According to the latest report by IMARC Group, titled "Indian Ammonia Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the ammonia market in India reached a consumption volume of nearly 15 Million Tons in 2019. Ammonia (NH3) is a compound of nitrogen and hydrogen that exists as a colorless gas with a distinct odor. It is produced in the soil from the decomposition of organic matter, such as plants, animals and animal wastes and in humans during the break down of proteins in the body. It is widely used as a key component for manufacturing numerous products, such as ammonium nitrate fertilizers, that are extensively utilized for improving farm yield and promoting plant growth. Additionally, it is employed in the production of numerous pharmaceutical and cleaning products that are used across the commercial and residential segments.
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Indian Ammonia Market Trends:
The market is primarily driven by the growing utilization of ammonia in fertilizer production in India. Ammonia is a vital source of nitrogen that is crucial for healthy plant and crop growth. The usage of fertilizers improves the nutrient content of the soil by fortifying it with zinc and boron. This, coupled with significant growth in the Indian agricultural sector and the growing demand for food due to the increasing population, is providing a thrust to the market growth. In addition to this, the Government of India is undertaking numerous initiatives to promote the use of ammonia-based agricultural products. It is also providing subsidies to farmers and investing in the expansion of the agricultural sector, which, in turn, is creating a positive outlook for the market. Furthermore, the compound is widely used in the textile industry for manufacturing synthetic fibers, sourcing cotton and silk, and dyeing a variety of fabrics. The strong growth of the textile industry in India is, therefore, acting as a major growth-inducing factor. Apart from this, ammonia is also employed for multiple refrigerant applications, such as cold storage, food preservation and beverage production. The growing application of the compound in the mining and explosives industry is also contributing to the market growth. On account of the aforementioned factors, the market is anticipated to exhibit stable growth during 2020-2025.
Market Summary:
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