Green Ammonia Market size was valued at USD 173.51 Million in 2022 and is expected to grow from USD 300 Million in 2023 to reach USD 23959.7 Million by 2031, at a CAGR of 72.9% during the forecast period (2024-2031).
The green ammonia market, which emphasizes the production of ammonia using renewable energy sources, is becoming a crucial component in the worldwide shift towards sustainability. The process entails the synthesis of hydrogen by electrolyzing water, using renewable energy as the power source, and then combining it with nitrogen from the air. This effectively eliminates the carbon emissions that are often associated with conventional methods of ammonia manufacturing. This market will prioritize the provision of a sustainable and cost-effective supply of ammonia, which is crucial to produce fertilizers and plays a vital role in mitigating global climate change.
Green ammonia is synthesized through the utilization of sustainable energy sources, like wind, solar, and hydroelectric power. This process provides numerous benefits, including carbon neutrality and reduced ecological impact. In addition, green ammonia may be utilized as a fuel for transportation, a system for carrying hydrogen, and a method for storing energy. This makes it a versatile and environmentally responsible option for enterprises that want to decrease their carbon emissions.
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Increasing Applications in Various Industries Supporting Market Growth Ammonia is a highly prevalent chemical commodity globally and is mostly used in the agricultural industry as a fertilizer. Moreover, as technology continues to expand and develop, it has been discovered that green ammonia can be employed in other applications outside its current principalutilization in the fertilizer sector. Ammonia offers the advantage of generating zero carbon emissions whenutilized as a fuel. Its environmental credentials can be enhanced by producing ammonia through theutilization of renewable energy. Due to its lack ofsulfur traces and carbon emissions, it has become widely popular as a shipping and marine fuel in the transportation industry, leading to improved air quality and reduced particulate emissions.
Increasing Demand for Environmentally Friendly Fertilizers AugmentingSales
The widespread use of chemical fertilizers and pesticides has led to a significant decline in soil quality on a global scale. The market for organic fertilizers is growing rapidly due to the increasing need for sustainable agricultural practices. It reduces the development of hazards and carbon emissions. Major agrochemical firms are increasingly favouring eco-friendly and sustainable goods such as green ammonia. Therefore, the increasing need for environmentally friendly fertilizers to mitigate environmental risks and pollution is projected to drive the sales of green ammonia.
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- Siemens Energy, Fortescue Future Industries, and GeoPura built an ammonia cracker prototype in November 2022. It was developed to produce green hydrogen industrially, reduce climate change, and lower carbon emissions. The prototype delivered 200 kg of hydrogen daily using ammonia, sufficient to power 5-10 hydrogen fuel cell electric buses.
- In September 2022, Uniper SE, Germany’s largest power and gas trader, and Vesta came to an agreement to extend an existing storage facility to construct the first green ammonia hub known as Greenpoint Valley in Northwest Europe. Uniper SE is keen on entering new markets specializing in ammonia and hydrogen production to be sustainable across the Northwest Europe region. These European initiatives will enhance green ammonia and hydrogen markets that should help drive up supply security.
- In December 2023, Sembcorp Industries partnered with Sojitz Corp and Kyushu Electric Power to supply green ammonia from India to Japan. It will lower carbon emissions in Japan. The alliance supports Japan’s government’s goal of accomplishing net-zero emissions by 2050.
- In 2022, US fertilizer maker LSB Industries signed agreements with thyssenkrupp Uhde USA and Bloom Energy. The plan was to create 30,000 tonnes of green ammonia per year at its Pryor, Oklahoma facility. Thyssenkrupp Uhde will design a small amount of Pryor’s conventional ammonia capacity as green ammonia.
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Green ammonia is projected to be adopted as an industrial chemical by 2040, with significant growth anticipated in the green ammonia market. This is an outcome of heightened government efforts to attain minimal or no carbon emissions. The product is expected to become the main commodity for regionally delivering renewable energy. The market is expected to experience growth due to the increasing demand for green ammonia in many industries including transportation, refrigeration, power generation, and fertilizer. Moreover, there is an increasing demand for environmentally friendly ammonia in industrial feedstock materials, particularly in the production of pharmaceuticals.
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