Global Ammonia Market (by Application & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)
The global ammonia market is expected to record a value of US$78.60 billion in 2026, growing at a CAGR of 5.59%, for the time period of 2022-2026. The factors such as growing demand for nitrogen, growing potentials of green ammonia as marine fuel, increasing demand for urea, increasing use of margarine, expansion of explosive industry and increasing demand for semiconductor would drive the growth of the market. However, the market growth would be challenged by higher initial capital requirements for green ammonia plant infrastructure and health effects of ammonia exposure. A few notable trends may include increasing manufacturing of pharmaceuticals, growing production of low-carbon hydrogen, upsurge in ammonia capacity and rising need for eco-friendly refrigerants.
The global ammonia market is highly competitive in nature and is currently witnessing constant price fluctuations. The industry is marked by the presence of global market players that are investing in the research & development activities for innovating new and developed processes. Owing to this, the adoption of ammonia is highly encouraged across various industries, which is accelerating the growth of the global ammonia market.
The fastest growing regional market was Asia Pacific, due to the massive ammonia production in China, which is likely to ascend in coming years. Additionally, the U.S., one of the major producers of ammonia, is likely to expand ammonia capacity in near future, which would also in the in the market growth globally. Further, disruption in the supply chain of raw materials, caused by the COVID-19 crises, resulted in the downfall in ammonia demand, which eventually had a negative impact on its market growth globally in 2020.
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