Ammonia market Players Leveraging on Growth Opportunities by 2028 |
Ngày đăng: 01-03-2023 | Ngày cập nhật: 01-03-2023
Ammonia market size is expected to gain momentum from its increasing usage in multiple processes, such as production of synthetic fibers, metallurgy, and coolant in refrigeration. The Global Ammonia industry size is projected to grow from USD 71.98 billion in 2021 to USD 110.93 billion in 2028 at a CAGR of 6.4% during the 2021-2028 period. Ammonia is a colorless gas made of nitrogen and hydrogen. It has a pungent smell. This information is given in an upcoming report by Fortune Business Insights™,
Drivers and Restraints-
Rising Usage in Textile and Agriculture Industries to Boost Growth
Ammonia is experiencing high demand from the agriculture and textile end-use industries. The main reason for this is that the gas is extensively used for soil fertilizers and dyeing, respectively. It is also used for producing various chemicals, such as ammonium phosphate, ammonium sulphate, and urea. Besides, the rising population across the globe is further resulting in the high demand for crops. Hence, ammonia is being used for producing them. However, the gas can have harmful effects on humans as it is corrosive, reactive, and flammable in nature.
This Report Answers the Following Questions:
- What are the historic, current, and estimated sizes of the market?
- Which region is anticipated to dominate the market in terms of revenue?
- What are the market trends, challenges, opportunities, and dynamics?
- How will the companies intensify competition in the coming years?
Asia Pacific to Remain at the Forefront Fueled by Usage as Fertilizers
Geographically, Asia Pacific is set to dominate throughout the forthcoming years by generating the largest ammonia market share. This growth is attributable to the high demand for ammonia from the developing nations, such as China for usage as fertilizers to produce crops. The country will be followed by South Korea and India for their ever-increasing population.