The global Blue Ammonia Market is expected to grow from an estimated USD 78 million in 2023 to USD 7,664 million by 2030, at a CAGR of 62.3% according to a new report by MarketsandMarkets™. Blue ammonia is a type of ammonia that is produced using natural gas as a feedstock, but with the carbon dioxide emissions from the production process captured and stored. This makes blue ammonia a lower-carbon alternative to traditional ammonia production, which releases large amounts of greenhouse gases into the atmosphere. Growing focus on reducing greenhouse gas emissions and increasing efforts toward empowering hydrogen economy will drive the demand for blue ammonia market.
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The blue ammonia market has been
segmented based on end-use into transportation, power generation, and
industrial feedstock. The industrial feedstock segment is expected to hold the
largest share during the forecast period, in the industrial feedstock segment
the fertilizer industry is expected to remain the largest consumer of blue
ammonia. Ammonia is used to produce fertilizers, which are essential for crop
production. As the global population grows and the demand for food increases,
the demand for blue ammonia is also expected to grow. Blue ammonia can help to
reduce the environmental impact of the fertilizer industry. The carbon dioxide
emissions from the production of blue ammonia are captured and stored, which
helps to mitigate climate change.
The blue
ammonia market segments based on application into three segments: energy,
mobility, and chemical & refinery. The mobility segment is expected to be
the fastest growing during the forecast period. Owing to the rising adaption of
the fuel cell electric vehicles and hydrogen fueling station. Due to the
hydrogen fuel cell's electrochemical reaction only producing water vapor as a
byproduct, FCEVs have zero emissions. Due to this feature, FCEVs are a
desirable alternative for both consumers and governments aiming to reduce air pollution
and battle climate change.
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North
America is expected to be the largest blue ammonia market during the forecast
period. The North America region, comprising of US, Canada, and Mexico.
Governments are dedicated to combating climate change and lowering greenhouse
gas emissions. North America is committed to reducing its greenhouse gas
emissions, and blue ammonia is a lower-carbon alternative to traditional
ammonia production. The fertilizer industry is the largest consumer of ammonia,
and the demand for fertilizer is expected to grow in North America as the
population grows and the demand for food increases.
Key Market
Players:
Some of the major
players in the Blue
Ammonia Market are Yara International ASA (Norway),
Saudi Arabian Oil Company Saudi Aramco (Saudi Arabia), MA'ADEN Ma'aden (Saudi
Arabia), CF Industries Holdings, Inc. CF Industries (US), Qatar Fertiliser
Company (QAFCO) Qatar Fertiliser Company (Qatar), Shell plc (United Kingdom),
Air Products and Chemicals, Inc. Air Products and Chemicals (US), and OCI
(Netherlands).