New York, United States, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The Global Urea Market Size is to Grow from USD 131.5 Billion in 2022 to 165.7 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.8% during the projected period. Urea (CH4N2O) is a colorless, odorless, crystalline substance that is soluble in water and ethanol. It is a rigid carbon, nitrogen, oxygen, and hydrogen compound.
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Urea is normally manufactured by combining ammonia with carbon dioxide (CO2) under high pressure to yield solid, odorless white pellets or crystals. It is a granular dry material that is easy to handle and transport. It can be applied to the soil using various tools such as spreaders and sprayers. It does not degrade easily and can be stored for a long time without losing its fertilizer effectiveness. Ammonium carbamate also degrades to form solid urea (carbamide). Because it is nitrogen-enhanced, the product has gained popularity as a nitrogen source in the fertilizer industry. The demand for carbamide in industrial applications will drive the global urea market growth during the forecast period. It can trap various organic compounds due to its ability to form interpenetrating helix structures by forming hydrogen bonds. Because of this property, it is suitable for mixture separation as well as the production of aviation fuels and lubricating oils. It is also employed in the separation of paraffin. In the automotive industry, the product is used to reduce nitrogen oxide pollutants produced by fuel combustion.
COVID-19 Impact
Carbamide is extensively used in agriculture and animal feed. The lockdown posed a significant challenge to the global trade of carbamide and related products as the coronavirus pandemic progressed. However, the agriculture and animal feed sectors demonstrated greater resilience than the industrial sector. Production irregularities have a significant impact on potential industrial applications such as chemical manufacturing, fuel additives, and resins. Shortages of raw materials and laborers hampered the growth of the urea market.
Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on the "Global Urea Market Size, Share, and COVID-19 Impact Analysis, By Type (Granular Urea, Prilled Urea), By Grade (Fertilizer Grade, Feed Grade, Technical Grade), By Application (Agriculture, Animal Feed, Chemical Synthesis, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The granular urea segment dominates the market with the largest revenue share over the forecast period.
Based on type, the global urea market is segmented into granular urea and prilled urea. Among these, the granular urea segment is dominating the market with the largest revenue share over the forecast period. It comes in the form of solid granules and is primarily used as fertilizer due to its slow-release properties and ease of use. Consumers prioritize agriculture use because it provides controlled nitrogen release, significant optimal plant growth, and minimizes nutrient loss.
The fertilizer grade segment is expected to hold the significant CAGR growth of the global urea market during the forecast period
Based on grade, the global urea market is classified into fertilizer grade, feed grade, and technical grade. Among these, the fertilizer segment is expected to hold significant CAGR growth during the forecast period. Fertilizers are commonly used to boost crop growth. We are currently witnessing a massive increase in population in developing Asian and African countries. As a result, food demand increased. As a result, the burden on limited agricultural land has increased due to increased fertilizer use. Animal feed sources have become scarce as a result of rising industrialization. This is causing an increase in feed-grade product demand for cattle and other ruminants' food supplements.
The agriculture segment is projected to grow at the highest CAGR in the market during the forecast period.
Based on application, the global urea market is segmented into agriculture, animal feed, chemical synthesis, and others. Among these, the agriculture segment grows at highest CAGR growth over the forecast period owing to higher demand. It can be attributed to the widespread use of carbamide fertilizers to boost crop growth. It is simple to use and handle in granular and prilled form. It is manually or mechanically applied to soil or mixed with soil. It can be used both before and after planting, depending on the needs of the soil and crop.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the largest market share over the forecast period. The population of the Asia Pacific region is rapidly increasing, resulting in increased food demand. As a result, the demand for fertilizers has increased to increase crop yield per hectare of agricultural land. Furthermore, increased use in the animal feed industry is driving the region's rising demand for feed-grade products. To meet rising demand, all of these factors have increased in carbamide production. Because China has the highest production and consumption, followed by India, ASEAN, Japan, and South Korea, the region has a large share of the global market.
The Europe market is expected to grow the fastest during the forecast period. Europe generally imports carbamide from Asia and the Middle East. Backed by strict regulations and technological improvements in the product are expected to reduce carbon emissions as well as decrease input cost. The region's developed automotive sector is propelling the market in the region. This is due to the increased use of nitrogen oxide pollutants from fuel combustion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global urea market include SABIC, Qatar Fertilizer Company, EuroChem, Yara International ASA, Nutrien AG, OCI N.V., Acron Grou, CF Industries Holdings, HUBEI YIHUA CHEMICAL INDUSTRY CO., LTD, China National Petroleum Corporation (CNPC), Koch Fertilizer, LLC, Coromandel International Limited, and among others.
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Recent Developments
In June 2022, Nutrien Ag announced that it was increasing its fertilizer production capability. This move is expected to enable the company to respond to changes in global energy, agriculture, and fertilizer markets.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global urea market based on the below-mentioned segments:
Urea Market, Type Analysis
- Granular Urea
- Prilled Urea
Urea Market, Grade Analysis
- Fertilizer Grade
- Feed Grade
- Technical Grade
Urea Market, Application Analysis
- Agriculture
- Animal Feed
- Chemical Synthesis
- Others
Urea Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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