According to ChemAnalyst report, “Global Urea Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032”, The Urea market is expected to reach approximately 270 million tonnes in 2032 at an expected CAGR of 4.10% in the forecast period. The surging demand for Urea from major end-use industries, Fertilizers, Urea Formaldehyde Resin, NOX Control, Melamine, and Others, is likely to boost the Urea market in the upcoming years. Ambitious zero-carbon energy goals and strict regulations to minimize nitrogen oxide emissions by the automotive industry will further drive the Urea market over the next few years.
Urea, also known as carbamide, having the chemical formula CO(NH2)2, is an organic compound containing a carbonyl group attached to two amine groups with osmotic diuretic activity. Urea is practically non-toxic, neither acidic nor alkaline, and highly soluble in water. Urea is extensively used in fertilizers as a source of Nitrogen and is an important feedstock. The surging demand for Nitrogen-based fertilizers from the agriculture industry is boosting the demand for Urea, which is further driving its market across the world. Urea is used in a variety of industries besides agriculture, such as polymers, explosives, pharmaceuticals, resins, adhesives, automotive systems, and other commodities. Advancements in granulation and melting technologies to enhance energy and cost-effectiveness of Urea, along with the growing demand in the chemical industry, are likely to boost the Urea market in the forecast period.
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The Urea market is segregated based on end-use, sales channel, and region. Based on demand by region, Asia Pacific is dominating the market for the consumption of 45% of Urea in 2022 and is anticipated to maintain this position till 2032. Increasing consumption of Nitrogen fertilizers in countries including China and India is driving the demand for Urea across the Asia Pacific region. Asia Pacific has the highest capacity of producing Urea with China being the key player.
Based on the end-use, the global Urea market is segregated into Fertilizers, Urea Formaldehyde Resin, NOX Control, Melamine, and Others. As of FY2022, Fertilizers industry is leading segment among these industries and consumed approximately 80% of the market. Both as a fertilizer and an ingredient in animal feed, urea is widely utilized in agriculture sector.
“Global Urea Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032”, the significant players functional in the Global Urea are CF Industries, Inc, Algeria Oman Fertilizer Company, Acron Group, Abu Qir Fertilizers and Chemical Industries Co. (AFC), Asean Bintulu Fertilizer SDN BHD, Ammoni JSC, Alexandria Fertilizers Co. (AlexFert), Agrium Inc., BASF SE, Chittagong Urea Fertilizer Ltd. (CUFL), Jamuna Fertilizer Company Ltd (JFCL), Ashuganj Fertilizerand Chemical Company Ltd (AFCCL), and Others. others.
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“Continuously increasing demand for fertilizers from the blooming agriculture industry is expected to boost the Urea market in the forecast period until 2032. Urea is used in diesel vehicles to reduce Nitrogen Oxide emissions, hence rising demand from the automotive sector is projected to fuel profitable growth for the Urea market globally. Asia Pacific is leading consumer of urea and owing to robust growth in crop demand coupled with the growing population in developing countries like India, the demand of fertilizers will rise, anticipated to augment the Urea market expansion the forecast period. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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