The North America Ammonia Market would witness market growth of 5.3% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 39,008.8 Kilo Tonnes, showcasing a growth of 3.2% (2019-2022).
Ammonia, a molecule composed of one atom of nitrogen and three atoms of hydrogen (NH3), plays an essential role in numerous industries, including the agricultural sector, chemicals, and refrigeration. This is due to the increasing demand for ammonia in fertilizers and refrigerants. An increase in population, rising requirements for food, and decreasing agricultural land are some key elements contributing to boosting the NH3 fertilizers, which, in turn, will boost the market growth.
Ammonia is widely used in large-scale refrigeration facilities and is available in liquid and gaseous forms. Compared to systems that utilize CFCs, it is 10-20% more cost-effective and is therefore highly preferred. In addition, the product is considered a natural refrigerant because it has no direct greenhouse effect and no ozone depletion potential. In addition, NH3 possesses favorable thermodynamic properties that allow it to be refrigerated with minimal energy input. These variables are expected to influence the development of product demand during the forecast period.
Additionally, using green ammonia as a feedstock for manufacturing fertilizers and other chemicals represents a substantial opportunity. This could reduce greenhouse gas emissions and aid in the battle against climate change. Green ammonia can be used as a carbon-free fuel in transportation, heating, electricity generation, and fertilizer. Consequently, the growing need for green/sustainable ammonia is an opportunity for buyers for sustainable products. Also, NH3 increases crop yield by accelerating germination cycles, preventing direct crop-to-soil contact, and ensuring that fertilizers and nutrients are close to the roots. Therefore, an increase in demand for products is expected over the forecast period.
The US Department of Agriculture estimates that in 2021, agriculture, food, and associated businesses made up about $1.264 trillion, or 5.4%, of the country's gross domestic product (GDP). The output of American agriculture contributed $164.7 billion to this total or about 0.7% of the US gross domestic product. The aggregate contribution of agriculture to GDP is greater than 0.7%, as sectors related to agriculture depend on agricultural inputs to contribute to the economy's growth. The US agriculture industry is one of the largest consumers of ammonia-based fertilizers. As the need for food and agricultural products continues to grow to meet the needs of a growing population, there is a concurrent increase in the demand for ammonia-based fertilizers to optimize crop yields.
According to the Chemistry Industry Association of Canada (CIAC), Canada exported $37.4 billion of chemicals and chemical products worldwide in 2019. Canada's $54 billion chemical manufacturing industry significantly contributes to the country's economy. As the chemical industry in Canada expands, the demand for ammonia as a feedstock may increase. Ammonia is a fundamental raw material for the production of numerous chemical compounds. In the chemical industry, ammonia is a precursor in synthesizing products such as ammonium nitrate, sulfate, and various nitrogen-containing chemicals. Therefore, the market will expand significantly due to the above factors in this region.
The US market dominated the North America Ammonia Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $40,080.1 million by 2030. The Mexico market is exhibiting a CAGR of 5.8% during (2023 - 2030). Additionally, The Canada market would experience a CAGR of 5.6% during (2023 - 2030).
Based on Product Form, the market is segmented into Anhydrous, and Aqueous. Based on Application, the market is segmented into Fertilizers, Refrigerants, Pharmaceuticals, Textile, and Others. Based on countries, the market is segmented into U.S., Canada, Mexico, and Rest of North America.
Free Valuable Insights: The Ammonia Market is Predict to reach $306.7 Billion by 2030, at a CAGR of 5.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SABIC (Saudi Arabian Oil Company), Linde PLC, Yara International ASA, Nutrien Limited, BASF SE, Sumitomo Chemical Co., Ltd., Koch Industries, Inc. (Molex LLC), CF Industries Holdings, Inc., Qatar Fertiliser Company (Industries Qatar), and PJSC Togliattiazot.
By Product Form (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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