IMARC Group has recently released a new research study 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", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
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 Demand for Agricultural Fertilizers:
Urea is one of the most commonly used nitrogen-based fertilizers due to its high nitrogen content and cost-effectiveness. The global agriculture sector is under constant pressure to increase crop yields to meet the growing food demand from a rapidly expanding global population. Nitrogen is an essential nutrient for plant growth, and urea provides a highly efficient form of nitrogen that enhances crop productivity.
In regions where arable land is limited, the application of fertilizers like urea becomes even more critical to maintain soil fertility and ensure sustainable agricultural practices. Additionally, the adoption of modern farming techniques, such as precision farming and controlled-release fertilizers, is used in various formulations for targeted and efficient nutrient delivery, supporting the market growth.
- Rising Use of Urea in Industrial Applications:
Urea is not limited to agricultural use; it also plays a significant role in various industrial processes. It is widely used in the production of resins, adhesives, and plastics, particularly urea-formaldehyde and melamine resins, which are essential components in the manufacture of wood products, laminates, and molded objects. The construction and furniture industries, which rely on wood-based panels and laminates, create a steady demand for urea in these applications.
Furthermore, urea is used in the automotive sector as a key ingredient in diesel exhaust fluid (DEF), also known as AdBlue, which reduces nitrogen oxide emissions in diesel engines. With stricter environmental regulations in place to reduce vehicle emissions, the demand for DEF is rising, directly impacting the demand for urea in this segment.
- Growth of the Livestock Industry:
Urea is commonly used as a non-protein nitrogen source in animal feed, particularly for ruminant animals such as cattle and sheep. In the livestock industry, urea helps improve the protein content of animal feed, promoting healthier growth and increasing meat and milk production. With rising global meat consumption, livestock farmers are looking for cost-effective solutions to enhance feed efficiency and animal productivity, which is fueling the demand for urea in this application.
Additionally, the expansion of the dairy and meat industries encourages the consumption of urea-based feed additives, as these regions increasingly adopt more intensive livestock farming practices to meet the demand for animal-based products, bolstering the market growth.
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Urea Market Report Segmentation:
By Grade:
- Fertilizers Grade
- Feed Grade
- Technical Grade
Technical grade accounts for the majority of shares as it is widely used in industrial applications, such as resins and adhesives.
By Application:
- Nitrogenous Fertilizer
- Stabilizing Agent
- Keratolyte
- Resin
- Others
Nitrogenous fertilizer dominates the market because it is the most commonly used fertilizer to boost crop yields in agriculture.
By End-Use Industry:
- Agriculture
- Chemical
- Automotive
- Medical
- Others
Agriculture represents the majority of shares owing to its role in enhancing soil fertility and supporting global food production.
Regional Insights:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Asia Pacific enjoys the leading position due to its large agricultural base, high population, and growing food demand.
Global Urea Market Trends:
The increasing demand for urea in wastewater treatment processes helps neutralize harmful pollutants and reduce nitrogen emissions, making it an essential component in environmental management strategies aimed at meeting stricter regulations on water quality and industrial emissions, strengthening the market growth. Apart from this, there is rising demand in the pharmaceutical industry, where it is used as an excipient in drug formulations and in the production of certain medical products, impelling the market growth. Furthermore, its role in synthesizing active pharmaceutical ingredients (APIs) ensures the production of high-quality, effective drugs while adhering to stringent regulatory standards, thus contributing to the market expansion.
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 global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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