Bio Ammonia Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Bio Ammonia Market Introduction
Bio ammonia is anhydrous ammonia that is manufactured sustainably by making use of corn biomass or woody biomass. As the ammonia industry has been ill-famous for burdening the planet with greenhouse gases by consuming a major chunk of fossil fuels and conventional energy sources, industry players are shifting to manufacturing bio ammonia to mitigate their carbon footprint.
The techno-economic advantages of following sustainable ammonia production are aiding bio ammonia manufacturers to introduce cost-effective and eco-friendly ingredient in fertilizers as well as fuels. As manufacturing of bio ammonia reduces CO2 emissions to a greater extent, a ballooning environmentally aware end-user base is likely to boost demand for bio ammonia, thereby triggering growth of the bio ammonia market.
Bio Ammonia Market – Notable Developments
BioNitrogen Corp, Agrebon, and SynGest are among the leading players in the bio ammonia market.
In April 2018, Yara collaborated with BASF SE, a German chemical company, to invest nearly US$ 600 million in its new, world-scale ammonia plant in Freeport, Texas, USA. The company also declared that the newly built bio ammonia plant has can produce over 750 thousand metric tons of ammonia annually by following an environmentally friendly and cost- production process that uses by-product hydrogen instead of natural gas for producing bio ammonia.
Bio Ammonia Market Dynamics
Growing Demand for Ammonia as a Sustainable Ingredient in Agricultural Fertilizer will Support the Bio Ammonia Market
With the growing awareness about the negative effects of chemical fertilizers, the agriculture sector is making a shift away from chemicals and adopting environmentally friendly, chemical-free bio-fertilizers. Leading players in the bio ammonia market are harnessing the power of ammonia to introducing cost-effective and eco-friendly bio-fertilizing by using bio ammonia.
Ammonia is one of the most common ingredients in agricultural fertilizers, and leading players in the bio ammonia market are adopting a bio-based approach to manufacture bio-fertilizers using sustainable manufacturing processes alongside bio ammonia. Growing awareness about the environmental impact of chemicals in fertilizers is expected to augur well for manufacturers in the bio ammonia market to pave their way in the agricultural fertilizers industry in the coming future.
Increasing Industrial Growth and Plummeting Fossil Fuel Sources will Boost Adoption of Bio Ammonia as a Sustainable Fuel
The trend of industrialization is on the rise across the world, resulting in burgeoning manufacturing production and industrial output, which is one of the primary factors to amplify the energy demand worldwide. Increased industrialization has led to creating potential risks of energy crisis worldwide, the industrial sector holds a large share in total energy consumption. According to the U.S. Energy Information Administration (EIA), the industrial sector accounted for more than one-third of the total energy consumption in the United States (U.S.), in 2017, thereby creating needs for sustainable fuel sources, such as bio ammonia.
Manufacturers in various industrial sectors are becoming more conscious about their fossil fuel consumption, and increasing efforts to limit it is triggering demand for renewable fuels such as bio ammonia. Furthermore, bio ammonia market players are likely benefit from the rise in prices charged by utility providers, as it will drive industry players to shift from conventional energy sources to bio ammonia as a biological fuel. Thereby, growing awareness about mitigating consumption of fossil fuels with the increasing industrialization is expected to complement growth of the bio ammonia market in the upcoming years.
Bio Ammonia Market Segmentation
Based on the product types, the bio ammonia market is segmented into,
Based on its end-use or applications, the bio ammonia market is segmented into,
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