Urea Market Growth, Size, Share, Analysis, Trends, and Market Forecast 2023-2030

Urea Market Overview
Fertilizers like urea, which increase soil fertility and crop yield, are in greater demand as the agricultural sector expands, especially in emerging nations. The market for urea is projected to expand as long as farmers and other agriculturalists continue to recognize the benefits of using nitrogen fertilizers. For example, the National Bureau of Statistics of Nigeria reports that in 2022, the export value of urea was N810.26 billion, or 3.02% of the nation's overall export value. Thus, the market expansion for urea is being driven by the increasing need for fertilizers based on nitrogen.

The use of urea is not restricted to the agricultural sector; it is also employed in a number of non-agricultural businesses, including the chemical, automotive, and healthcare sectors. The need for urea increases along with the growth of these industries.

Urea Market Size and Growth Analysis
The Global Urea Market reached USD 129.2 billion in 2022 and is expected to reach USD 152.5 billion by 2030, growing with a CAGR of 2.1% during the forecast period 2023-2030.

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Urea Market Dynamics
The UNEP states that air pollution, which causes an average of 7 million premature deaths annually, is the biggest environmental danger to public health worldwide. Because of this, governments and environmental organizations are enforcing stringent laws and policies all over the world to reduce the emissions of dangerous gases from cars, particularly nitrogen oxides, which are a major cause of air pollution and the creation of smog. Automakers must install selective catalytic reduction (SCR) systems on their diesel vehicles in order to comply with these standards.

In order to reduce NOx emissions, diesel automobiles employ SCR, an advanced emissions control technology. It requires urea in a demineralized water solution. The urea solution is introduced into the exhaust stream as the diesel exhaust gases go through the SCR system.

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Urea Market Segment Analysis

By Type
By Grade
By Technology
By Distribution Channel
By Application
By End-User
By Region

Major Companies Covered
SABIC, Yara, Industries Qatar, CF Industries Holdings Inc, OCI NV, BASF SE, Koch Fertilizer LLC, Qatar Fertilizer Company, EuroChem, Nutrien AG

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