Press release
Urea Market Size, Share, Industry Trends and Outlook 2023-2030
Urea Market-DataM Intelligence 4Market Research
The market for urea will probably 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. Therefore, the market for urea is expanding due to the rising need for fertilizers based on nitrogen.
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Market Drivers: Increased Fertilizer Use
Global population growth demand more food production. To feed a growing population, agricultural output must rise. The nitrogen-based fertilizer urea boosts agricultural production and food security. According to the International Fertilizer Association, the globe used 54,516 thousand tonnes of urea fertilizer in 2020.
Increasing demand for agricultural goods is driving agricultural intensification. For crop nutrition and productivity, high-intensity farming requires fertilizers like urea. Increasing urea use in fertilizer to boost agricultural productivity is driving urea market expansion.
Market Segmentation: Effectiveness of Urea as a Nitrogen Fertilizer
The greatest and most important use of urea is as a nitrogen-based fertilizer in agriculture. Global urea output is almost 90% utilized to make nitrogen-release fertilizer, according to THE CHEMICAL COMPANY.
Market Companies:
The major global players include SABIC, Yara, Industries Qatar, CF Industries Holdings Inc, OCI NV, BASF SE, Koch Fertilizer LLC, Qatar Fertilizer Company, EuroChem, Nutrien AG
By Type
• Granular Urea
• Prilled Urea
• Urea Solution
• Urea Formaldehyde Resin
By Grade
• Fertilizer Grade
• Feed Grade
• Technical Grade
By Technology
• Saipem Technology
• Stamicarbon Technology
• Conventional Technology
By Distribution Channel
• E-Commerce
• Specialty Stores
• Hypermarket/Supermarket
• Others
By Application
• Nitrogenous Fertilizer
• Stabilizing Agent
• Keratolyte
• Resin
• Others
By End-User
• Agriculture Industry
• Chemical Industry
• Automotive Industry
• Medical Industry
• Other Industries
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa
Geographical Share: Asia-Pacific Agriculture Grows
Asia Pacific has China and India, the world's most populated and agriculturally dominating nations. These nations have large agricultural businesses and utilize urea to boost crop yields. China shipped 849,000 tons of urea during July-September 2022, up from 303,000 and 421,000 in Q1 and Q2 2022.
Industry Developments:
In June 2023, IFFCO, a fertilizer company, announced an agreement with California-based Kapoor Enterprises Inc for the export of nano liquid urea to the United States.
Related Reports:
Urea Fertilizers Market- https://www.datamintelligence.com/research-report/urea-fertilizers-market
Fertilizer Market- https://www.datamintelligence.com/research-report/fertilizers-market
NPK Fertilizer Market - https://www.datamintelligence.com/research-report/npk-fertilizer-market
Biofertilizers Market- https://www.datamintelligence.com/research-report/bio-fertilizers-market
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Email: info@datamintelligence.com
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