Global Urea Market to Grow at a CAGR of 0.9% over the Forecast Period of 2024-2032

The global urea market is being driven by the increased demand for the product in the agricultural sector to produce fertilisers. The fertiliser segment, among other applications of urea, serves as the most dominant sector, accounting for more than 80% of its global consumption. Within the Asia Pacific, the regions like India and Thailand are the major demand drivers of the traditional fertilisers, thus aiding the urea market. The Asia Pacific is the leading supply market for urea. China is the leading consumer of urea, followed by India. China is also the largest producer of the product. While China is the net exporter of urea, India is the leading urea importer, accounting for more than 15% of its global imports.

Nitrogen is a key nutrient in any fertiliser programme, and it is delivered in the form of urea. In August 2020, Yara International ASA (OTCMKTS: YARIY), a key player in the industry, collaborated with Nel to produce carbon-free hydrogen for fertiliser production, which is expected to increase the demand for fertilisers and in turn urea, thus, aiding the global urea industry. Qatar Fertiliser Company, owned by IQ (75%), and Yara Netherland B.V. (25%), produces the majority of urea in either the prilled or granular form, and the company also manufactures Urea Formaldehyde Condensate (UFC-85), an anti-caking agent which is added to urea products to improve their strength. Such developments are expected to aid the growth of the global urea market over the forecast period.

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Market Breakup by Applications and Regions:

• On the basis of applications, the global urea industry can be divided into fertiliser, urea formaldehyde (UF) and melamine resins, melamine (cyanurates), and animal feed, among others.
• Region-wise, the global urea market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The expanding agriculture sector is driving the growth of the urea market globally.
• The increased demand for urea and its derivatives, particularly for use in fertilisers in most of the regions, including North America, Brazil, and India, is aiding the market further.
• The increasing global population and the rising disposable incomes are further propelling the industry forward.
• The availability of feedstock for urea production and its low price is supporting the growth of the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global urea market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) information for the regional markets of urea.
• An analysis of the regional price trends has been provided for the (2018-2023) and (2024-2032) periods.
• The report also looks in-depth into the trade data, covering the leading exporting and importing markets, along with their value and volume.
• It also provides an assessment of the market based on the Porter’s Five Forces model, along with a SWOT and value chain analysis.

The major players in the global urea market are Yara International ASA, Indian Farmers Fertilisers Cooperative Limited, PT Pupuk Kalimantan Timur, Qatar Fertilizer Company, National Fertilizers Limited, EuroChem Group AG, Saudi Arabian Fertilizer Company, CF Industries Holdings, Inc., Nutrien Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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