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
What EQT–Range means for gas prices
On October 26, 2026, EQT Corporation agreed to buy Range Resources, both Appalachian gas producers, in an all-stock deal valued at $13.84 billion. The combined company produces over 9 billion cubic feet of gas equivalent per day (Bcfe/d), the most of any U.S. gas producer. ADI Analytics’ analysis of how this might impact the outlook […]
Water limits reshape oil & gas, power, and chemical operations
Water now sets operating limits in three industries ADI covers. Permian produced water volumes rose from 11.2 million bbl/d in 2017 to 24.9 million bbl/d in 2025, and regulators have restricted the disposal wells that take most of it. Refineries and chemical plants on the Texas Gulf Coast and the Rhine face allocation plans and […]
Trends shaping the U.S. midstream outlook
I recently had the opportunity to share ADI’s latest research on the U.S. midstream oil and gas industry at the 10th Annual OCTG & Line Pipe Forecast Summit. My presentation explored how oil and gas production growth, LNG export expansion, and increasing power demand are driving a new wave of midstream investment. As illustrated in […]