USD 131.54 billion
Urea Market Size, Share, Growth Analysis, By Type(Granular Urea, Prilled Urea, Urea Solution and Urea Formaldehyde Resin), By Application(Fertilizers, Industrial and Feed and Nutrition), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15C2068 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Urea Market Insights
Urea Market size was valued at USD 131.54 billion in 2021 and is poised to grow from USD 137.85 billion in 2022 to USD 200.59 billion by 2030, growing at a CAGR of 4.8% during the forecast period (2023-2030).
The global urea market has witnessed significant growth in recent years, driven by several factors and trends. As the world population continues to expand, there is a rising need for higher agricultural productivity to ensure food security. Urea plays a crucial role in meeting this demand by providing a cost-effective and efficient source of nitrogen to enhance soil fertility and support plant growth. Moreover, the adoption of advanced farming practices and technologies has further fueled the demand for urea. Modern agricultural techniques, such as precision farming and controlled-release fertilizers, require precise nutrient management. Urea, with its high nitrogen content and versatility, enables farmers to optimize nutrient application and improve crop performance, thereby driving its demand in the market. Another factor contributing to the growth of the global market is the increasing use of urea in industrial applications. Urea finds application in various industries, including plastics, adhesives, textiles, and pharmaceuticals. In the plastics industry, urea is utilized as a raw material for the production of melamine, which is extensively used in the manufacturing of laminates, coatings, and flame-retardant materials. Furthermore, the market is witnessing a shift towards the production of green and sustainable fertilizers. Urea, being a nitrogenous fertilizer with reduced carbon footprint, is gaining popularity among environmentally conscious farmers and governments. The demand for eco-friendly fertilizers is driving the growth of urea-based products, such as slow-release and bio-based urea fertilizers, which provide controlled nutrient release and minimize nitrogen loss to the environment.
US Urea Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Granular Urea
Fastest Growth
Granular Urea
Growth Rate
4.8% CAGR
Global Urea Market ($ Bn)
Country Share for Asia - Pacific Region (%)
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Urea Market Segmental Analysis
Global Urea Market is segmented by type, application, and region. Based on type, the market can be segmented into Granular Urea, Prilled Urea, Urea Solution and Urea Formaldehyde Resin. Based on application, the market is segmented into Fertilizers, Industrial and Feed and Nutrition. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Urea Market Analysis by Type
Granular Urea dominated the global market. Granular urea refers to urea in solid granule form, which is commonly used as a fertilizer due to its slow-release properties and ease of application. Granular urea is preferred in agricultural practices as it provides a controlled release of nitrogen, promoting optimal plant growth and minimizing nutrient loss.
Urea Solution segment is the fastest-growing type in the global urea market. Urea solution, also known as urea liquor or urea solution 32.5, is a concentrated solution of urea in water. It is widely used as a reducing agent in diesel engines equipped with selective catalytic reduction (SCR) systems to reduce nitrogen oxide (NOx) emissions. The increasing environmental regulations and the adoption of SCR technology in the automotive industry are driving the demand for urea solution.
Urea Market Analysis by Application
Fertilizers dominated the global market. Fertilizers account for a significant portion of the overall urea consumption worldwide. Urea is a commonly used nitrogen-based fertilizer due to its high nitrogen content and cost-effectiveness. It is widely used in agricultural practices to promote plant growth, increase crop yields, and improve soil fertility. The dominance of urea in the fertilizer application segment can be attributed to its availability, ease of use, and versatility across various crops and agricultural systems.
Regarding the fastest-growing application in the global urea market, the feed and nutrition segment is experiencing significant growth. Urea is utilized as a source of non-protein nitrogen in animal feed and nutrition. It is used in ruminant diets to provide a readily available source of nitrogen for microbial protein synthesis in the rumen. The use of urea in animal feed helps in meeting the protein requirements of livestock and improving their overall nutrition. The growing demand for high-quality animal protein, particularly in emerging economies, is driving the rapid growth of the feed and nutrition segment in the urea market.
Global Urea Market By Type
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Urea Market Regional Insights
Asia-Pacific dominated the global urea market. Asia-Pacific holds the largest market share in terms of urea production and consumption. Countries like China and India have a significant demand for urea due to their large agricultural sectors, where urea is a widely used nitrogen-based fertilizer. The region's growing population, increasing food demand, and government initiatives to enhance agricultural productivity contribute to its dominance in the global urea market.
Regarding the fastest-growing region in the global urea market, Middle East & Africa shows significant potential. Africa has been witnessing substantial growth in urea production and consumption. Several countries in the region, such as Nigeria, Egypt, and Algeria, have made substantial investments in expanding their urea production capacities. Additionally, the continent's vast arable land, growing population, and rising focus on agricultural development contribute to the increasing demand for urea in the region.
