogen-rich ammonia-based fertilizers and agrochemicals due to the growing population and shrinking arable area available for crop cultivation. Additionally, the industry expansion is being boosted by the widely used goods in the production of detergents and cleaning supplies.
Ammonia Market Report Highlights
Polaris Market Research has segmented the ammonia market report based on form, application, and region:
Ammonia, Form Outlook (Revenue - USD Billion, 2018 - 2030)
Ammonia, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Ammonia, Regional Outlook (Revenue - USD Billion, 2018 - 2030)