Green Ammonia Market to Create $ Opportunity of US$ 6.7 Bn by 2032 - Witness the Evolving Trends with ChemView's Report
Category: Chemicals & Materials Published Date : July 2022 ID: CVC-00173 Format: PDF Pages: 302
Global Green Ammonia Market
According to a research analysis conducted by ChemView Consulting, in 2022, the worldwide green ammonia market was worth US$ 24.6 Mn. It is expected to grow at a CAGR of 78.6% over the forecast period. The market is expected to hit US$ 6,780.0 Mn by 2032 end.
Over the next assessment period, a combination of factors such as implementing of zero-carbon policies worldwide, favorable government policies and subsidies, and the high cost of producing conventional grey ammonia compared to green ammonia.
Some of the major green ammonia projects are as follows:
Green ammonia demand is being fueled by stricter emissions regulations and a focus on zero-carbon energy goals. In 2032, the green ammonia market is expected to account for 3.0% – 3.5% of the global ammonia market.
Furthermore, current estimates place the forecast growth outlook for the fertilizer end-use segment at 75.4% between 2022 and 2032. This is due to a growing preference for green ammonia over conventional ammonia in fertilizer production.
Which Factor is driving the demand for the green ammonia market?
The market is growing due to the rapid expansion of end-use industries such as fertilizer, transportation, power generation, stringent environmental regulations, and the growing popularity of green fertilizers.
Furthermore, the market is expected to grow faster due to increasing technological advancements, increased public and private investment, and the rapidly decreasing cost of renewable energy generation.
Furthermore, the expanding scope of green ammonia across various industrial applications will boost green ammonia sales over the next ten years.
Green ammonia is becoming more popular in the transportation sector as a shipping and marine fuel due to its zero-carbon emissions and zero-sulfur content, which is expected to drive the green ammonia market growth.
What are the major opportunities in Green Ammonia Space for Manufacturers?
Why Is Alkaline Water Electrolysis the Most Preferred Production Process?
Alkaline water electrolysis (AWE) is expected to grow at the fastest CAGR of 74.1% during the forecast period due to its well-known, reliable, and conventional method of electrolysis.
Alkaline water electrolysis is a type of electrolyzer with two electrodes that operate in a liquid electrolyte solution of potassium or sodium hydroxide. Because of the lower cost of catalysts and higher gas purity, it is increasingly being used in the production of green ammonia.
Furthermore, alkaline water electrolysis has higher durability due to an exchangeable electrolyte and lower anodic catalyst dissolution, which is expected to drive segment growth.
Why is the demand for green ammonia expected to remain high in the fertilizer sector?
The fertilizer segment currently dominates the global green ammonia market by end use and is expected to grow at a rate of approximately 67.9% between 2022 and 2032. This is due to the increasing use of green ammonia in the production of environmentally friendly fertilizers, as well as increased government efforts to promote fully carbon-free agriculture activities.
Leading players in the green ammonia market are focusing on various growth strategies, such as establishing new manufacturing facilities, launching new green ammonia projects, strengthening distribution channels, and forming alliances and partnerships to expand their presence and cater to the growing demand for green ammonia globally.
Some of the key developments that have taken place in the Green Ammonia market include:
A list of some of the key players present in the market are:
Market Segments Covered in Report
By Region and Country:
Global Green Ammonia Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||Technology, End-User, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|