What Has Been the Progress and Growth of the Urea Market in Recent Years?
The urea market has seen considerable growth due to a variety of factors.
•In the past few years, the urea market has seen a consistent growth. The market size is projected to increase from $48.6 billion in 2024 to $49.72 billion in 2025, with a compound annual growth rate (CAGR) of 2.3%.
The key factors contributing to the expansion during the historical period include agricultural needs, world population surge, raw material cost, industrial utilization, and weather conditions.
What Can Be Expected from the Urea Market in the Coming Years?
The urea market is expected to maintain its strong growth trajectory in upcoming years.
• The urea market's scale is anticipated to witness consistent expansion over the next several years, anticipated to reach a sum of "$58.3 billion by 2029, with a compound annual growth rate (CAGR) of 4.1%.
Factors contributing to this projected growth in the forecast period include environmental regulations, worldwide economic patterns, the effects of climate change, market rivalry, and customer tastes. Key trends during the forecast period are forecasted to encompass price instability, changes in farming methodologies, technological advancements in production, substitute fertilizers, and government support schemes.
What Are the Critical Driver Fuelling the Urea Market's Growth?
The expansion of the agricultural sector is anticipated to stimulate the urea market's development. Defined as the scientific and artistic practices related to crop production, soil cultivation, and animal husbandry, agriculture often uses urea, a crucial type of agricultural fertilizer, to bolster plant growth and improve crop yields. By providing a readily available nitrogen source, urea can help enhance growth and elevate yields. For example, government data from the UK's Department for Environment, Food, and Rural Affairs from February 2024 suggests that the agricultural sector experienced a 3.4% growth from 2021 to 2022. Thus, the urea market is experiencing expansion as a result of the burgeoning agricultural sector.
How Is the Urea Market segmented?
The urea market covered in this report is segmented –
1) By Grade: Fertilizer Grade, Feed Grade, Technical Grade
2) By Technology: Stamicarbon Technology, SnamProgetti Or Saipem Technology, Conventional Technologies, Other Technologies
3) By Application: Fertilizer, Urea Formaldehyde (UF) and Melamine Resins, Melamine (Cyanurates), Animal Feed, Other Applications
4) By End-User: Agriculture, Chemical, Automotive, Medical, Other End-Users
Subsegments:
1) By Fertilizer Grade: Granular Urea, Prilled Urea, Liquid Urea
2) By Feed Grade: Urea For Ruminants, Urea For Non-Ruminants
3) By Technical Grade: Industrial Urea, Pharmaceutical Urea
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What New Trends Are Influencing the Urea Market?
The rise of technological innovations is a prominent trend emerging in the urea market. Leaders in the market are expending their resources on the formulation of new products like the creation of slow-release urea products and coated urea products. The latter gradually discharge nitrogen, diminishing the necessity for regular applications and enhancing the absorption efficacy of nitrogen by plants. For example, in September 2022, a multi-national company from Israel, ICL Group Ltd., that produces, fabricates, and markets fertilizers, metals and diverse specialty chemical products, rolled out a controlled release fertilizer (CRF) coating for urea, known as eqo.x, a technology designed for open-field agriculture with rapid biodegradation time. This innovative technique uses a coating to help farmers boost agricultural crop yield while reducing environmental impacts, as it can decrease nitrogen loss and improve nutrient use efficiency (NUE) by up to 80%.
Who Are the Key Players in the Urea Market?
Major companies operating in the urea market include:
• Saudi Arabia's Basic Industries Corporation
• Qatar Fertilizer Company
• EuroChem Group AG
• Yara International ASA
• Nutrien AG
• OCI N.V.
• Acron Group
• CF Industries Holding
• China National Petroleum Corporation
• Koch Fertilizer LLC
• National Fertilizers Limited
• BASF SE
• Hubei Yihua Chemical Industry Co Ltd.
• Coromandel International Limited
• Indian Farmers Fertilizers Cooperative Limited
• Saudi Arabian Fertilizer Company
• Notore Chemical Industries PLC
• PT Pupuk Kalimantan Timur
• BIP Limited
• Jiangsu Sanmu Group
• URALCHEM JSC
• Agrium Inc.
• PotashCorp
• Sinochem Group
• Togliattiazot
• Indorama Eleme Fertilizer & Chemicals Limited
• KuibyshevAzot
• Shchekinoazot
• Rashtriya Chemicals and Fertilizers Ltd.
• Sirius Minerals Limited
What Is The Most Dominant Region In The Urea Market?
Asia-Pacific was the largest region in the urea market in 2024.South America is expected to be the fastest-growing region in the global urea market report during the forecast period. The regions covered in the urea market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
