According to an article by Climate Control News, the Australian ammonia market is set to reach almost $900 million by the end of the year.
According to Climate Control News, a new report by market research company, Persistence Market Research, states that the Australian ammonia market is set to top $891.6 million by the end of the year, which is a 5.8 percent increase over last year, and is expected to further increase over the next decade. The report also stated the market will grow at a Compound Annual Growth Rate (CAGR) of 6.3 percent over the next eight years.
Climate Control News’ article also stated that multiple segments will contribute to the growth, including but not limited to: explosives, industrial chemicals and ammonium nitrate.
Persistence Market Research stated on their website that increasing environmental concerns regarding hydrofluorocarbons are driving volume sales of ammonia for commercial refrigeration application, and that the increasing adoption of ammonia-based refrigeration systems are part of the current trends in the Australian ammonia market. They also stated that Western Australia is the dominant state in the Australian ammonia market and the key players include: Yara International, ASA, Orica Limited, Incitec Pivot Limited and CSBP Limited (Wesfarmers Limited).
This follows Climate Control News publishing an article last week on a market research report into the predicted growth of the Australian HVAC market.