Press release
Global Urea Market Size, Share, and Forecast Analysis 2025-2029
Urea Maket
What Are the Urea Market Size Forecast for 2025?
The urea market's expansion has been slight in the past few years, with an expected increase from $48.6 billion in 2024 to $48.95 billion in 2025. This growth rate is equivalent to a compound annual growth rate (CAGR) of 0.7%. This growth during the past years is the outcome of several factors including amplified agricultural needs, worldwide population growth, raw material costs, industrial uses, and varying climate conditions.
What Is the Market Size Outlook for Urea Until 2029?
In the coming years, the urea market size is projected to experience consistent growth and reach a value of $56.81 billion by 2029, increasing at a compound annual growth rate (CAGR) of 3.8%. The growth anticipated during the forecast period can be attributed to environmental policies, worldwide economic trends, effects of climate change, market rivalry, and consumer predilections. Major trends for the forecast period encompass price instability, modification in farming practices, innovation in manufacturing processes, alternate fertilizers, and government incentives.
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What Are the Major Factors Driving Demand in the Urea Market?
As the agriculture sector continues to expand, it is predicted to boost the development of the urea market. The practice and science of soil cultivation, crop growing, and livestock rearing are all encompassed by agriculture. Urea, a crucial agricultural fertilizer, is employed in this industry to stimulate plant growth and enhance crop yields. By providing plants with a readily available source of nitrogen, urea can facilitate growth and improve yields. For example, data from the UK's Department for Environment, Food, and Rural Affairs, a government agency, recorded a 3.4% growth in the estimated agricultural sector from 2021 to 2022, as of February 2024. As a result, the expanding agriculture sector serves as a key catalyst for the growth of the urea market.
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How Are End-Use Segments Shaping the Urea Market Outlook?
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
What Are the Strategic Trends Transforming the Urea Market Landscape?
The rise in technological innovation is a significant trend influencing the urea market. Leading players are focusing their resources on producing advanced products including the creation of slow-release urea items and coated urea items. The slow-release urea products disperse nitrogen over an extended period, lessening the frequency of applications and enhancing plants' nitrogen uptake efficiency. For example, in September 2022, ICL Group Ltd., an Israel-based global producer that designs, produces, and markets fertilizers, metals, and other speciality chemical merchandise, introduced eqo.x, a revolutionary controlled release fertilizer (CRF) coating for urea designed for open-field agriculture which decomposes faster. This innovative approach uses a coating to cut down on nitrogen wastage and increase nutrient use efficiency (NUE) by as much as 80%, helping farmers to optimize crop yield while lessening the environmental impact.
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Who Are the Prominent Companies in the Urea Market by ?
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 Region Is Expected to See the Highest CAGR in the Urea Market?
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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