Top News: Urea Market to Hit USD 150.61 Billion by 2029 | Fortune Business Insights™

The global urea market size was valued at USD 107.28 billion in 2021. The market is projected to grow from USD 129.52 billion in 2022 to USD 150.61 billion by 2029, exhibiting a CAGR of 2.2% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, "Urea Market, 2022-2029."

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The Urea Market report highlights an all-inclusive assessment of the revenue generated by the various segments across different regions for the forecast period, 2022 to 2029. To leverage business owners, and gain a thorough understanding of the current momentum, the Urea Market research taps hard-to-find data on aspects including but not limited to demand and supply, distribution channel, and technology upgrades. Principally, the determination of strict government policies and regulations and government initiatives building the growth of the Urea market offers knowledge of what is in store for business owners in the upcoming years.

Competitive Landscape:

Key Players' Important Business-Related Announcements will Affect Market Dynamics

Important market players frequently announce significant business decisions, which have a favorable or negative impact on the market. Players buy businesses, introduce products, enter into collaboration agreements, agree to terms with governmental bodies, and so forth.

Key Industry Development:

June 2022: Nutrien Ag announced that it is increasing its fertilizer production unit. This move is expected to enable the company to respond to changes in global energy, agriculture, and fertilizer markets.

Segments:

Fertilizer Grade to Lead Market Due to Extensive Adoption as Key Nitrogen Fertilizer

In 2021, fertilizer-grade urea held the largest share of the market and is expected to retain its position during the foreseeable future. It can be attributed to the increased use of fertilizers to enhance the production of crops.

Owing to Higher Demand, the Agriculture Segment accounts for Largest Revenue Share

In 2021, the agriculture segment held the largest share of the global market. It can be attributed to the large-scale use of carbamide as fertilizers to increase crop yield. Granular and prilled forms make it easy for transportation and handling in agriculture applications.

Based on region, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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List of Key Players Mentioned in the Report:

SABIC (Saudi Arabia)
Qatar Fertilizer Company (Qatar)
EuroChem (Switzerland)
Yara International ASA (Norway)
Nutrien AG (Canada)
OCI N.V. (Netherlands)
Acron Group (Russia)
CF Industries Holdings (U.S.)
HUBEI YIHUA CHEMICAL INDUSTRY CO., LTD. (China)
China National Petroleum Corporation (CNPC) (China)
Koch Fertilizer, LLC (U.S.)
Coromandel International Limited (India)
Report Coverage:

The report presents a systematic study of the urea market share and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as future opportunities are offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form market growth.

Drivers and Restraints:

Advanced Technological Developments in Manufacturing Processes to Support Market Growth

Innovations in urea production technology, such as blue urea, offer attractive market expansion prospects. Attenuated reaction conditions are used to create this ground-breaking product as inputs, water, nitrogen, and carbon dioxide are used to achieve this. Renewable energy sources, such as wind turbines, placed nearby or at the point of consumption provide the energy needed for the industry. Hydrogen is created during a reaction through the electrolysis process. At the point of usage, the equipment can be housed in a standardized ISO container.

The major points covered in the table of contents:

Overview: This part provides a summary of the report, as well as a broad overview of the global Urea Market, to offer an understanding of the nature and contents of the research study.

Market Analysis: The research forecasts the market share of key segments of the Urea Market with accuracy and reliability. This study may be used by industry participants to make strategic investments in key growth areas of the Urea Market.

Analysis of Leading Players' Strategies: This report can be used by market participants to acquire a competitive advantage over their rivals in the Urea Market.

Regional Growth Analysis: The report covers all of the key areas and countries. The regional analysis will assist market players in tapping into untapped regional markets, developing unique regional strategies, and comparing the growth of all regional markets.

Market Forecast: Report purchasers will get access to precise and validated estimations of the entire market size in terms of both value and volume. The study also includes estimates for the Urea Market in terms of consumption, production, sales, and other factors.

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This release was published on openPR.