Urea Market Share is Estimated to Grow CAGR of 4.15% by 2035 | ChemAnalyst

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According to ChemAnalyst report, “Urea Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035”, The Urea market showcased commendable growth as its demand reached 190 million tonnes in 2021 and is expected to grow at a healthy CAGR of 4.15% during the forecast period until 2035. The surging demand for Urea from major end-use industries, including agriculture, chemical, automotive, and others, is likely to boost the Urea market in the upcoming years. Ambitious zero-carbon energy goals and strict regulations to minimize nitrogen oxide emissions by the automotive industry will further drive the Urea market over the next few years. 

Urea, also known as carbamide, having the chemical formula CO(NH2)2, is an organic compound containing a carbonyl group attached to two amine groups with osmotic diuretic activity. Urea is practically non-toxic, neither acidic nor alkaline, and highly soluble in water. Industrial production of Urea is done on a large scale, with a worldwide production capacity of approximately 180 million tonnes. Synthetic Ammonia and Carbon Dioxide (CO2) are used in the production of Urea. As a large amount of CO2 is produced while manufacturing Ammonia as a by-product from hydrocarbons (natural gas or petroleum derivatives) or from coal, urea production plants are usually located near the sites of Ammonia manufacturing. Urea is extensively used in fertilizers as a source of Nitrogen and is an important feedstock. The surging demand for Nitrogen-based fertilizers from the agriculture industry is boosting the demand for Urea, which is further driving its market across the world. Exposure to Urea in the fertilizer form on the skin can cause dermatitis, which can somehow affect the market growth. Apart from agriculture, Urea is employed in a wide range of applications, including plastics, explosives, drugs, resins, adhesives, automobile systems, and other commercial products.

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The urea market is segmented on the basis of grade, end-use, sales channel, and region. On the basis of grades, the market is divided into fertilizer, feed, and technical. The technical grade is forecasted to dominate the Urea market in the next few years due to its wide usage in applications like urea-formaldehyde resins, adhesives, plywood, animal feed, disinfectants, cosmetics, etc. Developments in the automotive industry regarding emissions control will provide great scope for the urea market across the globe in the near future.

Based on end-uses, the Urea market is segmented into agriculture, chemical, automotive, medical, and others. The agriculture sector dominated the Urea market across the globe and is projected to maintain its dominance during the forecast period as well, due to the increased demand for fertilizers. Advancements in granulation and melting technologies to enhance energy and cost-effectiveness of Urea, along with the growing demand in the chemical industry, are likely to boost the Urea market in the forecast period.

In 2020, the unprecedented outbreak of the coronavirus caused the urea market to witness a drastic decline worldwide. Several businesses, and downstream industries, were severely affected during the 2nd & 3rd quarters. Strict restrictions and nationwide lockdowns imposed by the leading authorities resulted in reduced transportation which further affected the automotive industry as the sales went below the line. However, demand for Urea remained stagnant from the end-use agriculture industry. The market growth post-pandemic observed an uptrend backed by the increased demand from the automotive and chemical industries.

Among different regions, the Asia Pacific region is dominating the Urea market, followed by North America. With the increasing consumption of Nitrogen fertilizers in China and India, the demand for Urea across the Asia Pacific region is rapidly increasing. China is one of the world’s largest producers of Urea-Formaldehyde resin, which will further propel the urea demand in the Asia Pacific. The demand from chemical, automotive, and other downstream industries is also rising at an exponential pace across the region. 

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Urea Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035”, some of the major players operating in Urea market include are BASF SE, Yara, CF Industries Holdings Inc., China National Petroleum Corporation, EuroChem, Jiangsu sanmu group Co,Ltd., Koch Fertilizer LLC, Nutrien Ltd., OCI Nitrogen, Petrobras, Qatar Fertiliser Company, SABIC, Notore Chemical Industries Plc, and others.

“Continuously increasing demand for fertilizers from the blooming agriculture industry is expected to boost the Urea market in the forecast period until 2035. Surging demand from the automotive industry as Urea is utilized in diesel automobiles to minimize Nitrogen Oxide emissions is likely to provide lucrative growth to the Urea market worldwide. Due to the sudden outbreak of COVID-19, transportation activities were halted, due to which the global supply chain of Urea got disrupted amidst the strong demand from the agriculture industry. However, with the gradual reopening of the market, the demand for Urea is anticipated to surge in the near term. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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