Urea Market Size, Share, Industry Trends, Key Players & Forecast Analysis 2024-2032

Summary:

• The global urea market size reached USD 51.9 Billion in 2023.
• The market is expected to reach USD 59.9 Billion by 2032, exhibiting a growth rate (CAGR) of 1.6% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest urea market share.
• Technical grade accounts for the majority of the market share in the grade segment due to its versatility across multiple sectors.
• Nitrogenous fertilizer holds the largest share in the urea industry, owing to the demand for food production and efficient agricultural practices.
• Agriculture remains a dominant segment in the market, due to the rising food demand across the globe.
• The rising product utilization in the agricultural sector is a primary driver of the urea market.
• The widespread product demand in the chemical industry and implementation of various policies are reshaping the urea market.

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Industry Trends and Drivers:

Growing Agricultural Industry:

The increasing utilization of urea in the agriculture industry as a nitrogen-rich fertilizer is one of the major factors bolstering the market growth. Moreover, the growing demand for urea as a fertilizer due to its high nitrogen content, which is essential for plant growth, is bolstering the market growth.

Along with this, the rising population across the globe that create the demand for food production, thereby driving the need for more efficient and effective fertilizers like urea, is fueling the market growth. Besides this, the growing emphasis on sustainable agricultural practices, promoting the use of nitrogen-based fertilizers to enhance productivity without exhausting natural resources is fostering the market growth.

Rising Industrial Applications:

The widespread utilization of urea in industrial applications, such as the chemical sector, is positively impacting the market growth. Moreover, the burgeoning product demand as a key raw material in the production of resins, adhesives, and plastics, which are extensively used in manufacturing processes across various industries is enhancing the market growth.

Besides this, the growing involvement of urea in the synthesis of melamine and urea-formaldehyde resins, used in wood products, construction materials, and automotive parts, is catalyzing the market growth. Additionally, the increasing product utilization in diesel exhaust fluid (DEF) for the automotive sector to reduce nitrogen oxide emissions is boosting the market growth.

Imposition of Various Government Initiatives and Policies:

The implementation of various government policies to enhance agricultural productivity and environmental sustainability are driving the market growth. They offer subsidies or financial incentives to farmers that make fertilizers more affordable, which directly supports urea consumption.

Additionally, the introduction of environmental policies that reduce industrial emissions, driving the adoption of urea-based technologies such as selective catalytic reduction (SCR) in vehicles is providing a thrust to the market growth. In addition to this, the rising focus of international organizations and governments on sustainable agriculture and reducing the environmental footprint of industrial activities is fueling the market growth.

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Urea Market Report Segmentation:

Breakup By Grade:

• Fertilizers Grade
• Feed Grade
• Technical Grade

Technical grade account for the majority of shares as they are widely used in industrial applications, including resins, adhesives, and automotive emissions control products like diesel exhaust fluid.

Breakup By Application:

• Nitrogenous Fertilizer
• Stabilizing Agent
• Keratolyte
• Resin
• Others

Nitrogenous fertilizer dominates the market owing to urea's high nitrogen content that helps in boosting crop yields.

Breakup By End-Use industry:

• Agriculture
• Chemical
• Automotive
• Medical
• Others

Agriculture represents the majority of shares due to its critical role in enhancing soil fertility and crop productivity.

Breakup By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Asia Pacific holds the leading position owing to a large market for urea driven by high demand for urea fertilizers, imposition of government subsidies, and the growing industrial applications.

Top Urea Market Leaders: The urea market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

• Acron Group
• BASF SE
• BIP (Oldbury) Limited
• EuroChem
• Jiangsu Sanmu Group Co. Ltd.
• Koch Fertilizer LLC
• OCI N.V
• Petrobras
• Qatar Fertiliser Company
• SABIC
• Yara International ASA

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This release was published on openPR.