Monday, July 15, 2024

Green Ammonia Market Will Reach USD 6,559.1 Million by 2030

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In 2021, the green ammonia market size stood at USD 16.4 million, which is projected to witness a 94.6% CAGR during 2021–2030, reaching USD 6,559.1 million by 2030 as per P&S Intelligence. 

This growth can be ascribed to the numerous industrial projects for the manufacturing of this chemical that are presently underway in Mauritania, Oceania and Oman. The 15-metric-ton capacity of the declared projects, which is aimed to be attained by 2030, is approximately 8% of the existing ammonia production across 54 projects. Basically, the strict emissions guidelines and zero-emission goals are boosting the making of NH3 through clean approaches.

In 2021, APAC generated the largest revenue share of approximately USD 5.18 million, and projected to dominate the green ammonia market with a profitable CAGR, of 102.8%, to touch USD 3,008.70 million by 2030. This massive projected growth can be credited to the governments’ strict guidelines and the UN pledge to guarantee zero emissions by 2050. Solar and wind energy are taking centre stage for carrying out AWE, in reply to the stringent emission rules and striving zero-carbon goals.

In the APAC region, Australia will experience the fastest growth in the coming few years, because of the snowballing government expenditure in constructing its green hydrogen economy. According to the data, numerous green ammonia plants are being in the process of building with a projected combined capacity of 20,000–60,000 tons per year, including Yara (Pilbara, Australia), Dyno Nobel (Moranbah, Australia), Proton Ventures/Siemens/Yara (New Zealand), and Enaex (Antofagasta, Chile).

Ammonia is extensively utilized as a feedstock for inorganic, nitrogen-comprising fertilizers; thus, this category leads the industry, with approximately 53.7% market share in 2021. Green ammonia used for the production fertilizers is measured as a vital part of the decarbonization plan, and it has been accepted by several countries to decrease greenhouse gases. This technique can lead to 100% carbon reduction, which aids in the accomplishment of the environment-friendly goals.

Hence, the surging need for protecting environment by reducing carbon emission, will drive the green ammonia market in the future.    

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