APAC is one of the major regions in the Green Ammonia market with a CAGR of 80.9% from 2024-32F. This is because of the increasing awareness among people about sustainable living and additionally, government initiatives are driving the Green Ammonia market in the region. Under the Paris Agreement (signed in 2015 by all countries in the region), they must reduce their greenhouse emissions to limit the global temperature increase to no more than 2 degrees Celsius and pursue efforts to limit the increase to 1.5 degrees Celsius. Renewable Energy adoption is necessary to meet these targets and most countries in the region example, Japan has the basic Hydrogen Strategy to have 200,000 FCVs by 2025 and 800,000 FCVs by 2030 and thus expand its number of Hydrogen stations to 320 by 2025.
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Green Ammonia Overview in APAC
Green Ammonia is expected to grow at an accelerating rate with a lucrative CAGR of 80.9% as ammonia is a potential carrier and fuel where energy is released by breaking chemical bonds. Ammonia is the second-most widely produced chemical commodity across the globe. Furthermore, the use of green ammonia as a marine fuel to cut down carbon emissions is also fueling the demand for cleaner quality marine fuels which in turn is propelling the market growth.
The de-carbonization strategy of the APAC Commission which is part of the EU Green Deal includes the latest push of the region for wider adoption of low-carbon technologies including green ammonia. Furthermore, the growth of this market is also driven by various green hydrogen projects developing in several APAC countries such as China, India, and Japan among others, and several government strategies to produce green hydrogen.
China is the biggest consumer and one of the major manufacturing hubs for Green Ammonia
China being the most populated country in the world is making a significant shift away from fossil fuels and is focusing on adopting renewable sources for its energy needs. In the UN General Assembly Meeting 2020, Chinese President Xi Jinping announced that China would commit to achieve Carbon neutrality before 2060. In addition, China has already initiated programs to adopt clean hydrogen technologies. For instance, according to the new Energy Vehicle Industry Plan (2021-35), China’s States Council is planning to use hydrogen for heavy vehicle transportation and is developing infrastructure for this expansion. The new draft of the Energy Law released by China last year included Hydrogen as an energy source for the first time. This is an important step in the process of adopting hydrogen as an energy source for future developments in China. Also, China is the world’s largest ammonia producer, however, green ammonia production is still very much unexplored in the country. Therefore, China provides the most opportunity for key stakeholders in the green ammonia industry.
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Conclusion
The APAC Green Ammonia market is experiencing significant growth globally. Elevating attention to global warming and promoting an understanding of renewable energy are vital drivers of the APAC Green Ammonia Market. The growing popularity of the unfavorable effect of fossil fuels on the environment has brought about a surge in demand for clean and sustainable alternatives, consisting of green ammonia. Moreover, by fostering a deeper comprehension of the advantages of renewable energy sources, individuals, companies, and governments to include green ammonia as a critical component of their efforts to combat climate change.
For instance, in August 2022, the World Economic Forum launched a report detailing the urgent need for a rapid transition towards carbon neutrality by mid-century. The report stresses the importance of leveraging innovative technologies like green ammonia to achieve this goal. According to the UnivDatos Market Insights analysis, the rising investment in renewable energy will drive the scenario of the APAC Green Ammonia market and as per their “APAC Green Ammonia Market” report, the market was valued at USD 14.9 million in 2023, growing at a CAGR of 80.9% during the forecast period from 2024 - 2032 to reach USD 3,303.4 million by 2032.