The global Australia Ammonia Market Growth Accelerated by Rising Agricultural Sector

Ammonia is an important nitrogen fertilizer used extensiely for agricultural purposes. Majority of the ammonia produced globally is consumed as fertilizer for enhanced crop productivity. The agricultural sector in Australia has been witnessing significant growth over the past few years on account of favorable climatic conditions and government support. Rising demand for food grains and other crops from the expanding population has augmented the consumption of ammonia-based fertilizers.

The global Australia Ammonia Market is estimated to be valued at US$ 934.85 Million in 2023 and is expected to exhibit a CAGR of 6.40% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the Australia ammonia market is increased focus on sustainable agriculture. The agricultural sector in Australia is facing challenges such as decreasing land availability and adverse climate change impacts. There is growing emphasis on utilizing fertilizers efficiently to boost farm productivity while minimizing environmental burden. Ammonia manufacturers are focusing on developing eco-friendly fertilizer solutions through new product formulations and application techniques. They are investing in technologies to reduce ammonia volatilization and runoff from agricultural fields. This will help increase fertilizer use efficiency and support sustainable intensification of agriculture in Australia over the coming years.

Segment Analysis:

The Australia ammonia market is segmented into agricultural and industrial. The agricultural segment currently dominates the market and is expected to maintain its leading position over the forecast period. Ammonia is majorly used as a nitrogen fertilizer in agriculture to increase crop yield. The increasing demand for food due to the rising population is augmenting the growth of the agricultural segment.

Key Takeaways:
The global Australia ammonia market is expected to witness high growth over the forecast period. The market is projected to grow at a CAGR of 6.40% during 2023-2030. By 2030, the market size is estimated to reach US$ 1.6 billion.

Regional analysis:
Australia dominates the ammonia market in the Asia Pacific region. The agriculture sector is one of the major consumers of ammonia in the country. Moreover, several key players present in Australia are further driving the market growth. The growing fertilizer demand and strong presence of manufactures are fueling the market growth.

Key players:

Key players operating in the Australia ammonia market are Incitec Pivot Limited, Yara International ASA, Orica Limited, and Wesfarmers Chemicals, Energy & Fertilisers. Incitec Pivot Limited is the largest producer and supplier of ammonia in Australia. Yara International ASA is another prominent player focusing on expanding its production capacity.