The new research report by Global Market Insights has revealed that the Middle East Ammonia market value is projected to reach $8.5 billion by 2028.
The report said that increasing the utilization of fertilizers as nutritional additives in agriculture will accelerate the industry trends.
US-based Global Market Insights is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services.
The utilization of ammonia in several industries such as agriculture, pharmaceutical, textiles, refrigeration, and mining are anticipating the business expansion. The key properties of ammonia like a rich source of nitrogen, abrasion resistance, and heat transfer property increase the demand for a variety of applications. Rising population and urbanization demand for excessive agriculture production is expected to fuel the market landscape, as per the report.
The Anhydrous Ammonia segment is predicted to witness a compound annual growth rate (CAGR) of 3.8 percent through 2028.
The increasing demand for anhydrous ammonia owing to its environmental-friendly properties from various end-use industries including medical and chemical will propel the market statistics. Rising inclination towards cleaning and sanitation due to increased well-being and health awareness, amidst pandemic, has boosted the demand for household & industrial cleaners.
Some major findings of the Middle East Ammonia market report include:
- The increasing popularity of commercial agriculture in the region is likely to direct the adoption of nitrogenous fertilizers, thereby escalating the industry share.
- Rising demand for ammonia refrigerant owing to its benefits such as eco-friendly nature, low electricity consumption, and reduced operating cost will drive the market forecasts.
- Saudi Arabia’s market is expected to surpass $3.5 billion by 2028 due to the rising demand for ammonia refrigerants.
According to the report, “Middle East ammonia market is moderately fragmented with the presence of multinational corporations and regional manufacturers including Yara International ASA, SABIC, Ma’aden, Qatar Fertilizer Company, Hemmat Petrochemical Company, Gulf Petrochemical Industries Company, Pardis Petrochemical Company, OCI N.V., Istanbul Fertilizer Industry Inc. Co. (IGSAS), and Petrochemical Industries Company.”