Ammonia Market in India to Reach US$ 5,748 Million by 2028 | Research Report By IMARC Group

DELHI, INDIA, March 15, 2023 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled "Indian Ammonia Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," 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.

Ammonia (NH3) is a colorless and transparent gas with a pungent odor that is produced through the Haber-Bosch process, which involves a reaction between nitrogen and hydrogen in the presence of a catalyst. It has the ability to take in heat from the environment and can effectively remove impurities from liquids through filtration and purification. It is extensively used as a refrigerant in ventilation, heating, and air conditioning (HVAC) systems and as a purifying agent in water treatment plants. It is also used in the manufacturing of nitrogen-based fertilizers, such as ammonium nitrates, ammonium phosphates, and ammonium sulfate, to enhance plant growth by releasing nitrogen into the soil.

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Indian Ammonia Market Trends:

Significant growth in the agriculture industry is driving the market in India. This can be supported by the rising need for agricultural chemicals, such as fertilizers to improve farm yield and meet the escalating demand for food. Moreover, the wide utilization of ammonia in the production of several industrial chemicals, including nitric acid, ammonium nitrate, and urea, is further catalyzing the market. Additionally, the widespread product adoption in the manufacturing of detergents and cleaning products is creating a positive market outlook. Other factors, including the development of green ammonia through sustainable technologies, shifting focus toward energy consumption systems, emerging industrial applications, and extensive research and development activities, are also influencing the market across India.

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Key Market Segmentation:

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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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