IMARC Group, a leading market research company, has recently released a report titled “Urea Market Report by Grade (Fertilizers Grade, Feed Grade, Technical Grade), Application (Nitrogenous Fertilizer, Stabilizing Agent, Keratolyte, Resin, and Others), End-Use Industry (Agriculture, Chemical, Automotive, Medical, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the urea market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global urea market size reached US$ 51.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 59.9 Billion by 2032, exhibiting a growth rate (CAGR) of 1.6% during 2024-2032.
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Factors Affecting the Growth of the Urea Industry:
- Increasing Agricultural Demand and Fertilizer Usage:
The extensive use of urea in agriculture as a nitrogen-release fertilizer is one of the major factors boosting the market growth. Moreover, the growing population across the globe, necessitating the need for increased agricultural productivity to ensure food security is boosting the market growth. In line with this, the rising adoption of urea for enhancing crop yield, owing to its cost-effective and efficient nitrogen source, is contributing to the market growth. Additionally, it is favored for its high nitrogen content, which is essential for plant growth. Furthermore, rapid technological advancements in urea production, leading to more efficient application methods, such as controlled-release fertilizers, which optimize nutrient delivery and minimize environmental impact, are catalyzing the market growth.
- Rising Industrial Applications and Technological Advancements:
The widespread utilization of urea as a raw material in the production of resins, adhesives, and plastics, such as urea-formaldehyde and melamine resins, is acting as a growth-inducing factor. Moreover, the increasing chemical role in the manufacturing of diesel exhaust fluid (DEF) to reduce nitrogen oxide emissions from diesel engines is acting as a growth-inducing factor. Besides this, the rising emphasis on reducing vehicular emissions to combat air pollution and climate change is boosting the market growth. Along with this, rapid technological advancements in urea production, such as the development of more energy-efficient processes and the integration of carbon capture and utilization techniques, are catalyzing the market growth.
- Implementation of Environmental Regulations and Sustainability Initiatives:
The implementation of stringent regulations by governments to curb environmental pollution in the agriculture and transportation sectors is creating a positive outlook for the market. In line with this, the increasing utilization of urea in mitigating environmental impacts through its use in diesel exhaust fluid (DEF) to reduce nitrogen oxide emissions from diesel engines is favoring the market growth. Along with this, the rising sustainability initiatives in agriculture, prompting the adoption of environmentally friendly practices, including the use of urea-based fertilizers with enhanced efficiency, is fostering the market growth. Furthermore, the development of controlled-release urea and urea coated with inhibitors to reduce nitrogen loss to help in reducing greenhouse gas (GHG) emissions and groundwater contamination is fueling the market growth.
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Urea Market Report Segmentation:
By Grade:
- Fertilizers Grade
- Feed Grade
- Technical Grade
Technical grade accounted for the largest market share due to its extensive use in industrial applications such as resins, adhesives, and pharmaceuticals.
By Application:
- Nitrogenous Fertilizer
- Stabilizing Agent
- Keratolyte
- Resin
- Others
Nitrogenous fertilizer represented the largest segment owing to the high demand for urea in enhancing crop yield and agricultural productivity.
By End-Use Industry:
- Agriculture
- Chemical
- Automotive
- Medical
- Others
Agriculture constituted the largest segment as urea is a crucial component in the production of nitrogen fertilizers essential for crop growth.
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Asia Pacific’s dominance in the urea market is attributed to the substantial agricultural activities and increasing food demand.
Global Urea Market Trends:
The development of urea as a raw material in the pharmaceutical and cosmetic industries to maintain moisture and improve skin barrier functions is creating a positive outlook for the market. Additionally, rapid innovations in nanotechnology that are creating new possibilities for urea-based fertilizers, thereby enhancing nutrient delivery and reducing environmental impact through nano-encapsulation techniques, are fostering the market growth. Besides this, the exploration of urea as a potential source for hydrogen production, thus offering a more sustainable and cost-effective method compared to traditional hydrogen production techniques, is strengthening the market growth.
Top Companies Operated in Urea Industry:
- 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
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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