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

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 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 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. '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)'

The 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.

One key market trend in the 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 population, coupled with the need to improve agricultural productivity, has led to a rise in demand for urea as a fertilizer.

Asia-Pacific dominated the 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 urea market.