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Global Ammonia Fuel Market to Grow at a CAGR of 14.35% by 2030

Global Ammonia Fuel Market to Grow at a CAGR of 14.35% by 2030

According to ChemAnalyst report, “Global Ammonia Fuel Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Ammonia fuel market has shown monumental growth in historic period and is anticipated to achieve a healthy CAGR of 14.35% during the forecast period. Due to increasing demand in search for the replacement of fossil fuels with biomass feedstock that can be further used in the production of Ammonia, which can potentially be a best commodity for hydrogen economy or a key fuel in the future, several factors have been brought into light. Ammonia fuel is highly functional in Agricultural, pharmaceutical, marine, dye, textile, plastic and other industries.

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Ammonia (NH3) is a colourless inorganic compound composed of Nitrogen and Hydrogen with a pungent smell. It is a valuable source of NO2 which is important for the plant growth. Ammonia is one of the most important chemicals that is commercialized on a large industrial scale in the world. The industry possesses a well-defined infrastructure for production, handling and distribution of fuels. Ammonia fuel is also known as green ammonia. It is produced via renewable sources of energy and thus is produced with zero carbon emissions. It is a clean fuel that can be used in internal combustion engines as both neat and blended with petroleum fuel. Ammonia fuel can be produced via three technologies namely alkaline water electrolysis, proton exchange membrane, and solid oxide electrolysis. Green hydrogen that is produced through this route is further synthesised to ammonia fuel, by the process of solid oxide electrolysis technology. Methane, water and air is most commonly used to produce green ammonia using steam methane reforming (SMR) and the Haber process. About 90% of carbon dioxide is mass produced during the process while consuming a lot of energy. However, use of low carbon hydrogen for the production of green ammonia is likely to reduce the Co2 emissions in the upcoming years.

 Ammonia fuel has numerous applications in power generation, transportation, agricultural and industrial feedstock. Ammonia is widely used by various end use industries including wastewater treatment, textile, chemical, leather, paper, cosmetic, pharmaceutical and others. Ammonia also finds its demand in the manufacturing of pesticides, dyes, refringent gas, engine oils, plastics and fabrics. Fertilizer application in agriculture industry is the major dominating segment of global ammonia market. Carbon and steel industry prefers Ammonia over other fuels as it does not degrade steel and aluminium even under adverse environmental conditions. Expanding investments in the clean energy and green fuel plans coupled with growing demand of Ammonia as a maritime fuel is expected to drive the demand of Ammonia fuel market during the forecast period. Companies are increasing their investments in green Ammonia fuel for expanding green energy projects to produce net-zero Co2 emission on large which will boost the Ammonia Fuel market worldwide. However, high capital expenditure and initial costs related with ammonia fuel and less awareness about ammonia as a fuel is expected to hinder the demand growth during the forecast period. Along with the increasing demand of green hydrogen and various government initiatives including the South Korea government initiative to have three hydrogen powered cities by 2022 is also expected to provide opportunity for demand growth of ammonia fuel as green hydrogen is the raw material for ammonia fuel. 

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The production of Green Hydrogen as a ‘key fuel’ for future can further bolster the Global ammonia market growth due to following reasons :

  1. The ability to get stored in the liquid form in large quantities which will help the manufacturer and distributer to transport chemical around the world through tanks and ships.
  2. Ammonia can be exclusively used to produce electricity by a fuel cell by giving nitrogen and water as only by-products and becoming a zero-carbon Marine industry is all set to adapt ammonia as a main fuel by replacing other fuel oils.
  3. Ammonia can be used as a Hydrogen carrier as it is cheaper to store and transport and can be transformed to Hydrogen gas when required.

Ammonia is considered as a potent neurotoxin which can alter the functioning of Central Nervous System (CNS) and can cause neurological disorders. The long-term exposure of ammonia can cause damage to lungs and eyes. It can accumulate in the bloodstream resulting in blockage, coughing and irritation in throat.

Due to the onset of COVID-19, countries caused nationwide lockdowns which had a huge impact on several industries and its economies. Renewable energy was among the affected industries during the pandemic. This had an impact on the demand of ammonia fuel for the first half of 2020. Therefore, the demand for ammonia fuel fell during the coronavirus pandemic due to halting of plants that are being set up. 

Region wise, Europe region holds the major share of global demand for ammonia fuel due to early adoption and many technological advancements. Increasing demand of green fuels is also a factor driving demand growth in Europe during the forecast period.

According to ChemAnalyst report, Global Ammonia Fuel Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in global Ammonia Fuel market are Siemens, Haldor Topsoe, ITM Power, Nel Hydrogen Solutions, MAN Energy Solutions, Yara International and Others. 

 “Being linked to the downstream application such as Agriculture, pharmaceutical and chemical etc, the global Ammonia Fuel Industry has shown a tremendous growth along with the growing population and changing in the consumer preference. It is projected that India is going to become the world's fifth largest consumer market by 2025. In addition, growing per capita income worldwide poised a stronger outlook to the country’s acetone demand. The nationwide lockdown affected the supply chain logistics and caused immediate shortage of raw materials hence increased the prices of Ammonia fuel. Meanwhile,  China serves as the key growth region as well with sufficiently installed capacities. With new competitors emerging across the Asian acetone market, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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