Urea Market Growth Accelerates: Strategic Forecast Predicts $58.3 Billion by 2029

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What Will the Urea Industry Market Size Be by 2025?
The expansion in the urea market size has been consistent over the past few years. It is projected to rise from $48.6 billion in 2024 to $49.72 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 2.3%. The historical period's growth can be credited to factors such as agricultural need, worldwide population growth, raw material cost, industrial use, and climate circumstances.

What's the Long-Term Growth Forecast for the Urea Market Size Through 2029?
In the coming years, the urea market is projected to witness steady growth, reaching $58.3 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 4.1%. The growth projected for this period can be linked to factors such as environmental regulations, worldwide economic patterns, the effects of climate change, market competition, and consumer tastes. Significant trends in the forecast period include fluctuations in price, transformation in farming methods, innovation in manufacturing, alternative fertilizers, and governmental subsidies.

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What Are the Key Growth Drivers Fueling the Urea Market Expansion?
The advancement in the agricultural sector is predicted to spur the development of the urea market. Agriculture relates to the skill and study of soil cultivation, the production of crops and livestock rearing. In the farming industry, urea serves a crucial role as a type of agricultural fertilizer, improving plant growth and elevating crop yield. Providing an easily attainable nitrogen source to plants, urea facilitates in stimulating growth and boosting yield. For example, data from the Department for Environment, Food, and Rural Affairs, a UK government agency, showed an approximate 3.4% elevation in the agricultural sector from 2021 to 2022 in February 2024. Hence, the expansion of the agricultural sector is the catalyst for urea market growth.

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What Are the Key Trends Driving Urea Market Growth?
Technological innovation is emerging as an essential trend in the urea market, with key players focusing on the creation of new products like slow-release urea and coated urea items. These slow-release urea items prolong the nitrogen release period, thus reducing the frequency of applications and boosting the effectiveness of nitrogen absorption in plants. For example, ICL Group Ltd., an Israel-based multinational organization that specializes in developing, manufacturing, and marketing fertilizers, metals, and other special chemical products, announced the launch of their controlled-release fertilizer (CRF) coating for urea, eqo.x, which is designed for use in open-field agriculture, in September 2022. This cutting-edge approach uses a coating to cut nitrogen loss and boost nutrient utilization efficiency (NUE) by up to 80%, hence helping farmers improve agricultural crop productivity and minimize environmental harm.

How Is the Urea Market Segmented?
The urea market covered in this report 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

Subsegments:
1) By Fertilizer Grade: Granular Urea, Prilled Urea, Liquid Urea
2) By Feed Grade: Urea For Ruminants, Urea For Non-Ruminants
3) By Technical Grade: Industrial Urea, Pharmaceutical Urea

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Which Companies Are Leading the Charge in Urea Market Innovation?
Major companies operating in the urea market include 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

Which Regions Are Leading the Global Urea Market in Revenue?
Asia-Pacific was the largest region in the urea market in 2024.South America is expected to be the fastest-growing region in the global urea market report during the forecast period. The regions covered in the urea market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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