The bio-ammonia market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Increasing awareness related to the ecological and green products, along with extensive research associated with bio-based products, are expected to fuel the progress of this market. The growth of the market can also be attributed to the increasing government initiatives for climate change on a global level. According to the data collected from the United States Environmental Protection Agency, in 2019, the estimated greenhouse emissions in the country were around 10 percent of the total greenhouse gas emissions. Moreover, rise in initiatives by the government to stabilize the volatility in the prices of raw materials in the near future, is also anticipated to create numerous opportunities for the growth of the market.
The market is segmented based on application into fertilizer and fuel, out of which, the fertilizer segment is anticipated to grab the largest share by the end of 2028, owing to a rise in the demand for fertilizers in the agriculture sector and for the growing advancements towards the research and development of advanced bio-fertilizers. On the basis of end-user, the power generation segment in the global bio-ammonia market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that bio-ammonia acts as a sustainable fuel for power generation. Electricity generated by using green ammonia is observed to be the cleaner version of gas and hence, which in turn is expected to drive the growth of the bio-ammonia market during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Bio-Ammonia Market Regional Synopsis
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. Amongst these regions, the market in the North America is anticipated to hold the largest market share owing to the rising demand for nitrogen fertilizers among the farmers, followed by the increase in awareness among the end users for environmentally friendly solutions. Furthermore, the market in the Asia Pacific is evaluated to grow with the highest CAGR during the forecast period. The growth of the market in the region can be attributed to the increasing population, growing disposable income, and for the changes in lifestyles of consumers in developing countries such as India, China, and Indonesia, which is raising the demand for agriculture products, thereby driving the consumption of bio-ammonia in the region. Moreover, growing concern for the emissions from the agricultural sector is also anticipated to drive the market growth in the region. As per the analysis of Asian Development Bank, the Asia Pacific accounts for 37% of the world's total emissions from agricultural production, and China alone accounts for more than 18% of the total.
The global bio-ammonia market is further classified on the basis of region as follows:
Our in-depth analysis of the global bio-ammonia market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising demand for eco-friendly fertilizers and increase in research & development activities for bio-based products are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Low production capacity of bio-ammonia is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the government initiatives and consumer preference for eco-friendly agricultural products.
The major players dominating the bio-ammonia market are SynGest Inc., BioNitrogen Corp, Agrebon Inc. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user and region.
With respect to application, the fertilizer segment captures the largest market size owing to a rise in the demand for fertilizers in the agriculture sector.
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