by The ammonium carbonate market has been gaining significant traction over the recent past, primarily driven by its extensive use in the agrochemical industry. Ammonium carbonate is an essential intermediate that is widely used in the manufacturing of fertilizers, herbicides and pesticides. It exhibits properties like non-combustibility and moisture absorbency, which make it suitable for agricultural applications. The compound enhances the microbial activity in soil and enriches it with nitrogen, a crucial macro-nutrient for most crops.
The global ammonium carbonate market is estimated to be valued at US$ 927.8 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the ammonium carbonate market are Bayer CropScience, Shanghai Mingdou Agrochemical Co. Ltd, Taixing Dongyu Chemical, Oasis Fine Them, Taixing Experimental Chemical, Akash Purochem Private Limited, Shanghai Tenglong Agrochemical Co. Ltd., Monsanto, BASF SE, Yixing Waxing Chemical, P J Chemicals, Syngenta AG, SinoHarvest Corporation, Vinipul Inorganics India Pvt. Ltd., Nike Chemical, Foxkem Industries, Mubychem Group, Dhanlaxmi Pigments Pvt. Ltd, CDH Fine Chemical, and Haihang Industry.
Key players operating in the ammonium carbonate are Bayer CropScience, Shanghai Mingdou Agrochemical Co. Ltd, Taixing Dongyu Chemical amongst others. These players are focusing on new product launches and expansion strategies to gain competitive advantage.
The agricultural industry presents significant growth opportunities for ammonium carbonate manufacturers. The rising demand for high-quality crops and food grains is propelling the usage of ammonium carbonate-based fertilizers and agrochemicals globally.
The global expansion of leading agrochemical companies and increasing agricultural exports from Asia and South America are augmenting the demand for Ammonium Carbonate Market Growth. The manufacturers are investing in these high-growth regions to tap into new markets.
Market Drivers
The key driver for the ammonium carbonate market is the growing requirement for agrochemicals and fertilizers to meet the rising global food demand. According to the UN, the world population is expected to reach nearly 10 billion by 2050, putting pressure on the agricultural outputs. This is encouraging farmers to use advanced agri-inputs containing ammonium carbonate for maximizing crop yields. Furthermore, ammonium carbonate effectively improves the fertility of degraded soils and boosts agricultural productivity.
PEST Analysis
Political: Ammonium carbonate production and imports are regulated by governments to ensure environmental safety and fair trade practices are followed.
Economic: Changes in global GDP growth rates affect the demand for fertilizers and hence influence the prices and sales of ammonium carbonate. Strong agricultural growth drives its use.
Social: Rising food demand from growing populations increases the need for high agricultural yields using fertilizers containing ammonium carbonate. Environmental and health concerns could impact its usage.
Technological: New processes improve ammonium carbonate manufacturing efficiency and yields. Improved farming techniques and precision agriculture help optimize fertilizer usage including ammonium carbonate. Research aims to develop alternatives or substitutes.
Geographical concentration of market in terms of value
The ammonium carbonate market is concentrated in Asia Pacific and North America regions in terms of value. The Asia Pacific region dominates due to the large agricultural sector and growing demand for fertilizers in major markets of India and China. North America is another prominent region supported by increasing farming activities and production of finished fertilizer products.
Fastest growing region
The Asia Pacific region is expected to be the fastest growing market for ammonium carbonate over the forecast period due to rising fertilizer consumption from a burgeoning population and rapid agricultural development in countries like India and China. Government initiatives and policies to boost farm outputs and yield will drive additional usage of ammonium carbonate containing fertilizers in this region.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
