The global urea market size was valued at USD 128.92 billion in 2023 and is projected to grow from USD 123.95 billion in 2024 to USD 160.67 billion by 2032, exhibiting a CAGR of 2.2% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Urea Market Size Report 2024-2032.”

Urea Industry Segments:

Fertilizer Grade to Lead Market Due to Extensive Adoption as Key Nitrogen Fertilizer

In 2021, fertilizer grade urea held the largest share of the market and is expected to retain its position during foreseeable future. It can be attributed to the increased use of fertilizers to enhance the production of crops.

Owing to Higher Demand, the Agriculture Segment to Account for Largest Revenue Share

In 2021, the agriculture segment held the largest share of the global market. It can be attributed to large-scale use of carbamide as fertilizers to increase crop yield. Granular and prilled forms make it easy for transportation and handling in agriculture application.

Based on region, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

List of Key Players Mentioned in the Urea Report:

  • SABIC (Saudi Arabia)
  • Qatar Fertilizer Company (Qatar)
  • EuroChem (Switzerland)
  • Yara International ASA (Norway)
  • Nutrien AG (Canada)
  • OCI N.V. (Netherlands)
  • Acron Group (Russia)
  • CF Industries Holdings (U.S.)
  • HUBEI YIHUA CHEMICAL INDUSTRY CO., LTD. (China)
  • China National Petroleum Corporation (CNPC) (China)
  • Koch Fertilizer, LLC (U.S.)
  • Coromandel International Limited (India)

Urea Report Coverage:

The report presents a systematic study of the urea market share and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth.

Drivers and Restraints:

Advanced Technological Developments in Manufacturing Process to Support Market Growth

Innovations in urea production technology, such blue urea, offer attractive market expansion prospects. Attenuated reaction conditions are used to create this ground-breaking product as inputs, water, nitrogen, and carbon dioxide are used to achieve this. Renewable energy sources, such wind turbines, placed nearby or at the point of consumption provide the energy needed for the industry. Hydrogen is created during a reaction through the electrolysis process. At the point of usage, the equipment can be housed in a standardized ISO container.

Regional Urea Market Insights:

Asia Pacific will Continue to Rule Powered by High Food Consumption

In 2021, the Asia Pacific market had a value of USD 71.05 billion. There has been a significant growth in population in the area, which led to higher food consumption. In order to boost crop output per hectare of agricultural land, this has led to an increase in demand for fertilizers.

Carbamide is a majorly imported for Europe from Asia and the Middle East. The technological advancements in the product, supported by rigorous restrictions, are anticipated to lower input costs and cut carbon emissions. The region’s highly developed automobile industry is driving the market there.

Throughout the projected period, North America is anticipated to remain a market with steady growth. This region’s growth is primarily related to increased agriculture and demand for industrial applications.

Competitive Landscape:

Key Players’ Important Business-Related Announcements will Affect Market Dynamics

Important market players frequently announce significant business decisions, which have a favorable or negative impact on the market. Players buy businesses, introduce products, enter into collaboration agreements, agree to terms with governmental bodies, and so forth.

Key Urea Industry Development:

June 2022: Nutrien Ag announced that it is increasing its fertilizer production unit. This move is expected to enable the company to respond to changes in global energy, agriculture, and fertilizer markets.

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