The South Korea Ammonia market in terms of volume was nearly 1700 thousand tonnes in 2023 and is expected to grow at a CAGR of 3.41% during the forecast period until 2034.
Ammonia is a versatile chemical. A common method for producing ammonia is the Haber-Bosch process, which combines nitrogen and hydrogen. This necessary chemical substance is used for more than just making fertilizer. As an effective refrigerant that ensures food processing and preservation, it is essential to the refrigeration and air conditioning industries. Ammonia is also frequently used in the textile industry for tanning procedures and dye synthesis, which aid in the creation of synthetic materials and fabric colouring. Its adaptability also extends to cleaning products like detergents. Additionally, ammonia is used to serve industrial and agricultural needs by being used in the creation of explosives and pesticides. Ammonia is used extensively in the pharmaceutical business to make Active Pharmaceutical Ingredients (APIs) and medications.
South Korea is poised for a significant increase in the usage of Ammonia. mainly motivated by its crucial function in the manufacturing of fertilizer. Factors including the growth of population and the rising food demand are driving the fertilizer market's increase. These factors support the increased use of ammonia fertilizers, which in turn promotes market expansion. Ammonia is widely used in large-scale refrigeration units and is available in liquid and gaseous forms. The market has been rising as a result of the growing population, rising food demand, and shrinking amount of arable land. Ammonia fertilizers have been used more frequently. Beyond its agricultural significance, ammonia is also utilized across various industries including chemicals, cleaning agents, and pharmaceuticals, owing to its effectiveness and environmentally friendly nature as a refrigerant in large-scale cooling systems. South Korea is one of the leading importer of ammonia and around 60-70% of its domestic demand is met through imports of ammonia. Due to these reasons, the South Korea Ammonia market size is estimated to reach roughly 2500 thousand tonnes in 2034.
Based on the end-user industry, the South Korea Ammonia market is segregated into Agriculture & Fertilizers, Textiles & Pharmaceutical, Explosives, Refrigeration, and Others. The predominant share of Ammonia is held by the Agriculture & Fertilizers sector, constituting approximately 50% of the entire South Korea Ammonia market in 2023.
Major player in the South Korea Ammonia market is Namhae Chemical. Other players in the Global Ammonia market are Acro Group, CF Industries, EuroChem Group, Indian Farmers Fertiliser Co-operative Limited (IFFCO), Jinmei Group, Nutrien, Parsian Oil and Gas Development Group Co., PetroChina Group, Qatar Fertilizer Co (QAFCO), TogliattiAzot, Yangmei Group, Yihua Group, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Ammonia which covers production, demand and supply of Ammonia market in South Korea.
• To analyse and forecast the market size of Ammonia
• To classify and forecast South Korea Ammonia market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Ammonia market in South Korea.
To extract data for South Korea Ammonia market, primary research surveys were conducted with Ammonia manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for South Korea Ammonia market over the coming years.
ChemAnalyst calculated Ammonia demand across the South Korea region by analysing the volume of Ammonia consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Ammonia manufacturers and other stakeholders
• Organizations, forums and alliances related to Ammonia distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Ammonia manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, South Korea Ammonia market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
1700 thousand tonnes
Market size Volume by 2034
2500 thousand tonnes
Growth Rate
CAGR of 3.41% from 2024 to 2034
Base year
2023
Estimated Year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process.
Segments covered
By End-Use: (Agriculture & Fertilizers, Textiles & Pharmaceutical, Explosives, Refrigeration, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
Northern South Korea, Central South Korea, and Southern South Korea
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What will be the size of South Korea Ammonia market in terms of volume in 2034?
Ans:
The size of South Korea Ammonia market has grown significantly in the historic period and is likely to reach approximately 2500 thousand tonnes in 2034.
Q2.
Which industry is leading as the leading consumer of South Korea Ammonia market?
Ans:
Agriculture & Fertilizers industry is the leading consumer of South Korea Ammonia market.
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