Global Ammonium Sulfate market segments 2024, Forecast To 2033
24 Jan, 2024
The ammonium sulfate market has shown strong growth, increasing from $3.61 billion in 2023 to $3.91 billion in 2024 at a CAGR of 8.2%. Historical growth is attributed to economic growth, agriculture demand, government subsidies, population growth, and the rise in the chemical industry. Looking ahead to 2028, the market size is projected to reach $5.48 billion, with a CAGR of 8.8%, driven by factors such as increasing crop yields, environmental regulations, food security concerns, the rising pharmaceuticals sector, and a rise in disposable income. Major trends in the forecast period include biostimulants and micronutrients, customized fertilizer blends, precision agriculture, partnership and collaboration, and sustainable agriculture practices.
Global Ammonium Sulfate Market Key Driver
The ammonium sulfate market experiences growth due to the escalating demand for agrochemicals. Agrochemicals, essential for enhancing soil nutrients and promoting crop development, witness increased adoption globally. In FY21, technical grade agrochemical production surged by 11.9%, as reported by CARE Ratings. The rise in agrochemical demand anticipates a heightened need for ammonium sulfate during the forecast period, driven by its effectiveness in alkaline soils, releasing ammonium ions and contributing nitrogen for plant growth.
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The global ammonium sulfate market covered in this report is segmented –
1) By Product: Solid, Liquid
2) By Application: Fertilizers, Pharmaceuticals, Food and Feed Additives, Water Treatment, Other Applications
By Geography: The regions covered in the Ammonium Sulfate market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the ammonium sulphate market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ammonium sulfate market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Ammonium Sulfate Industry Players
Lanxess AG, Arkema SA, Sumitomo Chemical Co Ltd., DOMO Chemicals GmbH, Evonik Industries AG, Badische Anilin- & Sodafabrik SE, GAC Chemical Corporation, G. Frederick Smith Chemical Company, Honeywell International Inc., DSM-Firmenich AG, AdvanSix Inc., OCI Co Ltd., Nutrien Ltd., Rentech Inc., KuibyshevAzot PJSC, UBE Industries Ltd., Toray Industries Inc., China Petrochemical Development Corporation, China Petroleum & Chemical Corp (Sinopec), Solvay S.A., Grodno Azot OJSC, Public Joint Stock Company, PJSC Togliattyazot, JSC EuroChem Mineral and Chemical Company, PhosAgro, Achema AB, Dorogobuzh Public Joint Stock Company, Jiangsu Huaihe Chemical Co Ltd., HELM AG
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Ammonium Sulfate Market Overview
Ammonium sulfate is a white, odorless solid widely used as a soil fertilizer and for other agricultural uses. It is also used as a food additive, wood preservative, reagent, and others. Ammonium sulfate refers to an inorganic salt obtained by a reaction of sulfuric acid and two equivalents of ammonia.
Ammonium Sulfate Global Market Report 2023 provides data on the global ammonium sulfate market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ammonium sulfate market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.