Global Urea Market By Geography
- Largest
- Fastest
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Urea Market Dynamics
Urea Market Drivers
Agricultural Demand
- The global urea market experiences significant demand from the agricultural sector, where it is widely used as a nitrogen fertilizer. With the world's population continuously growing, there is a pressing need to increase food production and enhance crop yields. This drives the demand for urea as it plays a crucial role in improving agricultural productivity. The rising consumption of grains, oilseeds, fruits, and vegetables further contributes to the demand for urea in the agriculture industry.
Urea Market Restraints
Price Volatility
- Price volatility is a notable characteristic of the urea market, influenced by various factors such as energy costs, availability of raw materials, and global demand and supply dynamics. Fluctuations in natural gas prices, which is a key feedstock for urea production, significantly impact the production costs and subsequently influence the market prices of urea. This volatility poses challenges for both producers and consumers in terms of planning, budgeting, and overall market stability.
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Urea Market Competitive Landscape
The global urea market is highly competitive and characterized by the presence of numerous players. Urea, a nitrogen-rich fertilizer, is widely used in the agricultural sector for crop cultivation. It is also utilized in various industrial applications such as the production of plastics, resins, adhesives, and animal feed supplements. The competitive landscape of the global urea market is influenced by several factors. One of the key drivers of competition is the demand for high-quality urea products that meet the specific needs of end-users. Companies compete based on product quality, purity, and consistency to gain a competitive edge in the market.
Urea Market Top Player’s Company Profiles
- Yara International ASA (Norway)
- Nutrien Ltd. (Canada)
- CF Industries Holdings, Inc. (US)
- SABIC (Saudi Arabia)
- OCI N.V. (Netherlands)
- EuroChem Group AG (Switzerland)
- Koch Fertilizer, LLC (US)
- China National Petroleum Corporation (China)
- Belarusian Potash Company (Belarus)
- Qatar Fertiliser Company (Qatar)
- Borealis AG (Austria)
- PJSC Uralkali (Russia)
- Agrium Inc. (Canada)
- Indian Farmers Fertiliser Cooperative Limited (IFFCO) (India)
- Mitsubishi Chemical Corporation (Japan)
- K+S Aktiengesellschaft (Germany)
- Mosaic Company (US)
- OCP Group (Morocco)
- Haifa Group (Israel)
- Petróleo Brasileiro S.A. (Petrobras) (Brazil)
Urea Market Recent Developments
- In March 2023, Yara International announced that it would be investing USD 1 billion in a new urea plant in Brazil. The plant is expected to be operational by 2025 and will have a production capacity of 3.6 million tonnes per year.
- In February 2023, Nutrien announced that it would be investing USD 1.3 billion in a new urea plant in the United States. The plant is expected to be operational by 2024 and will have a production capacity of 2.8 million tonnes per year.
- In January 2023, CF Industries Holdings announced that it would be investing USD 2.3 billion in a new urea plant in the United States. The plant is expected to be operational by 2025 and will have a production capacity of 2.5 million tonnes per year.
- In December 2022, Mosaic Company announced that it would be investing USD 1.2 billion in a new urea plant in the United States. The plant is expected to be operational by 2024 and will have a production capacity of 2.2 million tonnes per year.
- In November 2022, EuroChem announced that it would be investing USD 1 billion in a new urea plant in Russia. The plant is expected to be operational by 2024 and will have a production capacity of 2.5 million tonnes per year.
Urea Key Market Trends
- One key market trend in the global urea market is the increasing emphasis on urea as a nitrogen fertilizer in agricultural practices. Urea plays a vital role in supporting crop growth by providing essential nutrients, particularly nitrogen, to plants. The growing global population, coupled with the need to improve agricultural productivity, has led to a rise in demand for urea as a fertilizer.
Urea Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global Urea market analysis, the global market is witnessing steady growth due to factors such as population growth, rising food demand, and the need to improve agricultural productivity. Urea is extensively utilized in the agriculture sector to provide essential nutrients to plants and promote healthy growth. The market expansion is further driven by the increasing adoption of modern farming techniques, such as precision agriculture, which requires efficient fertilizers like urea to optimize crop production. Asia-Pacific dominated the global market, with countries such as China and India being the major contributors. The region's dominance can be attributed to its large agricultural sector and the growing population, which drives the demand for urea-based fertilizers. Moreover, favorable government policies, subsidies, and initiatives to enhance agricultural productivity further propel market growth in the region. In terms of market segmentation, the report provides insights into the various applications of urea, including agriculture, industrial, and feedstock. Agriculture remains the largest application segment, accounting for a significant share of the overall market. The industrial segment, including applications such as plastics, adhesives, and textiles, also exhibits considerable growth potential due to the diverse industrial applications of urea.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 131.54 billion |
| Market size value in 2031 | USD 200.59 billion |
| Growth Rate | 4.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Urea Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Urea Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Urea Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Urea Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Urea Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Urea Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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