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Urea Market Size: Market Outlook and Market Forecast (2024 to 2031)

Urea Market Trends, Growth Opportunities, and Forecast Scenarios

The global urea market is experiencing steady growth due to the increasing demand for fertilizers in agriculture, as urea is one of the most commonly used nitrogen fertilizers worldwide. The market is also driven by the growth of the global population, which leads to higher food demand and the need for increased agricultural productivity. Additionally, the rising adoption of modern farming techniques and the shift towards organic farming practices are contributing to the growth of the urea market.

The market is segmented into two major categories - granular urea and prilled urea. Granular urea holds the largest market share due to its ease of handling and slower release of nitrogen compared to prilled urea. However, prilled urea is gaining popularity in regions where transportation and storage costs are significant factors.

One of the key growth opportunities in the urea market is the increasing demand for nitrogen-based fertilizers in emerging economies such as India, China, Brazil, and Southeast Asian countries. These regions have significant agricultural lands that require efficient fertilizers to improve crop yields. Moreover, the expansion of the global biofuels industry is expected to boost the demand for urea as a key ingredient in the production of biofuels.

Furthermore, technological advancements in urea production processes, such as the development of low-emission technologies and improved efficiency of urea plants, are expected to drive market growth. Overall, the urea market is anticipated to continue its growth trajectory in the coming years, driven by increasing agricultural activities, growing population, and advancements in fertilizer production technologies.

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Urea Market Competitive Analysis

The competitive landscape of the urea market includes companies such as QAFCO, Yara, KOCH, SABIC, OCI, Nutrien, EuroChem, Group DF, Hubei Yihua Chemical Industry, Rui Xing Group, Huajin Chemical Industries, Hualu-hengsheng, Sichuan Lutianhua, Lanhua Sci-tech, Yangmei Chemical, CF Industries, Shanxi Tianze, Zhonghai, Henan Xinlianxin Chemicals Group Co., Ltd., China Coal Energy Company Limited, CNPC, Yunnan Yuntianhua, and Yuanxing. These companies produce, distribute, and sell urea for various applications such as agriculture, industry, and chemical manufacturing, contributing to the growth of the urea market.

- Yara: $ billion

- Nutrien: $10.89 billion

- CF Industries: $4.27 billion

In terms of Product Type, the Urea market is segmented into:

Large granule urea is typically used for agricultural purposes, as it is slow release and allows for better absorption by crops. On the other hand, small granule urea is more commonly used in industrial applications such as manufacturing processes. Both types of urea are in high demand due to their versatile uses in different sectors, leading to an increase in the overall demand for urea in the market. The availability of different granule sizes also allows for greater flexibility in application methods, making urea a popular choice among farmers and industries alike, contributing to the growth of the urea market.

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In terms of Product Application, the Urea market is segmented into:

Urea is widely used in agriculture as a fertilizer to provide plants with nitrogen for growth. In the industry, it is used as a raw material for producing various chemicals like adhesives, resins, and plastics. In agriculture, urea is applied directly to the soil or as a foliar spray. In industry, it is used in the synthesis of various compounds through processes like the urea-formaldehyde reaction. The fastest-growing application segment in terms of revenue is the agriculture sector, as the demand for fertilizers continues to rise with increasing global population and food demand.

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Urea Industry Growth Analysis, by Geography

The urea market is expected to witness significant growth in regions such as North America, Asia Pacific, Europe, the USA, and China due to an increase in demand for fertilizers in agricultural practices. Asia Pacific is anticipated to dominate the market with a market share of around 40%, followed by North America with a market share of 30%. Europe, the USA, and China are also projected to contribute significantly to the growth of the urea market, with market share percentages of 20%, 15%, and 10% respectively. This growth is attributed to the rising need for nitrogen-based fertilizers for crop cultivation.

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27 Jun 2024
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