The global ammonia water market is experiencing growth due to lucrative use of ammonia water in various end-use industries, and the rise in usage of fertilizers.
PORTLAND, Ore., Sept. 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Ammonia Water Market By End-use Industry (Agriculture Industry, Rubber Industry, Leather Industry, Pulp and Paper Industry, and Others), By Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the ammonia water industry was valued at $28.2 billion in 2022 and is estimated to reach $40.5 billion by 2032, exhibiting a CAGR of 3.8% from 2023 to 2032.
Ammonia Water, also referred to as ammonia solution or aqueous ammonia, is a solution of ammonium nitrate dissolved in water, which is widely used in a variety of industries and applications such as, ammonia water is a common ingredient in many household cleaning products, such as glass cleaners, floor cleaners, and multipurpose cleaners. It helps dissolve dirt, grease, and grime. Furthermore, ammonia water is used in agricultural settings as a source of nitrogen for plants. It can be added to soil or applied as a foliar spray to promote plant growth. Ammonia water is used as a refrigerant in some industrial and commercial refrigeration systems. It has good heat transfer properties and is environmentally friendly as compared to some other refrigerants. The market for ammonia water is defined as the industry that produces, distributes, and sells ammonia water.
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Prime Determinants of Growth:
The global ammonia water market is experiencing growth due to the lucrative use of ammonia water in various end-use industries, and the rise in usage of fertilizers. However, environmental concerns restrict market growth. On the other hand, increase awareness regarding water treatment to create lucrative opportunities for market growth.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $28.2 Billion |
Market Size in 2032 | $40.5 Billion |
CAGR | 3.8 % |
No. of Pages in Report | 190 |
Segments covered | End Use Industry, and Region |
Drivers | Lucrative use of ammonia water in various end-use industries |
Rise in usage of fertilizers | |
Opportunities | Increase awareness regarding water treatment |
Restraints | Environmental concerns |
The agricultural industry segment to maintain its lead position during the forecast period-
Based on end use industry, the agricultural industry held major share in 2022, contributing to more than two-thirds of the global ammonia water market revenue, and is expected to maintain its lead position during the forecast period. The same segment would also display the highest CAGR of 4.0% from 2023 to 2032. This is due to ammonia water is a crucial component in the production of ammonium-based fertilizers, such as ammonium nitrate and ammonium phosphate. These fertilizers provide essential nitrogen and phosphorous nutrients to plants, promoting healthy growth and higher yields.
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Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2022, accounting for half of the global ammonia water market revenue and is expected to maintain its dominance by 2032. The same region would also portray the fastest CAGR of 4.0% from 2023 to 2032. Asia-Pacific region has strong horticulture and floriculture industry, including the production of fruits, vegetables, and ornamental plants. These sectors often require specialized fertilization techniques, and ammonia water can be a valuable component in meeting their nutrient needs.
Leading Market Players: -
- Evoqua Water Technologies LLC
- Veolia
- TORAY INDUSTRIES, INC.
- General Electric
- Koch Separation Solutions
- Aquatech International LLC.
- KUBOTA Corporation
- Asahi Kasei Corporation
- WEHRLE-WERK AG
- Mitsubishi Chemical Corporation
The report provides a detailed analysis of these key players in the global ammonia water market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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