The Global Urea Market is expected to reach a volume size of 187.8 million metric tons in 2020 at a CAGR of 2%. The market is also projected to reach a market size value of USD 49.70 million by 2028, at a CAGR of 2.8% during the forecast period.
Urea is a nitrogen-containing compound that is generally present and can be found in urine of mammals. this naturally occurring molecule is widely present and utilized in the agriculture industry were urea is necessary for the production of nitrogen-based fertilizers. Urea contains the highest nitrogen among the solid nitrogenous fertilizers.
The growth of the Urea market is mainly attributed to factors such as, the high demand for agricultural fertilizers containing urea, preference on nitrogen-based fertilizers, usage in multi-component solid fertilizer sprays, development in the agriculture sector, rising of the fertilizer market, and wide application of nitrogen as well as urea application in industries like medical, chemical, and automobile. An opportunity for this market’s growth is the application of urea in the preparation and production of bio-bricks.
The Impact of COVID-19 on the Urea Market
Numerous industries will have to adapt to the changes that will be imposed upon them by their governments and adopt strategic ways to elevate their game in the market. Containing the widespread of the virus is a difficult challenge to all of the countries because many sectors will have to compromise and deal with the effects in the most advantageous way possible. A solid pull back on the growth of the Urea market is the disruption of supply chain since manufacturing and distribution of key players or companies are being limited, if not, controlled by governments through imposing lock downs and halting travels across borders.
The real challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Urea suppliers have also experienced repercussion because imports and exports in almost all countries have been restricted. The lock downs have caused a delay in the operations and facility shutdowns became a real challenge that these key players needed to face. Some raw materials needed for the production can only actually be acquired through importing and suppliers in turn, were having a hard time exporting these supplies due to border restrictions and hold up.
There are also challenges faced by the urea market and hinders its growth; these include, imminent health hazards in handling and producing urea, negative effects of the COVID-19 virus, decrease in the number of urea supply, stringent health standards and production protocols that needed to be followed by operational facilities, and consumer preference on organic fertilizers.
Key Findings in the Urea Market
In terms of end user, the medical segment is projected to witness a large share in the revenue during the forecast period. This growth is mainly attributed to factors such as, capability of urea to be utilized in skin topicals to ease various skin diseases like eczema, psoriasis and keratosis as it softens dry and rough skin and the potentiality of urea to be used to also soften toenails and fingernails that needed for removal surgeries.
Regional Market Analysis
In terms of regional segmentation, Asia Pacific is expected to have the largest share accounted for in the market in 2020, followed by North America. This is due to growth factors such as, the increasing population, technological advancements in the agricultural industries in regions like China and India, and the high consumption of urea in industries like, chemical, automobile and medical. North America on the other hand, is projected to witness a major share in the urea market by 2028.
Key Players
Based on an extensive assessment, these major key players on the urea market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Yara International ASA, Qatar Fertiliser Company (QAFCO), PT Pupuk Kaltim, Indian Farmers Fertiliser Cooperative Ltd. (IFFCO), CF Industries Holdings, Inc., Nutrien Ltd., National Fertilizers Ltd (NFL), Saudi Arabian Fertilizer Company (SAFCO), Engro Corporation Limited, Hubei Yihua Chemical Industry, Rui Xing Group, Huajin Chemical Industries, Hualu-hengsheng, Sichuan Lutianhua, Lanhua Sci-tech, Yangmei Chemical, EuroChem, Group DF, SABIC, Yara, and Others.
Report Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2021 - 2028)
• Granular Urea
• Prilled Urea
Grade Analysis (Revenue, USD Million, 2021 - 2028)
• Fertilizer
• Feed
• Technical
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Agriculture
• Fertilizer
• Animal Feed
• Industry
• Urea Formaldehyde (UF) and Melamine Resins
• Melamine (Cyanurates)
• Others
End User Analysis (Revenue, USD Million, 2021 - 2028)
• Agriculture
• Chemical
• Automotive
• Medical
• Other End-user Industries
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• UAE
• Qatar
• Saudi Arabia
• Japan
• Africa
• Rest of World
Available Versions:
• United States Industry Research Report
• Europe Industry Research Report
• Asia Pacific Industry Research Report
Need report on this market for specific region or Country? Or need a customized report as per your need? Want to know discounts as available?
Email US
David Correa
david@marketdecipher.com
Or Fill the form below "Sample Request Form" with your queries in message box.
