Ammoniamarket size is expected to gain momentum from its increasing usage inmultiple processes, such as production of synthetic fibers, metallurgy, and
coolant in refrigeration. The Global Ammonia industry size is projected to grow
from USD 71.98 billion in 2021 to USD 110.93 billion in 2028 at a CAGR of 6.4%
during the 2021-2028 period. Ammonia is a colorless gas made of nitrogen and
hydrogen. It has a pungent smell. This information is given in an upcoming
report by Fortune Business Insights™, The report further statesthat the gas possesses several beneficial properties. It can decompose to yield
hydrogen. It is also very miscible in water, in the presence of catalysts, and
at high temperature.
This Report Answers the Following Questions:
- What are the historic, current, and estimated sizes of the market?
- Which region is anticipated to dominate the market in terms of revenue?
- What are the market trends, challenges, opportunities, and dynamics?
- How will the companies intensify competition in the coming years?
Drivers and Restraints-
Rising Usage in Textile and Agriculture Industries to Boost Growth
Ammonia is experiencing high demand from the agriculture andtextile end-use industries. The main reason for this is that the gas is
extensively used for soil fertilizers and dyeing, respectively. It is also used
for producing various chemicals, such as ammonium phosphate, ammonium sulphate,
and urea. Besides, the rising population across the globe is further resulting
in the high demand for crops. Hence, ammonia is being used for producing them.
However, the gas can have harmful effects on humans as it is corrosive,
reactive, and flammable in nature.
Regional Analysis-
Asia Pacific to Remain at the Forefront Fueled by Usage asFertilizers
Geographically, Asia Pacific is set to dominate throughout theforthcoming years by generating the largest ammonia market share. This growth
is attributable to the high demand for ammonia from the developing nations,
such as China for usage as fertilizers to produce crops. The country will be
followed by South Korea and India for their ever-increasing population.
