PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1584545
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1584545
The market for urea is projected to reach USD 93.25 billion by 2029 from USD 80.25 billion in 2024, at a CAGR of 3.05% during the forecast period. The global urea market is expected to expand further in the future with growing applications across various sectors which include nitrogenous fertilizers, melamine production, additives for cattle feed, diesel exhaust fluid, and other applications including stabilizing agents, keratolytes, etc. Urea is a highly soluble nitrogen fertilizer, quite valued for its high content of nitrogen and its efficiency in the promotion of plant growth. The major sector involves agriculture, where urea is used as an essential nitrogen fertilizer contributing to higher crop yield and food security. From increasing agricultural production to promoting sustainability in the many industries involved, urea has been an essential component in addressing such global concerns as food security, environmental sustainability, and health care. With the growth of human populations and the need for higher agricultural productivity to meet the requirements of food security, urea plays a vital input role in increasing crop yields. Although urea is one of the most important fertilizers meant for the enhancement of growth, its effectiveness sometimes goes down the drain because of nitrogen volatilization, an effect that not only poses a threat to agricultural productivity but also environmental risks, such as air pollution and water pollution, and many more effects.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million), Volume (Kiloton) |
Segments | Product Type, Grade, Technology, Application, End-use Industry, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
"Agricultural Grade is the largest segment in the urea market by grade"
Agricultural grade urea is one of the top varieties in the urea market, with about 46% nitrogen. It is used as an all-purpose growth stimulant for plants which, being made by an ammonium-carbon dioxide reaction, may come in a granular or prilled form to accommodate most applications of agriculture. Its particular quality standards include low levels of aldehyde, biuret, and moisture to ensure an effective nutrient supply, leading to high-yield crops, which leads to better food security. Various drivers support the production of agricultural grade urea, with growth in the global population to meet the growing food supply need and produce more yields using effective fertilizers. Increased flexibility from different crops to have a favorable and slow release of nutrients by making them compatible with other fertilizers makes them suitable for tailored nutrient management supporting agricultural grade urea.
"Nitrogenous fertilizers is the largest segment by applications in the urea market"
One of the most commonly used nitrogenous fertilizers worldwide is urea, which contains almost 46% nitrogen and plays an important role in enhancing agricultural productivity and, therefore food security. Urea is highly soluble in water as well, but easy to apply either as a granule, prilled, pastille, or as dissolved liquid forms. Over 90 percent of the world's urea production is sold as a nitrogen-releasing fertilizer. Urea is used in every type of agriculture for growing all types of crops, such as cereals (wheat, rice, corn), oilseeds (soybeans, canola), fruits, and vegetables. Government initiatives and subsidies in developing countries combined with the easy availability of fertilizers further strengthen this trend. Commercialization of agriculture coupled with advances in agricultural technology has increased the need for nitrogenous fertilizers to better crop production.
"Asia Pacific is the largest segment in the urea market by region"
For the urea market, APAC is the leading region. This surge can be attributed to the expanding population and urbanization processes. The growth of the urea market in the Asia-Pacific region is driven by several key factors, these include rising agricultural demand due to population increase, government encouragement and subsidies of fertilizer, and adaptation of modern farming practices for optimization in nutrient management. The potential scope of industrial application in the automotive industry, animal feed, and chemical production among others gives the use of urea a wider market expansion. Consequently, rapid urbanization compels accelerated food production capabilities, and therefore, urea continues to be an essential feedstock responding to regional food security needs while facilitating agricultural economic development in the region.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and the information gathered through secondary research.
By Department: Tier 1: 40%, Tier 2: 25%, and Tier 3: 35%
By Designation: C Level: 35%, Director Level: 30%, and Executives: 35%
By Region: North America: 25%, Europe: 45%, Asia Pacific: 20%, South America: 5%, Middle East & Africa 5%
Companies Covered: CF Industries Holdings, Inc. (US), Pupuk Indonesia (Persero) (Indonesia), Yara International ASA (Norway), SABIC (Saudi Arabia), OCI (Netherlands), Nutrien (Canada), EuroChem Group (Switzerland), Qatar Fertiliser Company (Qatar), BASF SE (Germany), CNPC (China), IFFCO (India), PT Pupuk Sriwidjaja Palembang (Pusri) (Indonesia), Fertiberia (Spain), Ravensdown (New Zealand), Dubi Chem Marine International (UAE), Gujarat State Fertilizers & Chemicals Limited (GSFC) (India), GROUP DF (Ukraine) among others in the urea market.
Research Coverage
The market study covers the urea market across various segments. It aims to estimate the market size and the growth potential of this market across different segments based on product type, grade, application, technology, endues industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the urea market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall urea market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the urea market