Ammonia Market is estimated to be US$ 105.10 billion by 2030 with a CAGR of 5.3% during the forecast period
Ammonia Market accounted for US$ 62.95 billion in 2020 and is estimated to be US$ 105.10 billion by 2030 and is anticipated to register a CAGR of 5.3%. Ammonia is a colourless, smelly gas that contains 82.25 percent nitrogen and 17.75 percent hydrogen and is used for direct soil application and water irrigation. Chemical fertilisers, synthetic fibres, resins, and other goods all use ammonia as a raw material. Ammonia is used in the production of nitrogen solutions, ammonium sulphate, ammonium phosphates, urea, ammoniated super-phosphate fertilisers, and liquid fertilisers, as well as for the oxidation of ammonia to nitric acid, which is used in the production of nitric phosphates and ammonium, calcium, sodium, and potassium nitrates. Ammonia's propensity to mix immediately with acids to produce salts is one of its most distinguishing characteristics. Ammonium salts are chemicals such as ammonium nitrate (often used in fertilisers and explosives), ammonium phosphate, and ammonium carbonate that are formed as a result of this process. Around 80% of ammonia produced globally is utilised to make mineral fertilisers, with the remainder being used for technological purposes.