Indian Ammonia Market Outlook
According to a new report by Expert Market Research titled, “Indian Ammonia Market Share, Size, Analysis, Report and Forecast 2024-2032″, the Indian ammonia market reached a volume of about 16.9 million metric tons in 2023. Aided by the growing food demand and the increasing emphasis on improving crop production and protection, the market is projected to further grow at a CAGR of 8.2% between 2024 and 2032 to reach a volume of about 27.12 million metric tons by 2032.
Ammonia, a compound of nitrogen and hydrogen, is primarily utilised as a building block for the synthesis of numerous chemicals. Its dominant application is in the manufacturing of fertilisers, which consume a considerable proportion of ammonia’s global production. Within the Indian landscape, this compound is pivotal in sectors spanning from agriculture to the refrigeration industry, given its refrigerant properties.
The Indian ammonia market growth is largely attributed to the country’s agrarian economy. As the need to boost agricultural yield amplifies, there is an increasing reliance on fertilisers. Urea, one of the most commonly utilised fertilisers, requires ammonia as its primary ingredient. With the uptick in urea’s demand, the demand for ammonia has seen a substantial rise.
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Additionally, the compound’s growing applications in several niche sectors is considered as one of the growing Indian ammonia market trends. In the pharmaceutical realm, ammonia serves as a precursor to several medicines and is employed in certain medical treatments. The refrigeration sector, concurrently, harnesses ammonia due to its exceptional cooling properties, finding its application in large-scale refrigeration units, typically used in industrial settings.
The Indian ammonia market demand is also supported by its application in green energy. With India making strides in sustainable energy solutions, ammonia has become a focal point as a potential source of clean hydrogen. Electrolytic ammonia production, which incorporates renewable energy sources, is becoming an essential component for both the energy sector and the ammonia industry.
The Indian ammonia market analysis reveals a blend of traditional uses, like in fertilisers, and modern applications, like in green energy, that support the market. The growth is further fuelled by the presence of several Indian conglomerates venturing deeper into ammonia-based research, looking to innovate and expand its utility.
Moreover, with the Indian government’s emphasis on self-reliance, or ‘Atmanirbhar Bharat’, the push for indigenous manufacturing has surged. Given ammonia’s critical role in various industries, domestic production capabilities are witnessing enhancements, further catalysing market growth.
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Indian Ammonia Market Segmentation
The market can be divided based on physical form, application, and region.
Market Breakup by Physical Form
- Anhydrous Ammonia
- Aqueous Ammonia
Market Breakup by Application
- Urea
- Ammonium Phosphate Fertilisers
- Industrial
- Others
Market Breakup by Region
- North Region
- East and Central Region
- West Region
- South Region
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Indian ammonia market. Some of the major players explored in the report by Expert Market Research are as follows:
- National Fertilizers Limited
- Krishak Bharati Co-Operative Limited (KRIBHCO)
- Rashtriya Chemicals and Fertilizers Ltd (RCFL)
- Ramagundam Fertilizers and Chemicals Limited
- Indian Farmers Fertiliser Cooperative Limited
- Gujarat Narmada Valley Fertilizers & Chemicals Limited
- MATIX Fertilisers & Chemicals Ltd.,
- Mysore Ammonia Pvt. Ltd.
- Yara Fertilisers India Private Limited
- Nagarjuna Fertilisers & Chemicals Ltd.
- Malanadu Ammonia Pvt. Ltd.
- Others
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