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 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.