IMARC Group’s latest research report, titled “Indian Ammonia Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” provides an extensive analysis of the industry, including Indian ammonia market outlook, trends, and growth opportunities. The report also covers competitor and regional analysis and the latest advancements in the global market. 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 Overview:
Ammonia, a compound with the chemical formula NH3, is a colorless gas with a pungent odor. It plays a vital role in various industries and applications, primarily as a key component in fertilizers, providing essential nitrogen for plant growth. Ammonia is also utilized in refrigeration systems, functioning as an efficient and environmentally friendly refrigerant. Furthermore, it serves as a precursor for synthesizing numerous chemicals, including plastics and pharmaceuticals.
While its industrial applications are extensive, ammonia requires careful handling due to its corrosive nature. Beyond industrial uses, ammonia is critical in natural nitrogen cycles, influencing ecosystems and contributing to global nutrient circulation. As industries explore sustainable practices, the versatile nature of ammonia positions it at the forefront of discussions surrounding eco-friendly alternatives in agriculture and refrigeration.
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Indian Ammonia Industry Growth Analysis:
The market in India is majorly driven by the increasing compound demand for the production of nitrogen-based fertilizers. In line with this, the rising demand for food, driven by population growth and changing dietary patterns, enhances the need for efficient and high-yield agricultural practices, further boosting the market. Furthermore, the compound’s application as a refrigerant gains prominence as industries seek alternatives with lower environmental impact, especially in the face of climate change concerns and stringent regulations. The versatile compound’s utility extends to the manufacturing of various chemicals, contributing to the growth of industries such as pharmaceuticals and plastics.
Moreover, ongoing research and development efforts focus on enhancing ammonia’s production processes exploring more sustainable and energy-efficient methods. As hydrogen emerges as a key player in the clean energy transition, ammonia gains attention as a carrier of hydrogen for renewable energy storage and transportation, fostering its relevance in the evolving landscape of sustainable energy solutions.
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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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