A recent report by Reports and Data states that the global ammonia market was worth USD 71.99 billion in 2021 and is expected to grow at a CAGR of 6.5% during the forecast period. Ammonia is an inorganic molecule that is essential for the production of fertilizers and is used in various industrial and agricultural processes. The report highlights the increase in the adoption of household cleaning products during the COVID-19 pandemic, where ammonia is used as a cleaning agent. Ammonia is also an important feedstock ingredient in the synthesis of nitric acid, which is used to manufacture specialized organic compounds. The liquid form of ammonia is expected to witness rapid revenue growth due to its use in various industries, such as the tanning industry and the production of textile dyes. The report also states that the online segment is expected to witness steady growth during the forecast period, and the agriculture segment is expected to experience rapid revenue growth due to the increasing need for ammonia as a nutrient for enriching soil and plants. Furthermore, ammonia is a zero-carbon fuel that may be used to reduce CO2 emissions and can be utilized as a new hydrogen storage medium.

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Ammonia Market: Drive factors

The ammonia market is expected to register significant growth in the coming years due to various driving factors, including:

1. Increasing demand for fertilizers: The majority of ammonia produced is used in fertilizer all over the world. With natural depletion of soil nutrients occurring during the cultivation of food crops, farmers are increasingly adopting ammonia-based fertilizers to maintain healthy crops and productive soil. The increasing demand for food globally is also driving the demand for ammonia-based fertilizers, which is expected to drive market revenue growth.

2. Growing awareness of cleanliness and hygiene: Following the COVID-19 pandemic, there has been an increase in the adoption of household cleaning products due to increased awareness of cleanliness and hygiene among the urban population. Ammonia is a key ingredient in many household cleaning products, including glass cleaning solutions and kitchen and bathroom cleaners, which is expected to drive market revenue growth.

3. Shift towards energy efficiency: With a greater emphasis on energy efficiency and lowering energy consumption, it is projected that the usage of ammonia as refrigerants to offer safe, ecologically friendly, and energy-saving refrigeration would expand. Because ammonia has neither Ozone Depletion Potential (ODP) or Global Warming Potential (GWP), it is a better refrigerant than other compounds.

4. Increasing demand for zero-carbon fuel: Global energy consumption is fast expanding due to new energy-intensive technologies, vehicles, systems, and applications, fuel and electricity requirements for economic and social growth are skyrocketing. Ammonia use in combustion engines and gas turbines, such as internal combustion engines, might be a critical answer to the transition to a hydrogen economy. Ammonia is a zero-carbon fuel that may be utilized to minimize CO2 emissions, making it a promising alternative for many industries.

5. Growing demand for liquid ammonia: The liquid form of ammonia is expected to experience rapid revenue growth during the forecast period. This is due to its increasing use in various industries, such as the tanning industry and the production of textile dyes, where it can be used to create almost any color for fabrics. It is also used in the manufacturing of synthetic fabrics and as a refrigerant for ice plants and refrigerators.

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