Global Urea Market Size, Share & Trends Analysis Report 2024-2032
- The global urea market size reached USD 51.9 billion in 2023.
- The market is expected to reach USD 59.9 Billion by 2032, exhibiting a growth rate (CAGR) of 1.6% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest urea market share.
- Technical grade accounts for the majority of the market share in the grade segment due to its extensive use in industrial processes that demand high levels of purity and in fertilizers.
- Nitrogenous fertilizer holds the largest share in the urea industry.
- Agriculture remains a dominant segment in the market because fertilizers that support food production to meet the demands of a growing global population depend heavily on urea.
- The increasing use of urea in the pharmaceutical industry, where it is utilized in various dermatological products and medications, is impelling the market growth.
- Apart from this, the growing adoption of urea in water treatment processes, where it helps in reducing ammonia levels and controlling nitrogen pollution is strengthening the market demand.
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Industry Trends and Drivers:
- The Increasing Demand for Fertilizers in the Agriculture Sector:
The increasing demand for fertilizers in the agriculture sector is one of the primary factors driving the urea market. Urea is a vital component in nitrogen-based fertilizers, which are essential for boosting crop yield and soil fertility. As the global population continues to rise, there is a growing need to produce more food, driving the demand for effective fertilizers.
Urea is preferred in the agricultural industry because it has the highest nitrogen content of any solid nitrogenous fertilizer, making it highly efficient in promoting plant growth. Besides this, urea is cost-effective and readily available, further supporting its widespread adoption among farmers. The global agricultural sector is under pressure to meet the food demands of a growing population, thus positively impacting the market outlook.
- The Rising Use of Urea in Industrial Applications:
The rising use of urea in industrial applications is another significant factor contributing to the market’s growth. Beyond its role in agriculture, urea is used in a variety of industrial applications, such as in the production of resins, adhesives, and plastics. Urea is also utilized in the automotive industry for selective catalytic reduction (SCR) technology, which reduces nitrogen oxide emissions in diesel engines.
This use is especially important as environmental regulations regarding vehicle emissions become stricter worldwide. Furthermore, urea is employed in the production of chemicals like melamine and urea-formaldehyde resins, which are used in a wide range of manufacturing processes. As industrial activities continue to expand the value, thereby contributing to the market expansion.
- The Growing Global Population Coupled with Changing Dietary Patterns:
The growing global population and changing dietary patterns are driving the demand for urea-based fertilizers. The world’s population is expected to reach nearly 10 billion by 2050, which will place significant pressure on the agricultural sector to produce enough food. Additionally, as incomes rise in developing countries, there is an increasing demand for protein-rich foods such as meat and dairy, which require large quantities of animal feed.
Since urea is a critical component in the production of feed-grade fertilizers, the market is expected to benefit from the rising demand for high-yield crops used in animal feed production. Moreover, urbanization and the reduction in arable land further intensify the need for fertilizers that can maximize crop output on limited land, thus bolstering the market growth.
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Urea Market Report Segmentation:
Breakup By Grade:
- Fertilizers Grade
- Feed Grade
- Technical Grade
Technical grade urea accounts for the majority of shares due to its widespread application in fertilizers and industrial processes that require high purity levels.
Breakup By Application:
- Nitrogenous Fertilizer
- Stabilizing Agent
- Keratolyte
- Resin
- Others
Nitrogenous fertilizers dominate the market as they are essential for enhancing crop yields and improving soil fertility, making urea a preferred choice among farmers.
Breakup By End-Use Industry:
- Agriculture
- Chemical
- Automotive
- Medical
- Others
Agriculture represents the majority of shares because urea is a crucial component in fertilizers that support food production to meet the demands of a growing global population.
Breakup By Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Asia Pacific holds the leading position due to its vast agricultural landscape, high population density, and significant investments in fertilizer production and usage.
Top Urea Market Leaders: The urea market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.
Some of the key players in the market are:
- 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
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.
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