Market Size of Ammonia Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 188.41 Million tons |
| Market Volume (2029) | 206.86 Million tons |
| CAGR (2024 - 2029) | 1.89 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ammonia Market Analysis
The Ammonia Market size is estimated at 188.41 Million tons in 2024, and is expected to reach 206.86 Million tons by 2029, growing at a CAGR of 1.89% during the forecast period (2024-2029).
During the COVID-19 pandemic, there was a negative impact on the ammonia market globally as agriculture, textile, mining, and other end-user industries were significantly affected. However, growth in the pharmaceutical segment is improving in the industry, which would assist the market development. Currently, the ammonia market has recovered from the pandemic and is growing significantly.
- Over the short term, abundant use in the fertilizer industry and ammonia's increasing usage for the production of explosives are projected to fuel market growth throughout the forecast period.
- However, the hazardous effects of ammonia in its concentrated form are likely to hinder the growth of the market.
- Nevertheless, the use of ammonia as a refrigerant is likely to act as an opportunity for the market during the forecast period.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China and India.
