As per analysis by Persistence Market Research, the global urea market is estimated to expand at a moderate CAGR of 2.3% over the forecast period of 2021-2031.
The agriculture industry has witnessed significant growth in the last few years, and this growth trend is expected to continue over the coming years as well. Growing demand for food and other agricultural products owing to rise in population and urbanization across the globe is driving demand for fertilizers, which, in turn, is elevating demand for urea in the global market.
Demand for industrial-grade urea is also increasing to reduce the emission of nitrous oxide (NOx) gases from diesel, dual-fuel, and lean-burn natural gas engines. There is a growing demand for nutrient-rich NPK fertilizers, which is also boosting the demand for urea globally.
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Key Takeaways from Market study
- Demand for urea is increasing due to rising use of fertilizers across the world to increase per hectare production capacity of land to cater to rising demand for food and other agricultural-based products.
- Countries such as India, Brazil, Indonesia, and Mexico are the fastest-growing markets, expanding at a healthy CAGR owing to the high production of agricultural-based products in these countries.
- China is one of the most lucrative markets for manufacturers owing to vast population and manufacturer-friendly governmental regulations.
- Various environmental regulations imposed on the use of solid urea due to emission of gaseous ammonia that can be dangerous for the environment as well as human health is a longstanding challenge for manufacturers to overcome.
- Demand for industrial-grade urea is also increasing from the automobile sector owing to the use of urea in selective non-catalytic reduction (SNCR) and selective catalytic reduction (SCR) processes, which are used to reduce the emission of harmful gasses from automobile engines.
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Competitive Landscape
The global urea market has been identified as a significantly fragmented space, with large manufacturers occupying a major section of the overall industry. Tier-1 manufacturers account for highest market share.
Some of the leading players included in the report are Euro Chem, BASF SE, China National Petroleum Corporation, CF Industries Holdings, Inc., Nutrien Ltd., OST chem, Yara International ASA, Industries Qatar Q.P.S.C, SABIC, PT Pupuk Sriwidjaja Palembang (PUSRI), PT Pupuk Kujang, and PT Pupuk Kalimantan Timur, who are anticipated to create a tough competitive environment at the global level.
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Conclusion
The global urea market is witnessing significant growth due to factors such as growth in population, urbanization, rising demand for food products, and rise in need to increase per hectare yield of land. However, factors such as environmental regulations imposed due to the emission of ammonia gas from ammonium-based fertilizers such as urea are hindering market growth to some extent.
Declining natural gas prices are leading to increasing profitability margins, due to which, more private players are increasing their urea production capacities globally.
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