DELRAY BEACH, Fla., Oct. 16, 2024 /PRNewswire/ -- The report "Ammonia Market by Type (Anhydrous, Aqueous), Sales Channel (Direct and Indirect), End-use Industry (Agriculture, Textile, Refrigeration, Mining, and Pharmaceutical), and Region - Global Forecast to 2029", The ammonia market size is projected to grow from USD 79.47 billion in 2024 and is projected to reach USD 91.95 billion by 2029, at a CAGR of 3.0%.
Ammonia is required in many industries as it is one of the most widely used chemicals in the world today. There are additional benefits of the Haber-Bosch process in diversifying the application of ammonia. Huge demand from numerous end-user segments most especially in agricultural use is the main factor that is likely to propel the ammonia market. There has been increasing use of ammonia in the textile industry since the population increase and fashion is gaining more ground resulting in increased use of textiles and apparel. The growth in demand for low-carbon solutions is driving the ammonia industry.
Browse in-depth TOC on "Ammonia Market"
225 - Tables
54 - Figures
231 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=252376175
By type, anhydrous accounts for the largest share of the ammonia market
Anhydrous ammonia has approximately 82% nitrogen and is a valuable nutrient source essential for plant growth, making it a popular choice among farmers. Compared to other nitrogen fertilizers, anhydrous ammonia is often more economical to produce and transport, making it attractive for large-scale agricultural operations. Anhydrous ammonia's versatility extends well beyond agriculture; it is utilized in various industrial applications, including the production of chemicals and explosives.
Textile accounts for the second-largest share of the ammonia market by end-use industry
Ammonia is used in the textile industry for fabric finishing and dyeing, along with the production of synthetic fibers such as nylon and polyester. According to the Indian Chamber of Commerce, the global apparel market is expected to reach USD 2.6 trillion by 2025, with an estimated growth rate of 4%. The expansion will primarily be fueled by emerging economies, especially China and India, which are anticipated to achieve double-digit growth rates. China is expected to emerge as the largest apparel market, with an addition of over USD 378 billion to its market size by 2025. India is forecasted to be the second largest market, with an estimated increase of around USD 121 billion.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=252376175
Europe accounted for the second largest share in the global ammonia market
Europe has major market players such as Yara International ASA in Norway, OCI Global Netherlands, BASF SE in Germany, and EuroChem Group in Switzerland among others. These companies are the leading producers of ammonia and remain involved in the development of both typical and green ammonia solutions and importantly drive the sulfate of the European ammonia market. Yara International ASA is a leading global producer of ammonia and fertilizers involved in green ammonia investments. Yara has the European environmental standards and the policy of the European Green Deal, which plans to reach the level of carbon neutrality during 2050. Yara is setting up an industry benchmark through the production of green ammonia through renewable energy sources. This accelerates the pace of the transition to sustainable ammonia throughout Europe.
The report profiles key players such as CF Industries Holdings, Inc. (US), Yara International ASA (Norway), OCI Global (Netherlands), BASF SE (Germany), and Nutrien (Canada).
Request Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=252376175
Browse Adjacent Market: Bulk Chemicals and Inorganics Market Research Reports & Consulting
Related Reports:
Commercial Refrigeration Market - Global Forecast to 2028
Refrigerants Market - Global Forecast to 2028
Flame Retardants Market - Global Forecast to 2028
About MarketsandMarkets
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets INC.
1615 South Congress Ave
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/ammonia-market.as
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/ammonia.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ammonia-market-worth-91-95-billion-by-2029--exclusive-report-by-marketsandmarkets-302277495.html
