The global ammonia market is expected to post a CAGR of almost 2% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio announced its latest market research report titled global ammonia market 2019-2023. (Photo: Business Wire)
A rapid rise in the global population and the growing demand for food has led to an increase in the number of agricultural activities. In addition, factors such as declining arable land and rapid urbanization and industrialization have increased the use of fertilizers in the agricultural sector. Ammonia fertilizers are widely used in the agriculture industry owing to the high content of nitrogen, which is crucial for plant growth. Therefore, the increasing demand for fertilizers is expected to fuel the growth of the global ammonia market during the forecast period.
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As per Technavio, the introduction of green ammonia will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Ammonia Market: Introduction of Green Ammonia
Ammonia is produced by the Haber process which involves the conversion of hydrogen and nitrogen at high temperatures using an iron catalyst. This process accounts for 1.6% of global carbon dioxide emissions. However, in green ammonia production, hydrogen is obtained from water by electrolysis. Also, the use of renewable electricity, water, and air does not result in greenhouse gas emissions. Hence, the introduction of green ammonia will have a positive impact on the growth of the global ammonia market during the forecast period.
"Adoption of precision farming and the expansion of ammonia production capacities by key vendors will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Global Ammonia Market: Segmentation Analysis
This market report segments the global ammonia market by application (fertilizers and industrial) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the decline in arable land and increased industrialization and urbanization in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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