Ammonia Market Value Forecasted to Reach $113 billion by 2034, Propelled by an Impressive Compound Annual Growth Rate of 4.8%
Global Ammonia Market Set for Significant Growth, with Green and Blue Ammonia Leading the Charge
The global ammonia market is projected to reach approximately 190.2 million tons by 2034, growing from about 150.1 million tons in 2024 at a compound annual growth rate (CAGR) of around 2.4%[1]. The anhydrous ammonia segment specifically is expected to reach about 156.4 million tons by 2034 with a CAGR of around 1.92%[1].
However, the green ammonia market, a subset focused on ammonia produced using renewable energy, is expected to grow much faster. By 2034, the green ammonia market is forecasted to reach around $55.6 billion, at a staggering CAGR of 54.9%, with volume rising from 3 million metric tons to about 15 million metric tons by 2028[2]. The blue ammonia market (produced with carbon capture technologies) is also expected to expand substantially, projected to be worth around $458.74 billion by 2034 according to a recent report[3].
The Asia Pacific (APAC) region held a dominant market share of 54.20% in the ammonia market in 2024, valued at approximately USD 38.3 billion. The region is anticipated to lead market expansion due to rapid industrialization and agricultural development.
Key growth drivers for the ammonia market include rising demand for fertilizers, environmental and regulatory factors, energy transition and decarbonization goals, industrial applications, and expanding applications in power generation and transportation. Ammonia is a critical feedstock for nitrogen-based fertilizers, supporting the global agricultural sector[1][3]. Increased use of aqueous ammonia for water treatment and pollution control in Europe and Asia is driven by stricter environmental compliance[3].
Growth in the green and blue ammonia markets is fueled by efforts to reduce carbon emissions, as ammonia can serve as a low-carbon fuel, hydrogen carrier, and sustainable chemical feedstock[2][4]. Use in neutralization, pH control, and scrubbing applications, particularly in wastewater treatment, contributes to increased demand[3]. Green ammonia is gaining traction as an alternative fuel source in power generation and transportation sectors[2].
Notable developments in the ammonia industry include SABIC Agri-Nutrients' announcement of a low-carbon ammonia plant in Jubail Industrial City, Nutrien's partnership with thyssenkrupp Uhde to develop a clean ammonia plant at Nutrien's Geismar facility in Louisiana, and Yara International ASA's initiation of renewable-based ammonia production in Brazil. BASF has become the first producer of renewable ammonia in Central Europe, and Siemens AG is involved in providing automation and digitalization solutions for chemical plants, including ammonia production.
CF Industries, JERA Co., Inc., and Mitsui & Co., Ltd. are developing a low-carbon ammonia production facility at CF Industries' Blue Point Complex in Louisiana, aiming to capture approximately 2.3 million metric tons of CO2 annually. QAFCO has broken ground on a $1.2 billion blue ammonia project in Mesaieed Industrial City. Woodside Energy's acquisition of an ammonia plant in Texas for USD 2.35 billion underscores the growing emphasis on low-emission ammonia production.
While the traditional ammonia market is expected to grow moderately to around 190–205 million tons by 2034–2035, the green and blue ammonia sectors are driving significantly higher value growth due to their strategic role in the global shift toward sustainability and carbon neutrality.
[1] Grand View Research, Inc. (2022). Global Ammonia Market Size, Share & Trends Analysis Report by Type (Anhydrous Ammonia, Aqueous Ammonia, Ammonium Nitrate, Others), by Application (Agriculture, Industrial, Mining, Pharmaceuticals, Others), by Region, and Segment Forecasts, 2022 - 2034.
[2] GlobalData (2021). Global Green Ammonia Market Outlook to 2034: Growing Demand for Low-Carbon Fuel and Hydrogen Carrier to Drive the Market.
[3] Blue Ammonia Market Report (2022). Blue Ammonia Market Size, Share & Trends Analysis Report by Type (Liquid Blue Ammonia, Anhydrous Blue Ammonia), by Application (Fertilizer, Power Generation, Chemicals, Others), by Region, and Segment Forecasts, 2022 - 2034.
[4] MarketsandMarkets (2021). Blue Ammonia Market by Type (Liquid Blue Ammonia, Anhydrous Blue Ammonia), by Application (Fertilizer, Power Generation, Chemicals, Others), by Region, and Segment Forecasts, 2022 - 2034.
- The finance sector is closely watching the renewable-energy driven green ammonia market, as it is projected to reach $55.6 billion by 2034.
- In the energy industry, the production of green ammonia is expected to grow at a staggering CAGR of 54.9% by 2034.
- The cooking sector is also set to change with the increasing use of green ammonia, as it can be used as a low-carbon fuel.
- Lifestyle choices are beginning to reflect the importance of sustainable-living, with food-and-drink products adopting renewable-energy sourced practices.
- Family dynamics may also be influenced by these shifts, as investing in renewable-energy companies becomes a common choice for families interested in the home-and-garden industry.
- Businesses are increasingly focusing on the production and use of green ammonia, as it offers opportunities for growth in the global-cuisines sector.
- Fintech companies are also getting involved in funding renewable-energy projects, paving the way for a more sustainable financial landscape.
- The real-estate market is adapting to accommodate the growing demand for properties with green energy solutions.
- The data-and-cloud-computing sector is seeing an increase in the use of renewable energy, as more businesses prioritize sustainable operations.
- Green ammonia is gaining traction as an alternative for traditional fossil fuels in various industries, including technology and healthy-cooking.
- The rise of green ammonia is expected to impact relationships, as discussions around environmentally-friendly practices become more prevalent.
- Green ammonia is not just a trend in the travel industry, but a crucial part of the shift towards budget-travel that prioritizes sustainability.
- Cars are becoming more environmentally-friendly with the rise of electric vehicles, powered by renewable energy.
- Education-and-self-development institutions are incorporating lessons on renewable energy and sustainable-living into their curricula to ensure personal-growth.
- The concept of mindfulness is expanding to include environmental awareness, as people choose renewable-energy solutions for their personal-growth.
- In the casino-and-gambling scene, responsible-gambling initiatives are being introduced, with a focus on minimizing negative impacts on personal-finances.
- Casino-personalities are increasingly visible in investments related to renewable energy, signaling a shift towards environmentally-friendly ventures.
- The casino-culture is undergoing a transformation, with a growing emphasis on sustainability and ethical practices.
- The growth of the green and blue ammonia markets is influencing career-development, as more jobs are becoming available in the renewable-energy industry.
- Poker tournaments are being held at casinos powered by green ammonia, highlighting the casino-and-gambling industry's commitment to sustainability.
- Roulette wheels are spinning in casinos that prioritize renewable energy, as casino-culture evolves to be more sustainable.
- Electric vehicles are becoming a common sight in Las Vegas, symbolizing the city's shift towards greener transportation options.
- The history of Las Vegas is being rewritten, as casinos and hotels adopt sustainable practices and reduce their carbon footprint.
- Myths about Las Vegas are being challenged, as the city embraces a more sustainable and eco-friendly image.
- Gambling trends are shifting, with a growing interest in casino-games that are powered by renewable energy.
- Casino demands for data-and-cloud-computing solutions are driving the industry towards greener practices, aligning with global gambling trends.
- The success of slot machines in casinos powered by green ammonia could lead to big-wins for the renewable-energy and casino-and-gambling industries.
