Urea Market – Global Industry Analysis and Forecast (2022-2029)

Urea Market size was valued at US$ 41.68 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 2.8% through 2022 to 2029, reaching nearly US$ 52 Bn.
Urea Market Overview:
The organic molecule urea, commonly known as carbamide, has the formula CO(NH2)2. A carbonyl functional group connects two –NH2 groups to form this amide. Urea is the predominant nitrogen-containing substance in mammals' urine and plays a significant role in their metabolism of nitrogen-containing substances. Urea is a chemical raw ingredient used to make a variety of products, including polymers, urea-formaldehyde resins, and adhesives. It's also used in the production of feedstock, glue, fertiliser, commercial items, and resin.

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Urea Market Dynamics:
The agricultural industry's increased demand for urea as a fertiliser is expected to drive market growth. Urea is a valuable source of nitrogen, and it is mostly utilised in nitrogen-based fertilisers due to its high nitrogen content. The health risks associated with urea are expected to hamper market growth. In the forecast period, the market is expected to increase to benefit from the identification of uses for urea in the manufacturing of bio-bricks.

Urea is also used to remove dead tissue from wounds in order to aid wound healing. Urea is a keratolytic substance. It softens/dissolves the horny material (keratin) that holds the top layer of skin cells together, increasing moisture in the skin. This impact aids in the removal of dead skin cells while also allowing the skin to retain more water.

Urea is quite soluble in water. Approximately 1 pound of urea may be dissolved in 1 pound of water at normal atmospheric conditions. For foliar sprays, urea should consist no more than 0.25% biuret. The amount of nitrogen sprayed at one time to multiple crops should not exceed 20 pounds per acre.

Urea is neither flammable nor explosive. It can be securely stored under normal conditions without losing quality. Certain minerals, such as sulphur, can be coated on urea fertiliser to slow the rate at which nitrogen is accessible to plants. These slow-release chemicals allow growing plants to make better use of their resources under certain conditions. Slow-release urea is widely used on golf courses, parks, and other special-purpose lawns.
Urea Market Segment Analysis:
Based on the End-User Industry, the market is segmented into Agriculture, Chemical, Automobile, Medical, and Others. Agriculture segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Urea is a nitrogen fertiliser that may be used in a variety of ways to help plants grow. It's usually combined with soil or applied directly to the soil surface. It can be dissolved in water and applied to soil as a fluid, mixed with irrigation water, or sprayed into plant foliage due to its high solubility. Plant leaves can readily absorb urea in foliar applications.

When urea comes into touch with soil or plants, a naturally occurring enzyme called urease begins converting the urea back to NH3 in a process known as hydrolysis. The N in urea is vulnerable to unwanted gaseous losses as NH3 during this process. To reduce the loss of this important nutrient, a variety of management strategies can be applied.

Urea hydrolysis is a quick process that happens within a few days of application. Plants can use urea directly as a source of nitrogen in tiny amounts, but they prefer to use the ammonium (NH4+) and nitrate (NO3) produced when urea is converted by urease and soil microbes.

Based on the Grade, the market is segmented into Fertilizer, Feed, and Technical. Technical Grade segment is expected to hold the largest market share of xx% by 2029. Urea of technical grade is utilised in a variety of applications, including glue, medical medications, colours, disinfectants, cosmetics, and yeast manufacturing. The most common application of urea is in selective catalytic reduction technology, which is used to minimise emissions. AdBlue is made by mixing it with deionised water at a concentration of 32.5%.

AdBlue is an SCR reagent that is delivered into the exhaust and reacts with the nitrogen oxide gas produced by the combustion process, converting it to harmless nitrogen and oxygen. Automobile manufacturers are focusing on reducing emissions from exhaust as a result of government emission rules on air pollution. As a result, the usage of reagents like AdBlue is becoming more necessary.

Urea is employed as a basic component in many creams, and the need for technical-grade urea is expected to rise as the demand for cosmetics grows.
Global Urea Market Regional Insights:
Asia Pacific dominates the Global Urea market during the forecast period 2022-2029. Asia Pacific is expected to hold the largest market share of xx% by 2029. Advances in the agriculture industries are taking place in countries like India and China as the population grows. As a result, the demand for nitrogen fertilisers rises, boosting the market forward. Apart from agriculture, improvements in the chemical, automobile, and medical industries are also driving up consumption.

In 2021, China's annual volume sale of chemical fertilisers was 53.83 million tonne, an increase of 1.89 percent over the previous year, which boosted urea demand. China has the world's largest vehicle manufacturing industry. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), China manufactured approximately 25.23 million automobiles in 2021, compared to 25.75 million vehicles in 2021, indicating a 2% decrease in growth rate.

However, in the first half of 2021, the country's automotive production increased by 24 percent, to 12,569,475 units, compared to 10,116,915 units in the same period in 2021, resulting in higher consumption of urea-based autocatalysts, which had a positive effect on the country's urea market growth, in order to influence regional market demand. These are the major factors that drive the growth of this region in the Global market during the forecast period 2022-2029.

In 2021, India consumed more than 33 million metric tonnes of urea. In comparison to other fertilisers, urea use was the largest that year across the country, followed by diammonium phosphate (DAP).

The objective of the report is to present a comprehensive analysis of the GlobalUrea Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the GlobalUrea Market dynamic, structure by analyzing the market segments and project the GlobalUrea Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the GlobalUrea Market make the report investor’s guide.
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Global Urea Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 41.68 Bn.


Forecast Period 2022 to 2029 CAGR:
2.8%
Market Size in 2029:
US $ 52 Bn.


 Segments Covered:
by Grade
• Fertilizer
• Feed
• Technical


by Application
• Nitrogenous Fertilizer
• Stabilizing Agent
• Keratolyte
• Resin
• Others


by End-User Industry
• Agriculture
• Chemical
• Automobile
• Medical
• Others



Global Urea Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Global Urea Market, Key Players
• Acron
• Agrium Inc.
• BASF SE
• BIP (Oldbury) Limited
• CF Industries Holdings, Inc.
• Chemiplastica Group
• China National Petroleum Corporation
• EuroChem
• Jiangsu Sanmu Group Corporation
• Koch Fertilizer, LLC
• OCI Nitrogen
• Petrobras
• PotashCorp
• Qatar Fertiliser Company
• Saudi Basic Industries Corporation (SABIC)
• Yara
Frequently Asked Questions:
1] What segments are covered in Global Urea Market report?
Ans. The segments covered in GlobalUrea Market report are based on End-User Industry, and Grade.

2] Which region is expected to hold the highest share in the Global Urea Market?
Ans. Asia Pacific is expected to hold the highest share in the Global Urea Market.

3] Who are the top key players in the Global Urea Market?
Ans. Acron, Agrium Inc., BASF SE, BIP (Oldbury) Limited, and CF Industries Holdings, Inc. are the top key players in the Global Urea Market.

4] Which segment holds the largest market share in the Global Urea market by 2029?
Ans. Technical Grade segment hold the largest market share in the Global Urea market by 2029.

5] What is the market size of the Global Urea market by 2029?
Ans. The market size of the GlobalUrea market is US $ 52 Bn. by 2029.

6] What was the market size of the Global Urea market in 2021?
Ans. The market size of the GlobalUrea market was worth US $ 41.68 Bn. in 2021.