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 factors such as the increasing government and climate change initiatives 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 is estimated to stabilize the volatility in the prices of raw materials in the near future. This, in turn, is projected to offer significant opportunities to the bio-ammonia market by the end of the forecast period.
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 2021, owing to a rise in the demand for fertilizers in the agriculture sector. Moreover, shortage of raw materials, across the globe and increasing dependency on imports are likely to increase the volatility in the prices of fertilizers. CLICK TO DOWNLOAD SAMPLE REPORT
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, expected to drive the growth of the bio-ammonia market during the forecast period.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The major share held by the region can be ascribed to increasing demand for nitrogen fertilizers and rising awareness regarding environment-friendly solutions. The U.S. is anticipated to account for a leading share of the bio-ammonia market in North America during the forecast period. Furthermore, in 2021, the market in Asia Pacific is evaluated to occupy the largest share in terms of revenue. Rise in population, increase of disposable income, and changes in lifestyles of consumers in developing countries such as India, China, and Indonesia are boosting the demand for agriculture products, thereby driving the consumption of bio-ammonia in the region. These countries also have high agricultural impact due to soil fertility and government initiatives for agriculture, thus the demand for the market is projected to grow in the forecast period. 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 bi-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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