The global ammonia market size was valued at USD 66.4 billion in 2021. The market is projected to grow from USD 66.4 billion in 2021 to USD 95.3 billion by 2028, exhibiting a CAGR of 6.20% during the forecast period.
 
Ammonia is a hydrogen and nitrogen chemical also referred to as azane. Ammonia is a colorless gas with a strong odor. Many foods and fertilizers use ammonia as a supplement. The market's expansion may primarily be ascribed to the rising demand for agricultural products and related agrochemicals such as fertilizers due to the world's expanding population. Furthermore, a significant driver anticipated to fuel market expansion is the rising need for ammonia in the pharmaceuticals sector. The ability of ammonia to condition and acidify the soil, as well as growing public awareness about growing crops of higher quality, are additional factors that are predicted to increase demand for ammonia. According to the Food and Agriculture Organization (FAO), 170,761 thousand tonnes of ammonia will be available worldwide in 2020.

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COVID-19 IMPACT

The COVID-19 outbreak has severely impacted the supply chain for fertilizer in the Asia Pacific region. The inability of farmers to obtain fertilizers because of difficulties with customs clearance, disruptions in local and global transportation systems, and backed-up roads and ports. The production of grains and oilseeds has decreased due to farmers' inability to obtain raw materials because they depend on these qualities. To ensure farmers have easy access to soil nutrients during the coronavirus pandemic, the Indian government, for instance, is closely monitoring the production and distribution of fertilizers. The coronavirus outbreak, the labor scarcity, and the lockdown in China had a detrimental effect only in the first quarter of 2020.
 
DRIVING FACTORS

Increased Agricultural Production and Rising Fertilizer Consumption Will Drive Market Growth

Fertilizer sales are projected to increase due to the expanding world population and rising food consumption. Regarding crop yield and agricultural productivity, the fertilizer sector is crucial. The essential nutrients that plants require to thrive, such as nitrogen, phosphorus, and potassium (NPK), are provided by fertilizers. The rising global popularity of commercial agriculture is probably driving the usage of nitrogenous fertilizers. The market for these fertilizers relies on the demand for grains and oilseed crops, which fuels fertilizer production. The agriculture sector uses most ammonia produced as nitrogen source, which is essential for plant growth. The substance is widely used in fertilizer to create solid materials like asurea, phosphate, ammonium nitrate, and sulfate.

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RESTRAINING FACTORS

Exposure to High Concentrations of Ammonia May Affect Humans and Limit Market Growth

The majority of persons are exposed to NH3 through gas or vapor inhalation. Due to the product's natural occurrence and inclusion in cleaning products, exposure to such sources is highly likely. Contact with the eyes, skin, respiratory system, and oral cavity results in an instant interaction. Rapid eye or skin irritation may result from exposure to low amounts of ammonia in solutions or the environment. Significant burns and damage could result from higher concentrations. Any interaction with concentrated liquids, such as those found in industrial cleaners, can result in corrosive wounds like skin burns, long-term eye damage, or even blindness. In addition to these consequences, swallowing solutions at high concentrations damages the mouth, throat, and stomach with corrosive agents.

LIST OF KEY COMPANIES PROFILED:

OCI N.V.
Nutrien Ltd.
Orica Limited
Dow Chemical Company
Praxair Technology, Inc.
MITSUBISHI GAS CHEMICAL COMPANY, INC.
A.B. "Achema"
Koch Fertilizer, LLC.
Incitech Pivot limited
Linde plc
Others

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