Middle East Ammonia Market Size to grow USD 10.10 Billion by 2030 | CAGR of 4.0%Category: Chemicals & Materials
Middle East Ammonia Market worth $ 10.10 Billion by 2030
According to a research report, published by Spherical Insights & Consulting, the Middle East Ammonia Market Size to grow from USD 7.1 Billion in 2021 to USD 10.10 Billion by 2030, at a Compound Annual Growth Rate CAGR of 4.0% during the forecast period. The market is being driven owing to the growing preference for high nitrogen-releasing fertilizers.
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Browse key industry insights spread across 197 pages with 83 market data tables and figures & charts from the report " Middle East Ammonia Market Size, Share, and COVID-19 Impact Analysis, By Type (Anhydrous Ammonia and Aqueous Ammonia), By Application (Refrigeration, Pharmaceuticals, Fertilizers, and Water Purification Chemicals), and by Country (UAE, South Africa, and Rest of MEA), Analysis and Forecast 2021 – 2030."View a detailed Table of Content here. https://www.sphericalinsights.com/reports/middle-east-ammonia-market-
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The anhydrous segment to account for the largest market size during the forecast period
The ammonia market is bifurcated based on the type into anhydrous ammonia and aqueous ammonia. The anhydrous segment accounts for the largest market size during the forecast period. Chemical fertilizers like urea, ammonium nitrate, and phosphate are all produced using anhydrous ammonia. Enhanced well-being and health awareness brought on by the pandemic have increased people's desire for cleanliness and sanitation, boosted demand for household and industrial cleaners, and accelerated market figures. For crops like wheat and corn, it is the most effective and widely utilized source of nitrogen fertilizer. Anhydrous ammonia will be used more frequently due to its therapeutic and cleaning benefits and affordability, which will boost demand for the product over the anticipated time period.
Fertilizer segment to to hold higher CAGR during the forecast period
Based on application, the ammonia market is categorized into refrigeration, pharmaceuticals, fertilizers, and water purification chemicals. The fertilizer segment is to hold a higher CAGR during the forecast period. The agricultural industry's increasing emphasis on fertilizers and their variations to improve soil quality and produce better crops will contribute to market expansion. Given the various climatic challenges farmers and agronomists face, fertilizer use is crucial and expanding, boosting market demand overall. The demand for the product is increasing due to several government programs to raise knowledge about the usage of fertilisers and their beneficial effects on crops. Additionally, a small amount of arable land in the area and lower soil nutrient levels because of the heavy use of pesticides and other chemicals are anticipated to increase product uptake.
The skin sterilization segment to hold a higher CAGR during the forecast period.
Based on the application, the Middle East Ammonia market is categorized into instrument sterilization, skin sterilization, and disinfectant. The skin sterilization segment to hold a higher CAGR during the forecast period. Almost all fungus, bacteria, and viruses that are present on the skin are eradicated by the procedure of skin sterilization. In hospitals and other healthcare settings, skin sterilization guards against spreading infections and disorders to patients and medical staff. So, a crucial component of any kind of surgery is to sterilize the hands of the surgeons and the skin of the patients. Middle East Ammonia is used for skin sterilization because it successfully eliminates harmful germs, which are the main source of disease transmission in hospitals. Before a skin puncture for a blood test and before spinal and epidural anesthesia, it is used to sterilize the skin. As a result, the market forecast is anticipated to be driven by increased surgical procedures.
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Saudi Arabia to hold a higher CAGR during the forecast period.
The Middle East Ammonia market has been segmented into five major regions: UAE, South Africa, and Rest of MEA. Saudi Arabia is estimated to account for the highest market share in 2022. High crop output from scarce arable land drives the demand for fertilizers, increases ammonia production, and drives the market. The country's ammonia market is also predicted to develop as a result of the country's water deficit and decreased rainfall, which has boosted the demand for fertilizers to promote agricultural crop productivity. Ammonia and its derivatives are one of the main exports from Saudi Arabia. The nation is on the list of the world's ammonia exporters thanks to exporting a sizeable portion of its production to Asia and Brazil.
Major Middle East Ammonia vendors include Yara International ASA, SABIC, Ma’aden, Gulf Petrochemical Industries Company, Pardis Petrochemical Company, OCI N.V., Istanbul Fertilizer Industry Inc. Co. (IGSAS), Petrochemical Industries Company, Qatar Fertiliser Company, and Hemmat Petrochemical Company.
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Frequently Asked Questions (FAQ)
What is the market size of the Middle East Ammonia market?As per Spherical Insights, the size of the Middle East Ammonia market was valued at USD 7.1 billion in 2021 to USD 10.10 billion by 2030.
What is the market growth rate of the Middle East Ammonia market?The Middle East Ammonia market is growing at a CAGR of 4.0% during the forecast period 2021-2030.
Which country dominates the Middle East Ammonia market?The Saudi Arabia emerged as the largest market for Middle East Ammonia.
Who are the key players in the Middle East Ammonia market?Key players in the Middle East Ammonia market are Yara International ASA, SABIC, Ma’aden, Gulf Petrochemical Industries Company, Pardis Petrochemical Company, OCI N.V., Istanbul Fertilizer Industry Inc. Co. (IGSAS), Petrochemical Industries Company, Qatar Fertiliser Company, and Hemmat Petrochemical Company.
Which is the leading type for Middle East Ammonia Market?The anhydrous ammonia segment is the leading product type for the Middle East Ammonia market.
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