Ammonia Market Size

Statistics for the 2023 & 2024 Ammonia market size, created by Mordor Intelligence™ Industry Reports. Ammonia size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

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Market Size of Ammonia Industry

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Ammonia Market Summary
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

Ammonia Market 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, and this is expected to assist in market development. Currently, the ammonia market has recovered from the pandemic and is growing significantly.

  • In the short term, abundant use in the fertilizer industry and ammonia's increasing usage for the production of explosives are projected to fuel the market's growth during 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 and the growing adoption of green ammonia are likely to act as opportunities for the market between 2024 and 2029.
  • Asia-Pacific is expected to dominate the market and is likely to witness the highest CAGR from 2024 to 2029.

Ammonia Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)