Market Size of Asia-Pacific Ammonia Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Ammonia Market Analysis
The Asia-Pacific Ammonia Market size is estimated at 96.38 Million tons in 2024, and is expected to reach 104 Million tons by 2029, growing at a CAGR of less than 3% during the forecast period (2024-2029).
During the COVID-19 pandemic, there was a negative impact on the ammonia market as the agriculture, textile, mining, and other end-user industry segments were significantly affected. However, growth in the pharmaceutical segment is expected to assist in market development. Currently, the ammonia market in Asia-Pacific has recovered from the effects of 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 Asia-Pacific 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 over the forecast period.
- China stands to be the largest market for ammonia among Asia-Pacific countries, with consumption driven by end-user industries such as agriculture, textile, mining, pharmaceutical, and refrigeration.
