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Urea Market 2023 : Trends, Business Growth And Major Driving Factors | Saudi Arabia's Basic Industries Corporation, Qatar Fertilizer Company, EuroChem Group AG, Yara International ASA
Urea Market
The Business Research Company's Urea Global Market Report 2023 identifies the growing agriculture sector is expected to propel the growth of the urea market going forward. Agriculture refers to the art and science of soil cultivation, crop production, and livestock. Urea is an important type of agricultural fertilizer in the agriculture industry that is used to enhance plant growth and increase crop yields. Urea can aid in promoting growth and raising crop yields by giving plants an easily accessible source of nitrogen.
The global urea market size is expected to grow from $77.18 billion in 2022 to $78.75 billion in 2023 at a compound annual growth rate (CAGR) of 2.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global urea market size is expected to reach $87.10 billion in 2027 at a CAGR of 2.6%.
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Major players in the urea market are Saudi Arabia's Basic Industries Corporation, Qatar Fertilizer Company, EuroChem Group AG, Yara International ASA, Nutrien AG, OCI N.V., Acron Group, CF Industries Holding, China National Petroleum Corporation, Koch Fertilizer LLC, National Fertilizers Limited, Acron PJSC, BASF SE, National Fertilizers Limited, Hubei YihuaChemical Industry Co Ltd., Coromandel International Limited, Indian Farmers Fertilizers Cooperative Limited(IFFCO), Saudi Arabian Fertilizer Company, Notore Chemical Industries PLC and PT Pupuk Kalimantan Timur (PKT).
A key trend in the Urea market includes t Technological advancements are a key trend gaining popularity in the urea market. Major market players are concentrating their efforts on creating newer products such as the development of slow-release urea products and the development of coated urea products. Slow-release urea products release nitrogen over a longer period of time, reducing the need for frequent applications and improving the efficiency of nitrogen uptake by plants.
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The Urea market is segmented -
1) By Grade: Fertilizer Grade, Feed Grade, Technical Grade
2) By Technology: Stamicarbon Technology, SnamProgetti Or Saipem Technology, Conventional Technologies, Other Technologies
3) By Application: Fertilizer, Urea Formaldehyde (UF) and Melamine Resins, Melamine (Cyanurates), Animal Feed, Other Applications
4) By End-User: Agriculture, Chemical, Automotive, Medical, Other End-Users
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Urea market.
The Business Research Company's "Global Urea Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Urea Market Include:
1. Executive Summary
2. Urea Market Characteristics
3. Urea Market Trends And Strategies
4. Urea Market - Macro Economic Scenario
5. Urea Market Size And Growth
……
27. Urea Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Urea Market
29. Urea Market Future Outlook and Potential Analysis
30. Appendix
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