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Urea Market Size, Share, Growth, Trends And Forecast 2024-2033
Urea Market Size
According to The Business Research Company's, The urea market size has grown steadily in recent years. It will grow from $47.64 billion in 2023 to $48.94 billion in 2024 at a compound annual growth rate (CAGR) of 2.7%. The growth in the historic period can be attributed to agricultural demand, global population growth, raw material prices, industrial applications, climate conditions.
The urea market size is expected to see steady growth in the next few years. It will grow to $54.96 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to environmental regulations, global economic trends, climate change impact, market competition, consumer preferences. Major trends in the forecast period include price volatility, shift in agricultural practices, innovation in production, alternative fertilizers, government subsidies.
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Market Drivers and Trends:
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. For instance, in December 2022, according to the Food and Agriculture Organization, an Italy-based United Nations leading international efforts to fight hunger, the global production of primary crop commodities increased to 9.5 billion tonnes in 2021, marking a 2 percent rise from 2020. Meanwhile, the production of oil palm fruit, soya beans, and rapeseed, key contributors to vegetable oils, reached 859 million tons in 2021, reflecting a 2 percent increase compared to the previous year. Therefore, the growing agriculture sector is driving the growth of the urea market.
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. For instance, in September 2022, ICL Group Ltd., an Israel-based multi-national manufacturer that develops, manufactures, and markets fertilizers, metals, and other specialty chemical goods launched controlled release fertilizer (CRF) coating for urea, eqo.x, a technology with a quick biodegradation time intended for open-field agriculture. By minimizing nitrogen loss and enhancing nutrient use efficiency (NUE) by up to 80%, a coating is used in this novel method to help farmers maximize agricultural crop performance while minimizing environmental effects.
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Major Key Players of the Market:
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; BASF SE; Hubei Yihua Chemical Industry Co Ltd.; Coromandel International Limited; Indian Farmers Fertilizers Cooperative Limited; Saudi Arabian Fertilizer Company; Notore Chemical Industries PLC; PT Pupuk Kalimantan Timur; BIP Limited; Jiangsu Sanmu Group; URALCHEM JSC; Agrium Inc.; PotashCorp; Sinochem Group; Togliattiazot; Indorama Eleme Fertilizer & Chemicals Limited; KuibyshevAzot; Shchekinoazot; Rashtriya Chemicals and Fertilizers Ltd.; Sirius Minerals Limited
Urea Market 2024 Key Insights:
• The urea market size will grow to $54.96 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%.
• Growing Agriculture Sector's Impact On Urea Market
• Increasing Focus On Technological Advancements To Drive The Revenues In The Market
• Asia-Pacific was the largest region in the urea market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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