Press release
Urea Fertilizer Market to Cross US$ 40 Bn Revenues between 2021 and 2031
Urea Fertilizer Market 2022
The global urea market is currently valued at over US$ 31 Bn. Sales of urea are projected to increase at 2.3% CAGR and be valued at over US$ 40 Bn by 2031. Growing demand for urea from the agriculture industry and government subsidies on certain fertilizers are driving market expansion. Growth of the agricultural sector, rising preference for organic fertilizers, and increased demand for technical-grade urea are being witnessed in this space.
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The agriculture industry has witnessed significant growth in the last few years, and this growth trend is expected to continue over the coming years as well. Growing demand for food and other agricultural products owing to rise in population and urbanization across the globe is driving demand for fertilizers, which, in turn, is elevating demand for urea in the global market.
Demand for industrial-grade urea is also increasing to reduce the emission of nitrous oxide (NOx) gases from diesel, dual-fuel, and lean-burn natural gas engines. There is a growing demand for nutrient-rich NPK fertilizers, which is also boosting the demand for urea globally.
Key Companies-
• PT PupukSriwidjaja Palembang (PUSRI)
• PT PupukKujang
• PT Pupuk Kalimantan Timur
• Yara International ASA
• Industries Qatar Q.P.S.C
• SABIC
• EuroChem Group
• Nutrien Ltd
• BASF SE
• CF Industries Holdings, Inc.
• OSTChem
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Key Takeaways from Market study
• Demand for urea is increasing due to rising use of fertilizers across the world to increase per hectare production capacity of land to cater to rising demand for food and other agricultural-based products.
• Countries such as India, Brazil, Indonesia, and Mexico are the fastest-growing markets, expanding at a healthy CAGR owing to the high production of agricultural-based products in these countries.
• China is one of the most lucrative markets for manufacturers owing to vast population and manufacturer-friendly governmental regulations.
• Various environmental regulations imposed on the use of solid urea due to emission of gaseous ammonia that can be dangerous for the environment as well as human health is a longstanding challenge for manufacturers to overcome.
• Demand for industrial-grade urea is also increasing from the automobile sector owing to the use of urea in selective non-catalytic reduction (SNCR) and selective catalytic reduction (SCR) processes, which are used to reduce the emission of harmful gasses from automobile engines.
"Demand for urea is highest from the fertilizer segment across regions, and will remain so in future," says an analyst of Persistence Market Research.
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Key Questions Answered in Urea Fertilizer Market Report -
• How much is the global urea market valued at currently?
• What is main factor driving demand for urea?
• At what CAGR did demand for urea increase over the past 5 years?
• What will be the demand outlook for urea through 2031?
• What are the key trends being witnessed in this marketplace?
• What is the market share of the top 5 manufacturers of urea?
• At what rate is the market in Ukraine registering growth in Europe?
• Which are the top 5 countries driving most of the demand for urea?
• Which countries are the key producers of urea?
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