Global Ammonia Market Size, Share, Growth Analysis, By Application(Agriculture, refrigeration), By Grade(Commercial grade, electronic grade), By Form(Solid, liquid) - Industry Forecast 2024-2031

Ammonia Market size was valued at USD 71.99 billion in 2021 and is poised to grow from USD 76.66 billion in 2022 to USD 125.85 billion by 2030, at a CAGR of 6.41% during the forecast period (2023-2030).

Ammonia is becoming popular since it has a wide range of applications and is a versatile compound. The various advantages offered by Ammonia are it is a cost-effective compound that is produced through renewable sources, has high energy density, and has a greater global demand.

It can be produced through renewable sources, such as biomass and renewable energy. This innovative method of ammonia production provides a sustainable and eco-friendly alternative to the conventional method of using natural gas, which is a finite resource that has been linked to environmental issues, such as greenhouse gas emissions and climate change. Producing ammonia from biomass and renewable energy involves using renewable resources, such as agricultural waste or solar and wind energy, to power the process of ammonia synthesis. This method not only reduces the dependence on non-renewable resources but also minimizes the carbon footprint and environmental impact associated with conventional ammonia production.

It is widely recognized as one of the most efficient and cost-effective sources of nitrogen fertilizer, which is a crucial nutrient required for plant growth. The affordability of ammonia fertilizer has made it a popular choice among farmers worldwide. In addition to its extensive use in agriculture, ammonia is also widely utilized in various industrial applications. The low cost of ammonia is mainly attributed to its abundant availability and cost-effective production process. Ammonia production can be achieved through various methods, including the Haber-Bosch process, which involves combining nitrogen and hydrogen gasses under high pressure and temperature. This process is relatively inexpensive compared to other nitrogen fertilizer production methods, such as the extraction of nitrogen from the atmosphere. Apart from agriculture, ammonia is also used in several industrial applications, such as refrigeration, plastics, and pharmaceuticals. The low cost of ammonia makes it an attractive option for industrial production, especially in developing countries, where there is a growing demand for cost-effective raw materials.

US Ammonia Market is poised to grow at a sustainable CAGR for the next forecast year.