Ammonia is a toxic chemical of high nitrogen and oxygen. Generally, ammonia is found as a tasteless, odorless gas with a sharp smell. It results in a number of biological functions such as killing bacteria and killing microbial cells. Ammonia has many applications both at the industrial and household level. It is used as a starter for making fertilizers, killing organisms during soil remediation and as a fertilizer for livestock feeds. Ammonia is generally a colorless gas with a pungent odor. It gives off a very powerful odor which is responsible for the characteristic pungent odor of the compound.
Market Dynamics
Increasing supply of fertilizers in the agriculture sector is expected to propel growth of the global ammonia market. For instance, according to The Food and Agriculture Organization of the United Nations, world supply of ammonia increased from 153,766 thousand tons in 2015 to 171,433 thousand tons in 2018. Moreover, increasing adoption of green ammonia fuel is also expected to aid in growth of the market. For instance, in June 2019, TFX International, a provider of vehicle transport in North America, announced to provide two diesel fuelled generators and transport trucks to use Hydrofuel ammonia fuel and Ammonia Solutions multi-fuels systems at the 1st National Hydrogen Mobility Innovation Conference in Mississauga, Ontario.
Significant developments in floating ammonia production is expected to offer lucrative growth opportunities for players in the global ammonia market. For instance, in November 2020, Golar LNG Limited agreed with Black & Veatch Corporation to expand on their long-standing FLNG relationship and enter into a collaboration agreement in the field of floating ammonia production, carbon capture, green LNG and hydrogen. Moreover, initiatives to boost adoption of ammonia in thermal power generation is also expected to aid in growth of the ammonia market. For instance, in December 2020, Japan announced to introduce ammonia into the fuel mix for thermal power generation as well as for shipping from the late 2020s as part of its efforts to achieve carbon neutrality in 2050.
Competitive Analysis
Major players operating in the global ammonia market include, Yara International ASA, BASF SE, CF Industries Holdings, Inc., Nutrien Ltd., Potash Corporation of Saskatchewan Inc., Dangyang Huaqiang Chemical Co., Ltd., Shanxi Jinfeng Coal Chemical Co Ltd., GTS Chemical Holdings plc., Togliattiazot, OCI Nitrogen B.V., Agrium Inc., Sabic, and Koch Fertilizer, LLC among others.
December 2020: Yara International ASA announced plans for 500,000 tons per annum green ammonia production in Norway, powering emission-free shipping fuels and decarbonized food solutions.
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