IMARC Group’s latest research report, titled “Indian Ammonia Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the Indian ammonia market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The Indian ammonia market size reached US$ 5,415 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 5,748 Million by 2028, exhibiting a growth rate (CAGR) of 1% during 2023-2028.
Indian Ammonia Market Outlook:
Ammonia refers to a colorless and inorganic compound with a distinct odor that is naturally extracted from soil, air, water, animals, and plants. It is mainly used in the manufacturing of ammonium nitrate fertilizer that provides nitrogen to the soil to promote growth in farm crops and plants. Its gaseous form is generally compressed into a liquid, which is dissolved in water to produce ammonium hydroxide. As a result, it is widely utilized used as a refrigerant in heating, ventilation, and air conditioning (HVAC) systems and water treatment plants due to its ability to absorb heat from its surroundings and filter impurities using liquid mediums.
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Indian Ammonia Industry Growth Analysis:
Significant growth in the agriculture industry majorly drives the market in India. This can be attributed to the increasing need for sustainable food production and the growing population across the country. Along with this, the rising product adoption for enhancing soil productivity and maintaining healthy crops across the agriculture sector is providing an impetus to the market growth. In addition to this, the widespread utilization of ammonia in the manufacturing of cleaning products on account of its ability to break down household grime and remove stains is further boosting the demand for ammonia. Some of the other factors driving the market include the rising adoption of ammonia refrigeration systems, the development of green ammonia and the rapid expansion of the chemical industry.
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Key Market Segmentation:
Key Players Included in Indian Ammonia Market Research Report:
- Chambal Fertilisers and Chemicals Limited
- Gujarat Narmada Valley Fertilizers Company Ltd.
- Indian Farmers Fertiliser Cooperative Limited (IFFCO)
- Krishak Bharati Cooperative Ltd (KRIBHCO)
- Nagarjuna Fertilizers and Chemicals Limited,
- Rashtriya Chemicals and Fertilizers Limited
- Southern Petrochemical Industries Corporation (SPIC) Limited
Breakup by Physical Form:
- Anhydrous Ammonia
- Aqueous Ammonia
Breakup by End-Use:
- Urea
- Ammonium Phosphate Fertilizers
- Industrial
- Others
Breakup by States:
- Gujarat
- Maharashtra
- Rajasthan
- Others
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