Bio-ammonia Market: A sustainable fuel
- Bio-ammonia is manufactured from various raw materials such as corn and woody biomass. It is a colorless compound known for producing a strong odor in its gaseous form. Ammonia can be manufactured artificially through natural gas as well as naturally through biological degradation of organic matter.
- It is widely used in pharmaceutical, agriculture, refrigerants, textile, and various other industrial & household applications. A broad range of ammonia derivatives such as urea, nitric acid, ammonium nitrate, ammonium phosphate, and ammonium sulfate is used to make explosives, plastic resins, nitrogen fertilizers, etc.
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Global Bio-ammonia Market: Developments and Trends
- Increase in awareness about environmental issues and manufacturers’ shift toward the development of bio-ammonia materials for fertilizer applications are expected to offer lucrative opportunities to the bio-ammonia market in the near future
- Production of bio-ammonia is gaining momentum in the U.S. due to the increase in awareness about its associated benefits among manufacturers of fertilizers and refrigerants. Rise in number of incidences related to the exposure to harmful ammonia gas and fire explosions at ammonia factories is compelling the industry to focus on environment-friendly solutions.
- Furthermore, the demand for eco-friendly and natural ammonia refrigerant is rising in industrial and food preservation applications, as bio-ammonia offers zero ozone depletion and global warming potential
- Additionally, bio-based products require less energy. They also release less amount of greenhouse gases. Thus, they are expected to replace conventional ammonia in the long run.
- The global bio-ammonia market is expected to expand at a high pace during the forecast period due to a rise in the demand for bio-ammonia in multiple downstream industries such as agriculture, consumer goods, and pharmaceuticals. Rise in population, increase of disposable income, and changes in lifestyles of consumers in developing countries such as India, Brazil, and Indonesia are boosting the demand for agriculture products, thereby driving the consumption of bio-ammonia in fertilizer applications.
- Furthermore, the shifting trends toward nutritional food across the globe and increase in research & development activities for the development of applications for bio-ammonia are estimated to drive the global bio-ammonia market in the near future.
Lack of Awareness and Low Production Capacity of Bio-ammonia to Hamper Market
- Currently, the production capacity of bio-ammonia is significantly lower than that of conventional ammonia. This is anticipated to hamper the substitution potential and increase the prices of final products. Furthermore, price consideration is expected to be a major factor hampering the bio-ammonia.
- Bio-ammonia is not being commercialized on larger scale. Just a few manufacturers operate in this market. This is likely to hamper the bio-ammonia market during the forecast period.
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Global Bio-ammonia Market: Segmentation
- The global bio-ammonia market can be segmented based on application. In terms of application, the bio-ammonia market can be classified into fertilizer, fuel, and others. The fertilizer segment is anticipated to account for a major share of the market, owing to a rise in the demand for fertilizers in the agriculture sector.
- Moreover, shortage of raw materials, across the globe and increasing dependency on imports are likely to increase the volatility in the prices of fertilizers. However, rise in initiatives by the government is estimated to stabilize the volatility in the prices of raw materials in the near future. This, in turn, is projected to offer significant opportunity to the bio-ammonia market by the end of the forecast period.
- Furthermore, bio-ammonia can act as a potential biofuel, as it offers superior energy-efficiency as compared to that offered by conventional fuels. The prominent factor behind the growth of biofuel market include rising environmental and energy security concerns along with government legislation and regulatory restrictions on fossil fuels. Volatility in global fuel prices and consistent rise in emission levels have led to a growing interest in alternative fuels, which in turn is estimated to further propel the market in the next few years.
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Global Bio-ammonia Market: Regional Outlook
- In terms of region, the global bio-ammonia market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a prominent market for bio-ammonia, globally. The market in North America is expected to expand at a rapid pace during the forecast period. The major share held by the region can be ascribed to increasing demand for nitrogen fertilizers and rising awareness regarding environment-friendly solutions. The U.S. is anticipated to account for a leading share of the bio-ammonia market in North America during the forecast period.
- Manufacturers in Europe are focusing on improving production processes and extensive research & development in terms of product properties. Companies operating in the region are primarily focused on launching new products and entering into extensive mergers & acquisitions to gain higher share of the market.
- The bio-ammonia market in several developing economies, such as Thailand and Malaysia, is projected to expand substantially in the next few years. The quality of soil has decreased significantly across the world due to regular use of chemical fertilizers and pesticides. Therefore, several countries are presently adopting bio-ammonia for applications in the agriculture sector.
- Moreover, the demand for organic fertilizers has been rising owing to growing concerns over the environment. Thus, adoption of sustainable methods for the development of the agriculture sector has been rising in order to meet the increasing demand. Thus in turn, is boosting the bio-ammonia market.