The ammonia market is growing due to its demand in agriculture, especially in developing economies. Innovations in green ammonia are also emerging.
Application of ammonia by fertilizer industry has seen exceptional growth over the recent past, which remains the key driver for global ammonia market growth. Fairfield Market Research in its new upcoming report says that the global ammonia consumption will continue to be on the rise as its demand prevails as a fertilizer that ensures security of food. The trend is more likely to be seen especially in developing, and emerging economies that continue to struggle with sufficient supply, safety, and security of food. Moreover, continued preference for ammonia as a chemical intermediate makes it one of the essential raw materials involved in production of a variety of agrichemicals. This according to the report will act as a major booster to market expansion.
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The mainstay for ammonium nitrate, ammonia is also best known for its capabilities to readily get converted into an array of nitrogen fertilizers. While ammonium nitrate remains an imperative, indispensable element for farm crops, the only potential substitute for it is urea, i.e., a highly unsustainable chemical component. The demand for ammonia in the agriculture thus exhibits no signs of decelerating anytime soon.
Market in China to Benefit from Government’s Support
The US is currently the largest importer of ammonia. European markets also rely on Russia for a majority of ammonia supply. While Europe is expected to reap the benefits of having a surplus stock in store over the period of next few years, the US market is all set to slash its reliance on imports through substantial capacity expansions targeted in the near future. On the other side, China, in spite of the seemingly notwithstanding trade war with the US, is likely to remain an important market for producers, stakeholders, and investors in ammonia market. The top spot of China in wheat, rice, cotton, and potato production clearly highlights the significance of agriculture for the country’s economy. This is further supported by favourable government initiatives, one of which is unlimited demand for ammonium nitrate as a key fertilizer. Chinese market for ammonia is thus likely to flourish at a spectacular pace in future.
Research May Unlock Multiple Opportunities
Industries across the world, and regulatory authorities alike consider environmental impact as a prime global concern. A sizeable portion of the chemicals industry has thus been augmenting investments in green ammonia based on its eco-friendly production process, and CO2-free nature. More recently, in a bid to be able to minimise the carbon footprint associated with traditional ammonia, several companies have also been seeking novel methods like carbon capture and storage. However, innovative concepts like that of blue ammonia, though attractive, still remain a far-fetched dream – considering the massive production costs making them not viable to adopt. A lot of research is yet to be done to check the practical applicability of these innovative potential solutions.
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Competition Landscape Analysis
Despite being an immensely fragmented landscape, global ammonia market reflects an intense degree of competition. The report would provide key company profiling that would cover financial, and strategic developments of the prominent companies in ammonia landscape. Some of the leading competitors include CF Industries Holdings, Inc., Yara International ASA, Potash Corp, Nutrien, Haifa Chemicals Ltd., Trammo Inc., Haldor Topsoe A/s, and CNPC (China National Petroleum Corporation). Another prominent player, OCI Nitrogen has recently announced its entry into an agreement (by 2024) with the Hartmann Group, and Eastern Pacific Shipping for commercialisation of ammonia as a future shipping fuel.
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The article discusses the growth of the ammonia market driven by demand in the agriculture industry.
China's agriculture sector benefits from government support, making it a significant market for ammonia.
Green ammonia is being explored for its eco-friendly production process to reduce carbon footprint.
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