Global demand for ammonia has seen significant growth with the market set to reach $US89.6 billion by 2026.
A new study published by Global Industry Analysts found that apart from being used for fertilizers, derivates of ammonia have a number of other industrial uses.
For instance, ammonia is being increasingly used as a refrigerant. Unlike many other gases ammonia does not result in depletion of ozone and global warming when out in the atmosphere.
This characteristic of ammonia is aiding the return of the gas as a refrigerant. Ammonia is an efficient refrigerant used in food preservation and processing.
Amid the COVID-19 crisis, the global market for ammonia estimated at $US63.7 billion in the year 2020 is currently growing at a compound annual growth rate of 5.9 per cent.
In the United States the ammonia market is worth $9 billion while in China it is forecast to reach $24.2 billion by 2026.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8 per cent and 5.3 per cent respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 3.3 per cent while the rest of the European market will reach $US26.2 billion by 2026.