Ammonia (NH3) is a compound composed of one nitrogen and three hydrogen atoms. It is usually found as a gas. It is colorless, highly soluble in water, and has a pungent odor. Ammonia is essential for many biological processes and serves as a precursor for amino acid and nucleotide synthesis. Ammonia is produced naturally through the breakdown of organic waste matter in the environment. It is used in fertilizer, chemical, pharmaceutical, pulp and paper, mining, fiber, and plastics industries. The feedstock used for ammonia production are natural gas and fuel oil.
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Increasing demand for ammonia in end-use industries such as water treatment, textile, plastic, and chemical is driving growth of the global ammonia market. Ammonia is also used as a refrigerant gas for the purification of water supplies. As ammonia is used in the manufacturing of synthetic textile fibers such as nylon, rayon, and acrylics thus its demand in textile industry has positively impact on the global ammonia market. For instance, according to the India Brand Equity Foundation (IBEF), Indian textile market has increased from US$ 99 Billion in 2014 to US$137 Billion in 2016 and exhibited a CAGR of 17.6% during the period 2014-2016.
Increasing demand for fertilizers in the agriculture sector is the major driving factor for the growth of global ammonia market across owing to increasing production capacity of ammonia across the globe this factor driving the market. For instance, according to the International Fertilizer Industry Association (IFA), ammonium production on the basis of region North America and South Asia accounted for 70% of overall capacity growth in forecast period (2017-2021).
The global ammonia market was valued at US$ 48.99 billion in 2017 and is expected to expand at a CAGR of 5.4% in terms of revenue during 2018–2025, owing to rising ammonia production capacity across the globe. According to the International Fertilizer Industry Association (IFA), global ammonia capacity is projected to expand by 8% over 2016, to reach 234 Mt NH3 in 2021. Increase in capacity is expected in EECA, North America, and Africa by 2021.
Major Players in the Global Ammonia Market
Some of the key players operating in the global ammonia market include Yara International ASA, BASF SE, CF Industries Holdings, Inc., Nutrien Ltd., Potash Corporation of Saskatchewan Inc., Dangyang Huaqiang Chemical Co., Ltd., Shanxi Jinfeng Coal Chemical Co Ltd., GTS Chemical Holdings plc.,Togliattiazot, OCI Nitrogen B.V., Agrium Inc., Sabic, and Koch Fertilizer, LLC among others.
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Asia Pacific held significant market share in the global ammonia market due to high production and consumption of ammonia as a fertilizer in agriculture industry of emerging economies such as China and India. For instance, according to the Department of Agriculture, Forestry and Fisheries, China fertilizer production was valued at 84 million tons in 2014.
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