Ammonia Global Market Report 2024

Ammonia, a colorless gas composed of hydrogen and nitrogen, has diverse applications, ranging from refrigeration and water purification to the production of various chemicals. In the agricultural sector, ammonia serves as a fertilizer, supporting plant growth by providing essential nitrogen.

In the ammonia market, products are categorized into anhydrous ammonia and aqueous ammonia. Anhydrous ammonia, devoid of water, stands out as a cost-effective nitrogen fertilizer widely used in agriculture. It is available in various forms such as liquid, gas, and powder, finding applications in fertilizers, chemicals, refrigeration, pharmaceuticals, fibers and plastics, pulp and paper, among others.

The ammonia market research report is one of a series of new reports that provides ammonia market statistics, including ammonia industry global market size, regional shares, competitors with an ammonia market share, detailed ammonia market segments, market trends and opportunities, and any further data you may need to thrive in the ammonia industry. This ammonia market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ammonia market size has grown strongly in recent years. It will grow from $73.44 billion in 2023 to $79.65 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The historical growth in the ammonia market can be attributed to various factors, including increased agricultural demand, a growing global population, and the use of ammonia in energy and power generation, as well as chemical manufacturing. These applications highlight the versatility of ammonia across different industries, contributing to its significance in various sectors.

The ammonia market size is expected to see strong growth in the next few years. It will grow to $112.19 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The forecasted growth in the ammonia market is driven by the development of the hydrogen economy, increasing focus on renewable energy, adoption of carbon capture and storage (CCS), and the overall transition towards clean energy. Notably, trends such as green ammonia production, its role as a hydrogen carrier, energy storage, and various applications in sectors like sustainable fertilizer production, green shipping, and carbon capture underscore the evolving landscape of ammonia usage in contributing to sustainable practices and innovative solutions.

The growth of the ammonia market is strongly correlated with the flourishing fertilizer industry. Ammonia, a critical component of ammonium nitrate fertilizer, serves as an essential source of nitrogen crucial for plant growth in various agriculture settings. With the fertilizer industry expanding rapidly, the utilization of ammonia in the manufacturing of these fertilizers is anticipated to grow significantly. For example, the sales and production report by Care Ratings in March 2021 indicated a notable 3% growth in fertilizer production in India during the ten months of FY21. Correspondingly, fertilizer sales saw a substantial increase of 19.4% in the same period, pointing to an ongoing rise in consumption and demand. As the fertilizer industry expands, the ammonia market is predicted to experience a subsequent surge in demand.

The rise in sustainable agricultural practices is anticipated to be a pivotal driver for the ammonia market. Sustainable agriculture emphasizes ecologically and socially responsible farming methods aimed at enhancing long-term crop productivity while reducing negative environmental impacts. Such practices align well with ammonia-based fertilizers due to their environmentally-friendly attributes. The 2023 Global Agricultural Productivity Report from the College of Agriculture and Life Sciences at Virginia Tech sets a goal growth rate of 1.91% for the Global Agricultural Productivity Index during the period of 2021–2050 to sustain productivity. Hence, the rise in sustainable agricultural practices is propelling the growth of the ammonia market.

Technological advancement is a prominent trend shaping the ammonia market, with companies investing in innovative technologies to enhance energy efficiency and reduce CO2 emissions. Notably, in May 2021, the Netherlands-based Stamicarbon Company introduced the Stami Green Ammonia technology, focusing on green ammonia production. This revolutionary process utilizes renewable resources like sun, wind, and hydrogen derived from water instead of fossil fuels, eliminating carbon from the ammonia production process. This significant innovation addresses environmental concerns and aligns with sustainability objectives, signifying a crucial trend in the ammonia market's evolution and its potential for further growth.

Major companies in the ammonia market are focusing on strategic collaborations to extend their business outreach and enhance their market position. These partnerships involve collaborative ventures between multiple organizations with specific business goals. In July 2023, Hynfra, a Poland-based hydrogen company, and Fidelity Group, a US-based financial services corporation with a presence in Jordan, joined forces to establish Jordan Green Ammonia. This project aims to develop a notable renewable ammonia production facility with an estimated annual capacity between 100,000 to 200,000 metric tons. Situated advantageously within the ASEZ (Aqaba Special Economic Zone), this initiative targets the fertilizer and marine fuel industries, positioning Jordan Green Ammonia as a significant player in sustainable ammonia production. This collaborative effort contributes to the global shift towards renewable and environmentally friendly energy sources.

In September 2023, EnBW, a German energy company, completed the acquisition of a 10% equity stake in the Skipavika Green Ammonia (SkiGA) project for an undisclosed amount. Through this acquisition, EnBW secures long-term offtake rights on the produced ammonia. The Skipavika Green Ammonia (SkiGA) initiative, based in Norway, focuses on sustainable and environmentally friendly ammonia production utilizing green and renewable resources. This strategic partnership reflects a commitment to environmentally conscious practices and contributes to the emerging market for sustainable ammonia.

Major companies operating in the ammonia market include Yara International ASA, BASF SE, CF Industries Holdings Inc., Nutrien Ltd., OCI Nitrogen, Eurochem Group, Koch Fertilizer LLC, China National Petroleum Corporation, Rashtriya Chemicals and Fertilizers Ltd., Qatar Fertiliser Company, Mitsubishi Gas Chemical Co Inc., Uralchem JSC, Evonik Industries AG, Acron Group, Orica Limited, Gujarat Narmada Valley Fertilizers & Chemicals Ltd., Agrium Europe S.A., Fauji Fertilizer Company Limited, China National Offshore Oil Corporation, National Fertilizers Limited, TFI International Inc., Trammo Inc., Pupuk Kaltim, Sinochem Group, Zimmer Biomet, KBR Inc., Dyno Nobel

Asia-pacific was the largest region in the ammonia market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the ammonia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the ammonia market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The ammonia market consists of sales of ammonia in the form of liquid, gas and powder. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.