Ammonia Market is estimated to be US$ 105.10 billion by 2030 with a CAGR of 5.3% during the forecast

Nisha Shaha06 May, 2022Business

Global Ammonia Market accounted for US$ 62.95 billion in 2020 and is estimated to be US$ 105.10 billion by 2030 and is anticipated to register a CAGR of 5.3%. Ammonia is a colourless, smelly gas that contains 82.25 percent nitrogen and 17.75 percent hydrogen and is used for direct soil application and water irrigation. Chemical fertilisers, synthetic fibres, resins, and other goods all use ammonia as a raw material. Ammonia is used in the production of nitrogen solutions, ammonium sulphate, ammonium phosphates, urea, ammoniated super-phosphate fertilisers, and liquid fertilisers, as well as for the oxidation of ammonia to nitric acid, which is used in the production of nitric phosphates and ammonium, calcium, sodium, and potassium nitrates.