The global ammonia market size is projected to reach USD 110.93 billion by 2028, exhibiting a CAGR of 6.4% during the forecast period.
Fortune Business Insights™ highlights this information in its report, titled “Ammonia Market, 2021-2028”, which also provides that this market’s value stood at USD 67.01 billion in 2020 and is expected to touch USD 71.98 billion in 2021.The COVID-19 pandemic outbreak has caused the market growth to stumble and decline by 4.8% in 2020 owing to the obstructions created by lockdowns and social distancing measures for the fertilizer industry.
These obstructions are mainly in the form of supply chain upheavals leading to production delays and a sudden contraction in the availability of agricultural inputs.Cummins Partners with KBR to Develop Integrated Green AmmoniaIn May 2021, technology leader Cummins and KBR inked a Memorandum of Understanding (MoU) to join forces to develop holistic and integrated solutions and techniques to produce NH3 from renewable energy sources.
Together, thus, the two companies aim at speeding up de-carbonization in various industries and accelerate the development of green ammonia, which holds enormous potential in aiding the growth of sustainable agriculture.
While lithium has proven to be adequate in storing excess energy, especially from renewables, more efficient solutions and technologies are being demanded due to the soaring consumption of electricity worldwide.
In May 2020, for instance, researchers at the Massachusetts Institute of Technology (MIT) formulated a technique under which hydrogen and nitrogen can be synthesized using an electric current to generate a lithium catalyst, where the two elements will create ammonia.Fertilizer Segment to Spearhead the Market, states Fortune Business InsightsOn the basis of application, the market is segmented into fertilizers, textiles, refrigeration, pharmaceuticals, household & industrial cleaning, and others.