BANGLORE, India, June 20, 2024 /PRNewswire/ -- Blue Ammonia Market is Segmented by Type (High Purity, Low Purity), by Application (Energy Industry, Transportation Industry, Others): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The global Blue Ammonia market was valued at USD 200 million in 2023 and is anticipated to reach USD 9,000 million by 2030, witnessing a CAGR of 76% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Blue Ammonia Market:

The growing global focus on cutting carbon emissions and switching to cleaner energy sources is driving growth in the blue ammonia market. In line with international climate goals and regulatory demands, blue ammonia, which is produced by natural gas combined with carbon capture and storage (CCS) technology, offers a low-carbon substitute for conventional ammonia production methods. Market growth is also fueled by the potential of blue ammonia as a hydrogen carrier for energy applications and the growing need for sustainable agricultural fertilizers.

The market is further supported by investments in CCS infrastructure and technological developments in ammonia synthesis. Blue ammonia is becoming more and more important as governments and businesses work to lessen the effects of climate change and develop a low-carbon economy.

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TRENDS INFLUENCING THE GROWTH OF BLUE AMMONIA MARKET

The market for blue ammonia is expanding due to the usage of High Purity Ammonia as an industrial feedstock, which is meeting the growing need for more environmentally friendly and sustainable production methods in a variety of industries. As a more environmentally friendly substitute for conventional ammonia, blue ammonia is made from low-carbon hydrogen and CO2 that has been absorbed. Its production is in line with global sustainability goals and regulatory pressure to lower carbon emissions. Blue ammonia enables industries like fertilizers, chemicals, and pharmaceuticals that depend significantly on high-purity ammonia for their operations to minimize their carbon footprints without sacrificing product quality. The market for Blue Ammonia is expanding due to firms' desire to comply with strict environmental requirements and improve their environmental stewardship. This is being driven by consumers' increasing choice for sustainable industrial feedstocks.

Government initiatives and policies are major factors in the market expansion for blue ammonia. The use of low-carbon technologies is being encouraged by the implementation of favorable laws, tax breaks, and subsidies by numerous governments worldwide. The goal of these policies is to promote infrastructure and facility investments related to the production of blue ammonia. For example, the U.S. Infrastructure Investment and Jobs Act and the European Union's Green Deal both feature financing incentives for renewable energy projects, including ones involving blue ammonia. Further promoting market expansion are carbon pricing mechanisms like carbon taxes and cap-and-trade programs, which increase the economic viability of low-carbon alternatives like blue ammonia as compared to traditional fuels.

The blue ammonia industry is mostly driven by the growth and advancement of carbon capture and storage (CCS) technology. With the use of CCS technology, carbon dioxide emissions from the processes used to produce ammonia can be captured and kept out of the atmosphere. The viability of producing blue ammonia is increasing because of the efficiency and cost-effectiveness of CCS technology, which is being improved through ongoing research. The operational costs of capturing and storing carbon are anticipated to go down as CCS technology advances, making blue ammonia a more appealing and competitive alternative for energy providers and industrial users.

The market for blue ammonia is mostly driven by the world's energy transition to renewable and low-carbon sources. The world is becoming more and more dependent on alternative fuels to produce consistent, sustainable energy as it moves away from fossil fuels. Blue ammonia provides a flexible alternative for a range of energy applications due to its ease of storage and transportation. Its dual uses as a fuel and a hydrogen transporter make it easier to incorporate renewable energy sources into the electrical grid. The demand for more energy diversity and a decrease in reliance on fossil fuels are two major drivers of the blue ammonia market's expansion.

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BLUE AMMONIA MARKET MARKET SHARE:

Technological developments, large expenditures in renewable energy projects, and supportive government regulations are the main drivers of the blue ammonia industry in North America. Through programs like the Infrastructure Investment and Jobs Act, which provides significant funding for clean energy infrastructure, including the production of blue ammonia, the United States in particular has demonstrated a strong commitment to lowering greenhouse gas emissions. Furthermore, a strong natural gas sector and the availability of cutting-edge carbon capture and storage (CCS) technology offer a strong basis for the region's production of blue ammonia. Canada, which has an abundance of natural resources and a legislative environment that is favorable to the development of blue ammonia projects for both domestic and export markets, is also making progress in this sector.

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Key Players:

• ADNOC
• Abu Dhabi National Oil
• ARAMCO
• Itochu
• Yara International
• Casale
• Horisont Energi

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

-  Low-carbon Ammonia Market

-  The global Blue Hydrogen market was valued at USD 2124 million in 2023 and is anticipated to reach USD 4645 million by 2030, witnessing a CAGR of 12.0% during the forecast period 2024-2030.

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-  The global Benzylamine market was valued at USD 98 million in 2023 and is anticipated to reach USD 146.5 million by 2030, witnessing a CAGR of 6.4% during the forecast period 2024-2030.

-  The Global Green Ammonia Market  revenue is about 35 million USD in 2021 and is projected to have a CAGR of 71% in the following five years.

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-  The global Renewable Ammonia market is projected to reach USD 4251.5 million in 2029, increasing from USD 68 million in 2022, with the CAGR of 80.0% during the period of 2023 to 2029.

-  The global Green Ammonia Fuel market is projected to reach USD 1771.8 million in 2029, increasing from USD 1 million in 2022, with the CAGR of 180.0% during the period of 2023 to 2029.

-  The global Green Ammonia from Green Hydrogen market is projected to reach USD 5599.1 million in 2029, increasing from USD 50 million in 2022, with the CAGR of 99.5% during the period of 2023 to 2029.

-  The ammonia water market was valued at USD 28.2 billion in 2022, and is estimated to reach USD 40.5 billion by 2032, growing at a CAGR of 3.8% from 2023 to 2032.

-  Ammonia Alum Powder Market

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-  The global Porous Prill Ammonium Nitrate market was valued at USD 1766 million in 2023 and is anticipated to reach USD 2077.7 million by 2030, witnessing a CAGR of 2.3% during the forecast period 2024-2030.

-  The global Ammonium Sulphate revenue was USD 10680 million in 2022 and is forecast to a readjusted size of USD 12440 million by 2029 with a CAGR of 2.9% during the forecast period (2023-2029).

-  The global Ammonium Nitrate revenue was USD 5080.4 million in 2022 and is forecast to a readjusted size of USD 6401.2 million by 2029 with a CAGR of 3.3% during the forecast period (2023-2029).

-  The industrial refrigeration market was valued at USD 24.7 billion in 2022, and is estimated to reach USD 41.7 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.

-  Ammonium Hexafluorozirconate Market

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-  The global Industrial Grade Ammonium Nitrate market was valued at USD 2864 million in 2023 and is anticipated to reach USD 3172.2 million by 2030, witnessing a CAGR of 1.4% during the forecast period 2024-2030.

-  The global Ammonium Hydrogen Fluoride market is projected to reach USD 343 million by 2030 from an estimated USD 332.9 million in 2024, at a CAGR of 0.5% during 2024 and 2030.

-  Glufosinate Ammonium Technical Market

-  Ammonium Dichromate Market

-  Ammonium Alginate Market

-  The global Liquid Ammonia market was valued at USD 61040 million in 2023 and is anticipated to reach USD 72210 million by 2030, witnessing a CAGR of 2.4% during the forecast period 2024-2030.

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