AmmoniaMarket: Introduction
TransparencyMarket Research delivers key insights on the global ammonia market. In terms of revenue,the global ammonia market is estimated to expand at a CAGR of ~2% duringthe forecast period, owing to numerous factors regarding which TMR offersthorough insights and forecasts in its report on the global ammonia market.
The globalammonia market is broadly affected by several factors, including usage ofammonias in various end-use industries such as pharmaceutical, agriculture, pulp& paper, textiles, and mining. The rise in the global demand for food hasled to a significant growth in usage of fertilizers to drive the productionoutput per available area of farm land. The growth in production and demand forfertilizers is expected to be the primary reason for the expansion of theammonia market. Acting as a vital source of nitrogen that is necessary forplant growth, ammonia promises strong demand growth in the near future. This isanticipated to drive the global ammonia market during the forecast period.
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Ammonia Market: Dynamics
Ammonia isprimarily used in the production of fertilizers. The global demand for food hasbeen increasing at a significant pace. This is boosting the production ofammonia in several countries. Thus, increase in the production of fertilizersis propelling the global ammonia market.
Ammonia isused in the preparation of various drugs in the pharmaceutical industry. It isused for making a number of compounds, including amines, nitriles, hydrogencyanide, hydrazine, hydroxylamine, ammonium carbonate, phenol, urea, and aminoacids. These are used in the preparation of medicines and life-saving drugs.Led by the rise in usage of ammonia in the manufacture of these drugs, theammonia market is expected to expand at a significant pace during the forecastperiod.
In themining industry, ammonia is used for the extraction of metals such as copper,nickel, and molybdenum from their ores. Using ammonia for mining is costeffective. This has led to a rise in the demand for ammonia across the globe.
The liquidammonia treatment is beneficial, especially for improving dimensionalstability, abrasion resistance, and appearance after washing. The liquidammonia treatment (water-based process) was applied in the large-scaleproduction for improving quality of cotton/linen (warp/weft) fabrics.Manufacturers are focusing on the textile industry, as the share held by thisend-use industry in the ammonia market is likely to increase during theforecast period.
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Ammonia Market: Prominent Regions
AsiaPacific dominates the global ammonia market. The market in the region isanticipated to expand at a CAGR of more than 2.15% duringthe forecast period. The increase in the demand for fertilizers andpharmaceuticals is driving the ammonia market in Asia Pacific. China is a keycountry of the ammonia market in Asia Pacific. It held major share of theammonia market in Asia Pacific in 2020. The countryis estimated to maintain its dominant position in the region during theforecast period.
Europe isalso a key region of the global ammonia market. The rest of Europe led theammonia market in Europe in 2020. The presenceof a large number of fertilizer manufacturers is driving the demand for ammoniain the rest of Europe.
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Ammonia Market: Key Players
The globalammonia market is consolidated with the presence of key players. Prominentplayers operating in the global ammonia market include BASF SE, YaraInternational, Ostchem Holding, Sumitomo Chemical, Honeywell International,ACRON, Togliattiazot, Helm AG, Ube Industries, and China Petroleum &Chemical Corporation.
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