The global Green Ammonia Market is forecast to reach USD 90.88 Billion by 2030, according to a new report by Reports and Data. Ammonia is a compound of hydrogen and nitrogen. It is a colorless gas with a pungent smell. It is used in the manufacture of several industrial chemicals. The product is used in the manufacture of urea, ammonium sulfate, and ammonium phosphates.
It is a crucial feedstock ingredient used to produce nitric acid, which is an important precursor for specialty organic chemicals. An increase in the focus on energy consumption systems is anticipated to increase the usage of products as a refrigerant to provide safe, sustainable, and energy-saving refrigeration. Ammonia has a zero Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). The product has better transfer properties as compared to another chemical refrigerant.
North America is expected to grow significantly owing to the presence of over 15 leading global companies, and their 22 manufacturing facilities in the U.S. Almost 45% of the product is the country is consumed for the production of nitrogen fertilizers. The remaining is used for producing synthetic fiber resins, plastics, and several chemical compounds. As natural gas covers more than 50% of the nitrogen fertilizer production cost, the availability of low-priced natural gas in the country is anticipated to propel market demand in the region.
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Ammonia Market: Notable Innovation
As of my last knowledge update in September 2021, there were several notable innovations and trends in the ammonia market. Since innovation in this field continues to evolve, it's important to check more recent sources for the latest developments. Here are some key innovations up to that point:
1. Green Ammonia Production: One of the most significant innovations in the ammonia market is the shift towards green or sustainable ammonia production. This involves using renewable energy sources, such as wind or solar power, to produce hydrogen, which is then used in ammonia synthesis. Green ammonia has the potential to significantly reduce greenhouse gas emissions associated with conventional ammonia production methods that rely on fossil fuels.
2. Carbon Capture and Utilization (CCU): Researchers and companies have been exploring methods to capture and utilize carbon dioxide (CO2) emissions from industrial processes to produce ammonia. This not only reduces emissions but also provides a way to use carbon dioxide as a feedstock, making ammonia production more sustainable.
3. Ammonia as a Hydrogen Carrier: Ammonia is being investigated as a means to store and transport hydrogen. Hydrogen can be released from ammonia when needed, making it a potential energy carrier for applications like fuel cells and power generation. This innovation could play a crucial role in the transition to a hydrogen-based economy.
4. Advanced Production Technologies: Innovations in ammonia production processes, such as the Haber-Bosch process, aim to make production more energy-efficient and reduce greenhouse gas emissions. Catalyst development and process optimization are ongoing areas of research.
5. Ammonia for Energy Storage: Ammonia is being explored as a form of energy storage, particularly in regions with intermittent renewable energy sources. Excess electricity can be used to produce ammonia, which can then be stored and converted back to electricity when needed, acting as a renewable energy buffer.
6. Ammonia Fuel Cells: Research into ammonia fuel cells for various applications, including transportation and stationary power generation, is ongoing. Ammonia fuel cells have the potential to provide clean energy without the emissions associated with traditional combustion engines.
7. Digitalization and Automation: Like many industries, the ammonia production sector is adopting digitalization and automation technologies to optimize processes, reduce energy consumption, and improve safety.
8. Advanced Materials: Innovations in materials science are leading to the development of more efficient and durable components for ammonia production and transportation, contributing to increased efficiency and safety.
9. Biological Ammonia Production: Some researchers are exploring biological methods, such as engineered microorganisms, for ammonia synthesis. These methods have the potential to reduce energy consumption and environmental impact.
10. Ammonia as a Hydrogen Storage Medium: Ammonia can also be used as a means to store and transport hydrogen, which is valuable in the context of hydrogen-based energy systems. Innovations in safe and efficient ammonia-based hydrogen storage are being pursued.
These innovations are driven by the need to reduce the environmental impact of ammonia production and find new applications for ammonia in a rapidly changing energy and sustainability landscape. Keep in mind that developments in this field are ongoing, and newer innovations may have emerged since my last update.
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