Global Ammonia Market (by Application & Region): Insights & Forecast Impact of COVID-19 (2021-2025)

DELHI, India - April 29, 2021 - PRLog -- The global ammonia market is expected to record a value of US$74.61 billion, growing at a CAGR of 5.59%, for the time period of 2021-2025. 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 among 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.

Scope of the report:

• The report provides a comprehensive analysis of the global ammonia market.
• The major regional markets (Asia Pacific, North America and Europe ROW), along with the country coverage of the U.S. have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (BASF SE Nutrien, Yara International, Orica, CF Industries and OCI) are also presented in detail.

For more Information:

https://www.konceptanalytics.com/report/chemicals/global-ammonia-market-by-application-region-insights-forecast-with-potential-impact-of-covid-19-2021-2025

Koncept Analytics

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