Pune, India, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights The global urea market size was valued at USD 107.28 billion in 2021. The market is projected to grow from USD 129.52 billion in 2022 to USD 150.61 billion by 2029, exhibiting a CAGR of 2.2% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Urea Market, 2022-2029.”
Request a Sample Copy of the Research Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/urea-market-106850
List of Key Players Mentioned in the Report:
- SABIC (Saudi Arabia)
- Qatar Fertilizer Company (Qatar)
- EuroChem (Switzerland)
- Yara International ASA (Norway)
- Nutrien AG (Canada)
- OCI N.V. (Netherlands)
- Acron Group (Russia)
- CF Industries Holdings (U.S.)
- HUBEI YIHUA CHEMICAL INDUSTRY CO., LTD. (China)
- China National Petroleum Corporation (CNPC) (China)
- Koch Fertilizer, LLC (U.S.)
- Coromandel International Limited (India)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 2.2% |
| 2029 Value Projection | USD USD 150.61 Billion |
| Base Year | 2021 |
| Urea Market Size in 2021 | USD 107.28 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 170 |
| Segments Covered | By Grade, By Application and Regional |
| Urea Market Growth Drivers | Fertilizer Grade to Lead Market Due to Extensive its Adoption as Key Nitrogen Fertilizer |
| Growing Industrial Application Demand will Fuel Market Growth |
COVID-19 Impacts:
Market Growth was Negatively Affected by Declining Industry Demand from 2020 to 2021
Agriculture and animal feed applications account for the majority of carbamide consumption. The global commerce in carbamide and related goods was severely hampered by the shutdown as the coronavirus spread.
As opposed to the industrial sector, however, the agriculture and animal feed industries showed resilience. Production inconsistencies have a significant impact on potential industrial applications such as resin synthesis, fuel additive production, and chemical manufacturing. Further, shortages of working people and raw materials hampered the urea market growth.
Segments:
Fertilizer Grade to Lead Market Due to Extensive its Adoption as Key Nitrogen Fertilizer
In 2021, fertilizer grade urea held the largest share of the market and is expected to retain it position during foreseeable future. It can be attributed to the increased use of fertilizers to enhance the production of crops.
Owing to Higher Demand, the Agriculture Segment to Account for Largest Revenue Share
In 2021, the agriculture segment held the largest share of the global market. It can be attributed to large scale use of carbamide as fertilizers to increase crop yield. Granular and prilled forms make it easy for transportation and handling in agriculture application.
Based on region, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/urea-market-106850
Report Coverage:
The report presents a holistic study of the urea market share along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered.
Drivers and Restraints:
Growing Industrial Application Demand will Fuel Market Growth
Due to its numerous industrial uses, there has been a significant increase in urea demand in recent years. Due to its ability to create hydrogen bonds that allow it to build interpenetrating helices, it has the capacity to trap various chemical molecules.
This characteristic makes it an ideal product for mixture separation and for use in the manufacturing of aviation fuels and lubricating oils. The separation of paraffin is another usage for it.
Regional Insights:
Asia Pacific to Maintain Domination Supported by Increase in Food Demand
The Asia Pacific market was worth USD 71.05 billion in 2021. The region's population is growing rapidly, which has led to an increase in food demand. Due to this, there is now a greater need for fertilizers to boost crop output on each hectare of agricultural land.
Carbamide is heavily imported into Europe from the Middle East & Asia. The product's technology advancements are anticipated to lower carbon emissions and lower input costs, supported by tight restrictions. The region's market is being driven by its developed automobile industry.
During the time of the forecast, North America is anticipated to be a market with consistent growth. This region's growth is primarily related to increased agriculture and demand for industrial applications.
Competitive Landscape:
Key Players Announce Important Business-Related Announcements that will Affect Market Dynamic
Important market players frequently announce significant business decisions, which have a favorable or negative impact on the market. Players buy businesses, introduce products, enter into collaboration agreements, agree to terms with governmental bodies, and so forth.
Key Industry Development:
August 2022: Yara International ASA invested in ‘Jai Kisan’, one of leading agriculture fintechs in India. This investment is expected to enhance the company’s geographical reach and customer base.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/urea-market-106850
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Key Industry Developments
- Insights on Regulatory Scenario
- PEST Analysis
- PORTER’s Five Forces Analysis
- Covid-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by companies to overcome the impact
- Global Urea Market Analysis, Insights and Forecast, 2018–2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Grade (Value & Volume)
- Fertilizer Grade
- Feed Grade
- Technical Grade
- Market Analysis, Insights and Forecast – By Application (Value & Volume)
- Agriculture
- Animal Feed
- Chemical Synthesis
- Others
- Market Analysis, Insights and Forecast – By Region (Value & Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Urea Market Analysis, Insights and Forecast, 2018–2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Grade (Value & Volume)
- Fertilizer Grade
- Feed Grade
- Market Analysis, Insights and Forecast – By Application (Value & Volume)
- Agriculture
- Animal Feed
- Chemical Synthesis
- Others
TOC Continued…!
Speak to Our Expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/urea-market-106850
Frequently Asked Questions (FAQs):
1. Is the Impact of COVID-19 on urea industry growing?
Answer: The global urea market size was valued at USD 107.28 billion in 2021. The market is projected to grow from USD 129.52 billion in 2022 to USD 150.61 billion by 2029
2. Who are the key players in the the Impact of COVID-19 on Urea Market?
Answer: Yara International ASA (Norway), Nutrien AG (Canada), OCI N.V. (Netherlands), Acron Group (Russia), CF Industries Holdings (U.S.), Koch Fertilizer, LLC (U.S.), Coromandel International Limited (India)
Read Related Insights:
Nitrogenous Fertilizers Market Growth, Demand | Nitrogenous Fertilizers Industry Analysis, Top Manufacturers, Trends, Demand and Forecast Report by Fortune Business Insights™
Acrylic Resins Market Size Hit USD 28,051.3 Million by 2028 | Exhibit a CAGR of 4.8% (2021-2028)
Surface Disinfectant Market to Worth USD 1,547.7 Million at CAGR of 9.1% by 2027 | Fortune Business Insights™
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
