India’s Syngas and Nitrogen Market Overview
1
Global Syngas Market
The global syngas market was estimated to be worth $49.87 Billion in 2023 and is projected to reach a value of $75.48 Billion by 2030, growing at a fast compound annual growth rate (CAGR) of 6.1% during the forecast period 2024-2030.
2
India Syngas Market
India’s syngas market is anticipated to follow the trend of the global syngas market and to increase an impressive CAGR of 5.09% in the forecast period, 2025-2029.
3
Global Nitrogen Market
The global nitrogen market is expected to reach $53.85 billion by 2026, growing from its current value of around $34.9 billion at an average CAGR of 11.4%.
4
India Nitrogen Market
In India, nitrogen, which is one of the nation’s most important gasses, has a market growth rate of 11.2% a year due to impressive government policies which have culminated in an increased demand for nitrogen in the country.
5
India Urea Market
India’s urea market size is estimated at $12.5 billion in 2024, and is expected to reach $19.67 billion by 2030, growing at a CAGR of 7.85% during the forecast period (2024-2030).
6
India Ammonia Market
India’s urea market size is estimated at $12.5 billion in 2024, and is expected to reach $19.67 billion by 2030, growing at a CAGR of 7.85% during the forecast period (2024-2030).
7
India Methanol Market
India’s methanol market reached around 2,800,000 tonnes in 2023 and is expected to further grow at a CAGR of 4% until 2034 at least.
8
India Hydrogen Market
The hydrogen generation market in India is projected to reach $21.9 billion by 2030, at a compound annual growth rate (CAGR) of 11.1 per cent between 2023 to 2030.
9
India Electrolysers Market
India’s domestic market for electrolysers could reach 226 GW, which translates to $31 billion by 2050. The shorter-term demand by 2030 is estimated to be 20 GW.
10
World Bank for India
In 2023 India received $1.5bn from the World Bank to scale up green hydrogen and its derivatives like green ammonia, methanol, etc.
11
India Fuel Cell Market
During the forecast period between 2023 and 2029, the India hydrogen fuel cell market size is expected to grow at a robust CAGR of 30.63% reaching a value of $826 million by 2029.
*Sources: Virtue Market Research, TechSci Research, Zee Business, Times of India, Mordor Intelligence, ChemAnasyst, ET Energy World, The Smarter E India, NITI Aayog and RMI study, BlueWeave Consulting.