16-Nov-2021 | Zion Market Research
As per the findings of Zion Market Research study, Ammonia industry garnered profits worth US$ 55.4 billion in 2020 and is anticipated to amass revenue of approximately US$ 89.4 billion by 2028. Moreover, Ammonia market is expected to record a CAGR of approximately 5.8% in 2021-2028. Apparently, expansion of ammonia market over ensuing years can be credited to rise in need of nitrogen fertilizer in farming sector for increasing crop yield. In addition to this, large-scale use of ammonia in metallurgical processes, household & industrial cleaning, and wastewater treatment will further prompt growth of ammonia market in coming years. Rise in use of product in manufacturing explosives will expand scope of industry growth in upcoming years. Increase in production capacity and liberal government policies in emerging economies will characterize & catalyst growth of ammonia market in upcoming years. Furthermore, easy access to raw material costs and low costs associated with production of ammonia will proliferate size of ammonia industry.
Liquid Ammonia Market To Dominate Product Form Landscape By 2028
Growth of liquid ammonia segment over assessment period can be credited to humongous demand for product in farming activities as well as agrochemical sector to increase crop yield. In addition to this, liquid ammonia is massively preferred as refrigerant in array of industries. It is also prominently utilized in pharmaceuticals, thereby driving segmental surge.
Fertilizer Segment To Make Notable Contributions Towards Market Size Over 2021-2028
Growth of fertilizer segment over forecast timespan can be ascribed to ammonia fertilizers being key source of nitrogen that are used in nitrogen fixation facilitating complete development of crop-yielding plants. Moreover, nearly more than 80% of ammonia manufactured is utilized in fertilizer for enhancing food production. Moreover, fertilizers are used for retaining soil productivity, thereby not only enhancing crop yield, but raising proportion of boron, zinc, and selenium elements in soil.
Asia Pacific To Account Majorly Towards Market Share By 2028
Expansion of regional market over forecast period can be credited agriculture being major occupation & source of income for countries such as China and India. In addition to this, China is highest producer & exporter of rice, potatoes, and cotton to other countries while India is a major wheat exporter to other nations. This will promulgate regional market proceeds.
Key players influencing growth of ammonia market and profiled in study are Yara International; CF Industries Holdings, Inc.; Huaqiang Chem Group; BASF SE; Rashtriya Chemicals & Fertilizers Ltd.; China Petroleum & Chemical Corporation; Shanxi Jinfeng Coal Chem; PotashCorp; and China National Petroleum Corporation.
Browse the full “Ammonia Market - By Product Form (Liquid, Powder, And Gas), By Application (Fertilizers, Textile, Refrigerants, And Pharmaceuticals), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2021 – 2028.” Report at https://www.zionmarketresearch.com/report/ammonia-market
The global Ammonia Market is segmented as follows:
By Product Form
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