This study examined the global ammonia (NH3) value chain and CO2 conversion landscape, evaluating the technical maturity of steam methane reforming (SMR), autothermal reforming (ATR), and electrolysis-based production. ADI analyzed the economics of NH3 as a hydrogen carrier versus liquid organic hydrogen carriers (LOHCs), including the energy-intensive decomposition steps required for re-conversion. The work profiled emerging CO2 conversion methods such as catalytic synthesis and mineralization for building materials, identifying high-margin platform molecules.
The client
Private equity firm
The situation
An investor needed to understand the commercial maturity and regulatory incentives driving the low-carbon ammonia market.
ADI’s contributions
Hydrogen carrier benchmarking
ADI benchmarked unit shipping costs across distances and tonnages for NH3, LH2, and LOHCs to identify the low-cost leader.
Product margin analysis
Analysis identified ethylene oxide and acrylic acid as high-value targets for CO2 conversion based on projected margins.
Regulatory landscape review
The assessment mapped policy frameworks, including 45Q tax credits and EU ETS, to identify the strongest regional incentives.
Stakeholder landscape mapping
ADI profiled the top 10 ammonia producers and their partnerships with EPCs to reveal successful decarbonization models.
Key outcomes
- Enabled portfolio prioritization by identifying high-margin CO2 conversion products and the most economical hydrogen carriers.
More insights
2026 June SAF Tracker highlights – #88
Here are the latest highlights from ADI’s SAF Tracker: The full newsletter along with archives and databases are available to SAF Tracker subscribers.
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U.S. refining capacity is gradually consolidating into larger, more complex facilities
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