Urea Market Estimated to Reach $93.25 billion by 2029 Globally, at a CAGR of 3.05%, says MarketsandMarkets™

Mon, 02 Dec 2024 12:30:00 +0000
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Delray Beach, FL, Dec. 02, 2024 (GLOBE NEWSWIRE) -- The* **Urea Market** is projected to grow from USD 80.25 billion in 2024 to USD 93.25 billion by 2029, at a CAGR of 3.05% during the forecast period,* as per the recent study by MarketsandMarkets*. *Urea is an essential chemical for several industries, which are agriculture, pharmaceutical, and industrial applications. Being a fertilizer rich in nitrogen, it enhances agricultural productivity by supplementing crops with necessary nutrients that lead to food security and efficient farming. However, urea also faces challenges that include competition from other fertilizers and hence is concerning people due to the environmental impacts of urea. More recent innovations have led to controlled-release urea fertilizers, which ensure the release of nitrogen progressively and thereby avoid most of the risks associated with nutrient leaching and volatilization. On a positive note, there are opportunities for this market through optimizing the production processes.

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*Browse in-depth TOC on “Urea **Market”*

*324 – Market Data Tables
68 – Figures
301 – Pages*

*List of Key Players in Urea **Market**:*

1. CF Industries Holdings, Inc. (US)
2. Pupuk Indonesia (Persero) (Indonesia)
3. Yara International ASA (Norway)
4. SABIC (Saudi Arabia)
5. OCI (Netherlands)
6. Nutrien (Canada)
7. EuroChem Group (Switzerland)
8. Qatar Fertiliser Company (Qatar)
9. BASF SE (Germany)
10. CNPC (China)
11. IFFCO (India)

*Drivers, Restraints, Opportunities and Challenges in Urea **Market:*

1. *Driver: *Increasing demand for nitrogenous fertilizers
2. *Restraint*: Raw material price fluctuations
3. *Opportunity: *Nano Urea: A growing market opportunity
4. *Challenge: *Environmental and energy challenges in urea manufacturing and Supply chain disruptions

*Key Findings of the Study:*

1. Agriculture is projected to be the fastest-growing end-use industry segment in the urea market
2. Stamicarbon segment of the urea market is expected to account for the largest share during the forecast period

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*Based on product type,* The urea market is categorized into Granular Urea, Prilled Urea, and Other Forms (Liquids & Pastilles). Granular Urea is the leading product type segment in the urea market. Granular urea is dominating this segment due to its high nitrogen content (around 46%), which enhances nutrient efficiency and crop yields. It is also cost-effective, easy to handle and apply in the field, and conveniently applicable to nearly all kinds of agricultural settings. Also, it has good stability that allows its long storage without much deterioration. As a result, it can be easily utilized by farmers anytime. By the best use, granular urea helps in avoiding high environmental losses of nitrogen which is another reason it is widely used in agriculture.

*Based on grade,* The urea market is categorized into Agricultural Grade, Technical Grade, Feed Grade, and Medical Grade. Agricultural Grade dominated the grade segment of the urea market, with features like a minimum nitrogen content of 46 wt%, a maximum aldehyde content of 4 g/kg, a biuret limit of 1.5 wt%, and a moisture content not exceeding 1 wt%, and is typically packaged in bulk or 50 kg bags for convenient transport and storage. Agricultural grade urea offers many advantages, such as rich nitrogen content that ensures efficient nutrient delivery and is also inexpensive and responsive to all crops. Gradual release in the case of nitrogen minimizes loss, improves yield as well as quality of crops, and also improves soil structure. In addition, it combines well with other fertilizers and has a long shelf life while promoting environmental sustainability through minimizing nutrient runoff.

*Based on applications, *the urea market is split into Nitrogenous fertilizers, Melamine, Cattle Feed, and other applications (Stabilizing agents, Keratolyte, and others). In terms of value, nitrogenous fertilizers held the highest share of the market size in 2023. More than 90% of the world's production of urea is intended for use as a nitrogen-releasing fertilizer. With nearly 46% nitrogen content, urea is the most widely used nitrogenous fertilizer around the world, and it is crucial for boosting agricultural productivity and food security. It also improves soil structure by increasing microbial activity and, in some cases, allows other fertilizers to be mixed with it to adapt nutrient management to specific crops.

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*Based on technology, *the urea market is segmented into Stamicarbon, Saipem, TEC, Casale, NIIK, and other technologies (CO2 stripping process, and Conventional method). Based on value, Stamicarbon technology accounted for the largest share of the market size for 2023. Stamicarbon urea technology is a high-class process to produce urea, a crucial nitrogen fertilizer, consumed universally in agriculture and varied industrial purposes. This process was engineered to provide minimal ammonia slip while maximizing the use of carbon dioxide, thereby considerably lowering the carbon footprint associated with the production of urea.

*Based on the End-Use Industry*, the urea market’s end-use industry has been categorized into Agriculture, Chemical, Automotive, Medical, and Other end-use industries. Agriculture is the largest end-use segment of urea in terms of value and volume. According to UN projections, the world population will reach 9.8 billion in 2050, 8.6 billion in 2030, and 11.2 billion in 2100, a global population growth also means increased food demand. It requires greater agricultural productivity in the case of population growth for food security purposes, and urea is an essential input in the context because it has been found to significantly enhance crop yields. Such characteristics as a high content of nitrogen, a relatively low price, and an ability to be applied make it an essential ingredient to improve productivity and increase food security.

*Based on Region*, the global urea market has been segmented into the following major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among those, Asia Pacific significantly led the market in 2023 in terms of value. The Asia Pacific region dominates the urea market both in terms of volume and value. The doors & windows market is poised for significant growth, particularly in the Asia Pacific, South America, and Middle East & Africa regions. The market for urea in Asia Pacific is in a state of growth with a high demand from countries like China and India. These countries are experiencing increased population and urbanization processes which are driving the demand for higher agricultural productivity to ensure food security. Therefore, Asia Pacific especially China and India have emerged as a major production and consumption region of urea in the near future.

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*Related Reports:*

1. *Refractories Market** - Global Forecast to 2029*
2. *Ammonia Market** - Global Forecast to 2029*
3. *Ammonium Sulfate Market** - Global Forecast to 2029*

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