CHICAGO, Sept. 1, 2023 /PRNewswire/ -- Blue Ammonia Market is projected to reach USD 7,664 million in 2030 from USD 78 million in 2023 at a CAGR of 62.3% according to a new report by MarketsandMarkets. Blue ammonia is a type of ammonia that is produced using natural gas as a feedstock, but with the carbon dioxide emissions from the production process captured and stored. This makes blue ammonia a lower-carbon alternative to traditional ammonia production, which releases large amounts of greenhouse gases into the atmosphere. Growing focus on reducing greenhouse gas emissions and increasing efforts toward empowering hydrogen economy will drive the demand for Blue Ammonia Market.
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Blue Ammonia Market Scope:
Report Coverage | Details |
Market Size | USD 7,664 million in 2030 |
Growth Rate | 62.3% of CAGR |
Largest Market | North America |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Million); Value (Kilotons) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Blue Ammonia Market by technology, end-use application and region. |
Geographies Covered | Asia Pacific, North America, Europe, and Rest of the World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growing demand for blue ammonia to generate power |
Key Market Drivers | Increasing efforts toward empowering hydrogen economy |
The industrial feedstock segment, by end-use application, is expected to have the largest market during the forecast period.
Based on end-use application, the Blue Ammonia Market has been segmented into transportation, power generation, and industrial feedstock. The industrial feedstock segment is expected to hold the largest share during the forecast period, in the industrial feedstock segment the fertilizer industry is expected to remain the largest consumer of blue ammonia. Ammonia is used to produce fertilizers, which are essential for crop production. As the global population grows and the demand for food increases, the demand for blue ammonia is also expected to grow. Blue ammonia can help to reduce the environmental impact of the fertilizer industry. The carbon dioxide emissions from the production of blue ammonia are captured and stored, which helps to mitigate climate change.
The mobility segment, by application, is expected to be the fastest growing during the forecast period
This report segments the Blue Ammonia Market based on application into three segments: energy, mobility, and chemical & refinery. The mobility segment is expected to be the fastest growing during the forecast period. Owing to the rising adaption of the fuel cell electric vehicles and hydrogen fueling station. Due to the hydrogen fuel cell's electrochemical reaction only producing water vapor as a byproduct, FCEVs have zero emissions. Due to this feature, FCEVs are a desirable alternative for both consumers and governments aiming to reduce air pollution and battle climate change.
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North America is expected to be the largest region in the Blue Ammonia Industry
North America is expected to be the largest Blue Ammonia Market during the forecast period. The North America region, comprising of US, Canada, and Mexico. Governments are dedicated to combating climate change and lowering greenhouse gas emissions. North America is committed to reducing its greenhouse gas emissions, and blue ammonia is a lower-carbon alternative to traditional ammonia production. The fertilizer industry is the largest consumer of ammonia, and the demand for fertilizer is expected to grow in North America as the population grows and the demand for food increases.
Key Market Players:
Some of the major players in the Blue Ammonia Companies are Yara International ASA (Norway), Saudi Arabian Oil Company Saudi Aramco (Saudi Arabia), MA'ADEN Ma'aden (Saudi Arabia), CF Industries Holdings, Inc. CF Industries (US), Qatar Fertiliser Company (QAFCO) Qatar Fertiliser Company (Qatar), Shell plc (United Kingdom), Air Products and Chemicals, Inc. Air Products and Chemicals (US), and OCI (Netherlands). The major strategies these players adopt include mergers & acquisitions, contracts, agreements, partnerships, and investments & expansions.
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Recent Developments
- In June 2023, Yara International ASA and BASF collaborated to develop and build a world-scale low-carbon blue ammonia production facility with carbon capture in the Gulf Coast region of the United States. To meet the expanding worldwide demand for low-carbon ammonia, the companies are investigating the possibility of a facility with a total capacity of 1.2 to 1.4 million tons annually.
- In April 2023, Saudi Aramco successfully transported the first shipment of blue ammonia to Japan through a collaborative effort involving multiple parties across the low-carbon ammonia value chain. SABIC Agri-Nutrients used Aramco's feedstock to generate the ammonia, which was then sold to Fuji Oil Company by Aramco Trading Company. Mitsui O.S.K. Lines was responsible for the liquid's transportation to Japan, where it was transferred to the Sodegaura Refinery for co-fired power generation with technical support from Japan Oil Engineering Co.
- In March 2023, Linde plc, a global industrial gases and engineering company, and OCI, a global producer and distributor of hydrogen-based products, signed a long-term agreement under which Linde will supply clean hydrogen and nitrogen to OCI's new blue ammonia facility under construction in Texas, US.
- In March 2023, Mitsui & Co., Ltd., a prominent global ammonia marketer, and CF Industries Holdings, Inc., the largest ammonia producer, announced their collaborative plan to develop a greenfield ammonia production facility in the United States. The newly established facility will produce blue ammonia using carbon capture and sequestration techniques, reducing carbon emissions by over 60% rather than using traditional ammonia production methods.
- In December 2022, OCI revealed its intention to construct the biggest blue ammonia facility in Texas. OCI entirely owns the project, and it will require an investment of approximately USD 1 billion. This sum includes expenses for enlarged utilities and available land, which will allow for a potential doubling of the facility's capacity to 2.2 mtpa in the future.
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Related Reports:
Green Ammonia Market - Global Forecast to 2030
Hydrogen Market - Global Forecast to 2030
Hydrogen Generation Market - Global Forecast to 2027
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