New York, NY -- (SBWIRE) -- 04/12/2021 -- The global Ammonia market is forecast to reach USD 90.88 Billion by 2027, according to a new report by Reports and Data. Ammonia is a compound of hydrogen and nitrogen. It is a colorless gas with a pungent smell. It is used in the manufacture of several industrial chemicals. The product is used in the manufacture of urea, ammonium sulfate, and ammonium phosphates.
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The Key Companies Profiled in the Market are:
BASF SE, SABIC, CF Industries Holdings, Inc., Huaqiang Chem Group, PotashCorp, Rashtriya Chemicals & Fertilizers Ltd., China National Petroleum Corporation, China Petroleum & Chemical Corporation, Shanxi Jinfeng Coal Chem, and Qatar Fertilizer Company, among others.
It is a crucial feedstock ingredient used to produce nitric acid, which is an important precursor for specialty organic chemicals. An increase in the focus on energy consumption systems is anticipated to increase the usage of products as a refrigerant to provide safe, sustainable, and energy-saving refrigeration. Ammonia has a zero Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). The product has better transfer properties as compared to another chemical refrigerant.
North America is expected to grow significantly owing to the presence of over 15 leading global companies, and their 22 manufacturing facilities in the U.S. Almost 45% of the product is the country is consumed for the production of nitrogen fertilizers. The remaining is used for producing synthetic fiber resins, plastics, and several chemical compounds. As natural gas covers more than 50% of the nitrogen fertilizer production cost, the availability of low-priced natural gas in the country is anticipated to propel market demand in the region.
Further key findings from the report suggest
The agriculture industry is dominating the market for ammonia. It is commonly used in fertilizers, and its usage has been increasing throughout the years, driving its demand in the agriculture market. Fertilizers are plant nutrients and are required for the growth of crops. The expansion of the fertilizer market is expected owing to the growth in the production of agriculture, increasing urbanization, and high disposable income.
The emergence of green ammonia is one of the key trends in the market. Ammonia is produced by the Haber's process, which accounts for almost 1.6% of the global emission of carbon dioxide. The method of using renewable energy to produce green ammonia is saving the emission of 360 million tons of carbon dioxide globally. The production of green ammonia is impacting the market growth positively.
Ammonia is processed into a downstream fertilizer product before applying it to the soil. These products include urea, ammonium nitrates, ammonium sulfate, ammonium phosphates, and nitrogen solutions. Consumption of ammonia in industrial applications is expected to grow in the coming years. It is also used to make explosives.
Ammonia is also used to produce acrylonitrile for acrylic fibers and plastics, caprolactam for nylon 6, hexamethylenediamine for nylon 66, isocyanates for hydrazine and polyurethanes, and various amines and nitriles.
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For the purpose of this report, Reports and Data have segmented into the global Ammonia market on the basis of type, distribution channel, industry verticals, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Liquid
Gas
Powder
Distribution Channel Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Online
Offline
Industry Verticals Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
Agriculture
Mining
Textiles
Refrigeration
Pharmaceutical
Others
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
North America
U.S
Europe
U.K
France
Asia Pacific
China
India
Japan
MEA
Latin America
Brazil
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2027
Chapter 3. Indicative Metrics
Chapter 4. Ammonia Market Segmentation & Impact Analysis
4.1. Ammonia Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Abundant use in the agriculture industry
4.2.2.2. Increasing usage of explosives production
4.2.3. Market restraints analysis
4.2.3.1. Hazardous effects
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
Continued…..
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