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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 industry. The Asia Pacific is the leading supply market for urea, accounting for nearly 60% of the share in the global urea market. 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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The major players in the global urea market 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), and Engro Corporation Limited, 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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