Urea Market Growth Projections: What’s Driving the Demand?

The report "Urea Market by Grade (Agricultural, Technical, Feed, Medical), Product Type (Granular, Prilled), End-Use Industry (Agriculture, Chemical, Automotive, Medical), Application, Technology & Region - Global Forecast to 2029", is projected to reach USD 93.25 billion by 2029 from USD 80.25 billion in 2024, at a CAGR of 3.05% during the forecast period.

Browse in-depth TOC on "Urea Market"

324 – Tables
68 – Figures
301 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=9041040

Urea is an essential chemical for several industries, which are agriculture, pharmaceutical, and industrial applications. Being a fertilizer rich in nitrogen, it enhances agricultural productivity by supplementing crops with necessary nutrients that lead to food security and efficient farming. However, urea also faces challenges that include competition from other fertilizers and hence is concerning people due to the environmental impacts of urea. More recent innovations have led to controlled-release urea fertilizers, which ensure the release of nitrogen progressively and thereby avoid most of the risks associated with nutrient leaching and volatilization. On a positive note, there are opportunities for this market through optimizing the production processes.

"Agriculture is projected to be the fastest-growing end-use industry segment in the urea market"

The agriculture sector is projected to be the fastest-growing end-use industry segment in the urea market due to several key factors, including the increasing global population, which is expected to reach 9.8 billion by 2050 (According to The United Nations), driving higher food demand. This demographic shift creates an urgent requirement for increased agricultural productivity, and thus, the high nitrogen content-about 46% of the composition of urea virtually constitutes a necessary input to increase crop yields as well as ensure food security. Increasing benefits of fertilizers, government subsidies, and improvements in agricultural technology heighten the adoption of urea.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=9041040

"Stamicarbon segment of the urea market is expected to account for the largest share during the forecast period"

Stamicarbon technologies reign supreme in the urea market because of its high energy efficiency, flexibility of feedstocks, and the quality of high-purity urea. It has more advanced emission control systems to meet the demands of the environment and has a very strong global track record. There are 263 urea melt plants that utilize this technology, of which 2 are compact, 123 CO2 stripping plants, 4 ultra-low energy plants, 19 pool reactor plants, 55 conventional process plants, 33 granulation plants, and 31 pool condenser plants, plus 113 revamps. The plants using this technology face less shutdown and superior product, such as lower biuret levels in the product urea, and thus more suitable for agricultural application.

Key players

The urea market report comprises key manufacturers such as CF Industries Holdings, Inc. (US), Pupuk Indonesia (Persero) (Indonesia), Yara International ASA (Norway), SABIC (Saudi Arabia), OCI (Netherlands), Nutrien (Canada), EuroChem Group (Switzerland), Qatar Fertiliser Company (Qatar), BASF SE (Germany), CNPC (China), and IFFCO (India).

CF Industries Holdings, Inc. (US) is one of the largest global manufacturers and distributors of agricultural fertilizers, specializing in nitrogen products such as ammonia, urea, and ammonium nitrate. CF Industries was established in 1946 as Central Farmers Fertilizer Company and became CF Industries in 1970. The company operates through the following segments: Ammonia, Granular Urea, UAN, AN, and Others. The company produces a range of nitrogen-based fertilizers, including granular urea, urea ammonium nitrate (UAN), and ammonium nitrate. CF Industries produces nitrogen-based products such as granular urea, urea ammonium nitrate solution (UAN), and ammonium nitrate (AN). It offers other nitrogen products like diesel exhaust fluid (DEF), urea liquor, nitric acid, and aqua ammonia, which are mainly supplied to its industrial customers.

PT Pupuk Indonesia (Persero) is the leading fertilizer manufacturer in Asia. The company manufactures fertilizers across the spectrum, from urea to NPK. Other petrochemical products for the company include ammonia and sulfuric acid. The company has various segments, including the Fertilizer and Ammonia Segment, the Construction Services Segment, and other segments. The capacity of the production currently stands at 22 million tons, out of which 14 million tons comprise fertilizers and 8.6 million tons ammonia and others. The company has a network of 15 urea, 14 ammonia, 17 NPK (Nitrogen, Phosphorus, Potassium), 3 ZA (Zinc Ammonium Phosphate), 2 ZK (Zinc Potassium), and SP (Super Phosphate) plants respectively in Java, Sumatra, and Kalimantan. The operations of fertilizer production are also supported by 533 storage units, that have a total capacity of 2.8 million tons, while the ammonia storage capacity is pegged at 175,000 tons.

Speak to Expert: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=9041040

Yara International ASA (Norway) is one of the biggest manufacturers and suppliers of crop nutrition and ammonia worldwide and is an industrial solutions company. The operations of the company are categorized into various business lines, such as Europe, Americas, Africa & Asia, Global Plants & Operational Excellence, Clean Ammonia, and Industrial Solutions. The company operates nine fertilizer plants, two high-value product plants, three organic fertilizer plants, a phosphate mine, and a potassium sulfate plant in Europe. Yara has more than 10,800 stores in more than 60 countries, as well as 26 production sites, terminals, and warehouses.

Recent Developments of Urea Market

• In August 2024, Yara International ASA announced strategic divestments from its fertilizer import and distribution business in Ivory Coast, which is part of a strategy to concentrate on African markets that are likely to grow better.

• In June 2024, Yara Brasil Fertilizantes S.A. and Petrobras agreed to the nonbinding Master Agreement to find synergy opportunities and strengthen efficiency in the Brazilian fertilizer market with decarbonization options on the table. 

• In July 2024, BASF SE and ENGIE formed an agreement to use sustainable biomethane at both its sites in Ludwigshafen and Antwerp, reducing the company's carbon footprint and expanding its portfolio with lower or zero PCF for its products.

• In November 2023, BASF and Yuntianhua collaborated to present a climate-smart farming project in China, which will allow the verification of CO2 emissions that are saved in the use of Yuntianhua's stabilized urea fertilizer with BASF's urease inhibitor Limus. The initiative is to support climate-smart farming projects in China, further exploring opportunities for global expansion.