The global ammonia market revenue is expected to expand at a lucrative CAGR over the forecast period. Ammonia is also called ammonia solution, ammonia water, aqua ammoniae, aqua ammonia, and aqueous ammonia is a compound of nitrogen and hydrogen with the formula NH3. Ammonia is building block for synthesis of various pharmaceutical products and also used in commercial cleaning products.
Increasing use of ammonia in various end-use applications such as pharmaceutical and agricultural is expected to drive growth of the global market over the forecast period. The global ammonia market report has been segmented on the basis of product form, application, and region.
On the basis of product form, the target market is segmented into liquid, gas, and powder. The liquid form of the product segment is expected to account for highest CAGR over the forecast period, owing to increasing demand for the product in end-use applications such as in fertilizers and household cleaning. Liquid fertilizer solutions consist of ammonium nitrate, urea, and aqua ammonia.
On the basis of application, the target market is segmented into fertilizers, refrigerants, pharmaceuticals, textile, and others. The fertilizers application segment is expected to account for highest share in the target market as ammonia is considered a major source of nitrogen which helps to promote growth of the plant.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to register highest CAGR in terms of revenue. China is expected to account for the largest producer and consumer in the region. The market in North America followed by Europe expected to account for second and third-highest share in terms of revenue over the forecast period, owing to increasing individual preference towards dietary consumption in various countries in the region.
Key players operating in the global ammonia market include Yara International ASA, BASF SE, CF Industries Holdings, Inc., Nutrien Ltd., Shanxi Jinfeng Coal Chemical Co Ltd., Rashtriya Chemicals and Fertilizers Limited, China Petroleum & Chemical Corporation, Group DF Limited, Togliattiazot, and OCI Nitrogen BV.