The report “Urea Market by Grade (Agricultural, Technical, Feed, Medical), Product Type (Granular, Prilled), End-Use Industry (Agriculture, Chemical, Automotive, Medical), Application, Technology & Region – Global Forecast to 2029″, is projected to reach USD 93.25 billion by 2029 from USD 80.25 billion in 2024, at a CAGR of 3.05% during the forecast period. Urea is an essential chemical for several industries, which are agriculture, pharmaceutical, and industrial applications. Being a fertilizer rich in nitrogen, it enhances agricultural productivity by supplementing crops with necessary nutrients that lead to food security and efficient farming. However, urea also faces challenges that include competition from other fertilizers and hence is concerning people due to the environmental impacts of urea. More recent innovations have led to controlled-release urea fertilizers, which ensure the release of nitrogen progressively and thereby avoid most of the risks associated with nutrient leaching and volatilization. On a positive note, there are opportunities for this market through optimizing the production processes.
Key Market Players
The urea market report comprises key manufacturers such as CF Industries Holdings, Inc. (US), Pupuk Indonesia (Persero) (Indonesia), Yara International ASA (Norway), SABIC (Saudi Arabia), OCI (Netherlands), Nutrien (Canada), EuroChem Group (Switzerland), Qatar Fertiliser Company (Qatar), BASF SE (Germany), CNPC (China), and IFFCO (India).
“Stamicarbon segment of the urea market is expected to account for the largest share during the forecast period”
Stamicarbon technologies reign supreme in the urea market because of its high energy efficiency, flexibility of feedstocks, and the quality of high-purity urea. It has more advanced emission control systems to meet the demands of the environment and has a very strong global track record. There are 263 urea melt plants that utilize this technology, of which 2 are compact, 123 CO2 stripping plants, 4 ultra-low energy plants, 19 pool reactor plants, 55 conventional process plants, 33 granulation plants, and 31 pool condenser plants, plus 113 revamps. The plants using this technology face less shutdown and superior product, such as lower biuret levels in the product urea, and thus more suitable for agricultural application.
Urea Market Dynamics
- Drivers: Increasing demand for nitrogenous fertilizers
- Restraint: Raw material price fluctuations
- Opportunity: Nano Urea: A growing market opportunity
- Challenge: Environmental and energy challenges in urea manufacturing and Supply chain disruptions
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