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DUBLIN--(BUSINESS WIRE)--Sep 28, 2022--
The "Ammonia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global ammonia market reached a value of US$ 71.34 billion in 2021. Looking forward, the market is projected to reach a value of US$ 100.17 billion by 2027, exhibiting a CAGR of 5.60% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor.
Ammonia finds extensive applications across numerous industries, including agriculture, textile, food and beverage (F&B), pharmaceuticals, water and wastewater treatment, rubber, paper, and chemicals.
Ammonia Market Trends
The rising need for agricultural chemicals like fertilizers to improve farm yield and meet the escalating demand for food represents the primary factor driving the growth of the market. Moreover, ammonia can quickly absorb heat from the surroundings, filter impurities, and purify liquid mediums without causing any negative environmental impacts.
As a result, ammonia is rapidly gaining traction as a purifying agent in water treatment plants and refrigerant in heating, ventilation and air conditioning (HVAC) systems. Besides this, the growing usage of ammonia to manufacture commercial explosives, such as trinitrotoluene [TNT], nitroglycerin, and nitrocellulose, is augmenting the product demand.
Additionally, ammonia is employed as a catalyst to fabricate synthetic resins and for dyeing and scouring silk, cotton and wool. This, in confluence with the rising product utilization in the production of plastics and synthetic fibers, such as nylon and rayon, is catalyzing the market growth.
Furthermore, the increasing applications of ammonia in household cleaning agents and various metallurgical processes like the nitriding of alloy sheets to harden their surfaces are accelerating product adoption rates.
Other factors, including the expanding agriculture industry, shifting focus toward energy consumption systems, emerging industrial applications, growing population and rapid urbanization, are also creating a positive market outlook.
Key Questions Answered in This Report
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being
Key Market Segmentation
Breakup by Physical Form:
Breakup by Application:
Breakup by End-use Industry:
Breakup by Region:
For more information about this report visit https://www.researchandmarkets.com/r/s4we3n
View source version on businesswire.com:https://www.businesswire.com/news/home/20220928005516/en/
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KEYWORD:
INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/28/2022 06:17 AM/DISC: 09/28/2022 06:17 AM
http://www.businesswire.com/news/home/20220928005516/en