Ammonia Global Market Opportunities and Strategies to 2034

This report describes and explains the ammonia market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global ammonia market reached a value of nearly $79.13 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.56% since 2019. The market is expected to grow from $79.13 billion in 2024 to $111.59 billion in 2029 at a rate of 7.12%. The market is then expected to grow at a CAGR of 6.60% from 2029 and reach $153.62 billion in 2034.

Growth in the historic period resulted from favorable government support, increasing infrastructure development, rising cold storage and refrigeration demand and growing demand in mining and explosives. Factors that negatively affected growth in the historic period were environmental and safety concerns and high energy and feedstock costs.

Going forward, industrial applications expansion, rising demand for clean energy, rising fertilizer demand and rise in demand for energy storage applications will drive the growth. Factors that could hinder the growth of the ammonia market in the future include impact of trade war and tariff, carbon emissions and regulatory pressure and competition from alternative fertilizers.

Asia Pacific was the largest region in the ammonia market, accounting for 41.23% or $32.62 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the ammonia market will be Asia Pacific and South America where growth will be at CAGRs of 8.09% and 7.61% respectively. These will be followed by Nirth America and Middle East where the markets are expected to grow at CAGRs of 6.63% and 6.63% respectively.

The global ammonia market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 11.85% of the total market in 2024. Yara International ASA was the largest competitor with a 2.28% share of the market, followed by CF Industries Holdings Inc with 2.19%, Nutrien Ltd with 1.56%, Orica Limited with 1.30%, SABIC (SABIC Agri-Nutrients) with 0.93%, BASF SE with 0.91%, Uralchem Group with 0.79%, Wesfarmers Chemicals, Energy and Fertilisers (WesCEF) (CSBP) with 0.75%, National Fertilizers Limited with 0.59% and Grupa Azoty with 0.54%.

The ammonia market is segmented by product type into anhydrous ammonia and aqueous ammonia. The anhydrous ammonia market was the largest segment of the ammonia market segmented by product type, accounting for 62.31% or $49.31 billion of the total in 2024. Going forward, the anhydrous ammonia segment is expected to be the fastest growing segment in the ammonia market segmented by product type, at a CAGR of 7.45% during 2024-2029.

The ammonia market is segmented by form type into liquid, powder and gas. The liquid market was the largest segment of the ammonia market segmented by form type, accounting for 62.54% or $49.49 billion of the total in 2024. Going forward, the gas segment is expected to be the fastest growing segment in the ammonia market segmented by form type, at a CAGR of 7.79% during 2024-2029.

The ammonia market is segmented by application into fertilizers, chemicals, refrigeration, pharmaceutical, fibers and plastics, pulp and papers and other applications. The fertilizers market was the largest segment of the ammonia market segmented by application, accounting for 62.25% or $49.26 billion of the total in 2024. Going forward, the fertilizers segment is expected to be the fastest growing segment in the ammonia market segmented by application, at a CAGR of 7.58% during 2024-2029.

The top opportunities in the ammonia market segmented by product type will arise in the anhydrous ammonia segment, which will gain $21.31 billion of global annual sales by 2029. The top opportunities in the ammonia market segmented by form type will arise in the liquid segment, which will gain $20.05 billion of global annual sales by 2029. The top opportunities in the ammonia market segmented by application will arise in the fertilizers segment, which will gain $21.71 billion of global annual sales by 2029. The ammonia market size will gain the most in China at $6.94 billion.

Market-trend-based strategies for the ammonia market include focus on development of modular green anhydrous ammonia production systems for on-site fertilizer solutions, focus on development of renewable-powered green ammonia production facilities, focus on deployment of farmer-owned modular green ammonia production systems and focus on development of modular green aqueous ammonia production systems for on-farm use.

Player-adopted strategies in the ammonia market include focus on expanding business capabilities through strategic innovations, focuses on expanding business capabilities through scale-up, focuses on expanding business capabilities through strategic development and focuses on expanding manufacturing capabilities through strategic partnership.

To take advantage of the opportunities, the analyst recommends the ammonia market companies to focus on expanding modular green ammonia systems through renewable integration, focus on integrating renewable power with ammonia production to enhance sustainability, focus on advancing modular on-farm green ammonia production for sustainable agriculture, focus on scaling modular aqueous ammonia systems to strengthen agricultural sustainability, focus on the anhydrous ammonia segment for accelerated growth, focus on the gaseous ammonia segment to capture emerging energy opportunities, expand in emerging markets, focus on strengthening multi-channel distribution for market reach, focus on competitive and value-based pricing strategies, strengthen value-driven communication and industry positioning, optimize digital engagement and market visibility, focus on fertilizers for sustained market expansion.