Urea Market Size, Share, Growth Analysis, By Grade (Technical Grade, Agricultural Grade), By Type (Granular Urea, Prilled Urea), By Application, By Region - Industry Forecast 2024-2031
GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED(GSFC)
GROUP DF
FERTIBERIA
KANTO CHEMICAL CO., INC.
DUBI CHEM MARINE INTERNATIONAL
PT PUPUK SRIWIDJAJA PALEMBANG(PUSRI)
JSC TOGLIATTIAZOT(TOAZ)
ANMOL CHEMICALS PRIVATE LIMITED
GREENSTAR FERTILIZERS LIMITED
MATIX FERTILISERS AND CHEMICALS LIMITED
KOCH FERTILIZER, LLC
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Global Urea Market size was valued at USD 97.4 billion in 2022 and is poised to grow from USD 101.3 billion in 2023 to USD 131.4 billion by 2031, growing at a CAGR of 3.2% during the forecast period (2024-2031).
The global urea market is experiencing robust growth, primarily fueled by the increasing demand for agricultural productivity stemming from a rising global population. As food security becomes a pressing concern, urea serves as an efficient nitrogen source that enhances soil fertility and supports plant growth. Innovations in farming practices, like precision farming, further escalate urea's demand due to its ability to optimize nutrient applications. Additionally, urea's versatility extends to various industrial applications, including plastics, adhesives, textiles, and pharmaceuticals, enhancing its market trajectory. The shift towards sustainable and eco-friendly fertilizers is also shaping market dynamics, with urea-based products, such as slow-release and bio-based fertilizers, gaining traction among environmentally conscious stakeholders, thus solidifying urea's role in both agriculture and industry.
Top-down and bottom-up approaches were used to estimate and validate the size of the Urea market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Urea Market Segmental Analysis
Global Urea Market is segmented by Grade, by Product type , by Technology, by Application, by End User and by Region. Based on Grade, the market is segmented into Technical grade, agricultural grade, feed grade, medical grade. Based on Product type, the market is segmented into Granular urea, Prilled urea, other product types. Based on Technology, the market is segmented into Stamicarbon, saipem, casale, niik, other technologies. Based on Application, the market is segmented into Nitrogenous fertilizer, cattle feed, melamine, other applications. Based on End User, the market is segmented into Agriculture, chemical, automotive, medical, other end-use industries . Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Urea Market
The urea market is significantly influenced by the robust demand from the agricultural sector, where it serves as a vital nitrogen fertilizer. As the global population continues to rise, the necessity to boost food production and optimize crop yields becomes increasingly pressing. This urgent requirement for enhanced agricultural productivity propels the demand for urea, which is essential for enriching soil fertility. Additionally, the escalating consumption of various crops, including grains, oilseeds, fruits, and vegetables, further fuels the need for urea within the agricultural industry, underscoring its critical role in meeting global food supply challenges.
Restraints in the Urea Market
The urea market faces significant restraints primarily due to price volatility, which is affected by multiple factors including energy prices, raw material availability, and the dynamics of global supply and demand. Notably, fluctuations in natural gas prices-a critical feedstock for urea production-have a substantial impact on production costs and, consequently, on the market pricing of urea. This unpredictability in pricing creates difficulties for both producers and consumers, making it challenging to plan and budget effectively while undermining overall market stability. As a result, managing this volatility remains a critical concern within the urea market landscape.
Market Trends of the Urea Market
As of October 2023, a significant market trend in the global urea market is its heightened recognition as an essential nitrogen fertilizer in modern agricultural practices. The surge in the global population, combined with the pressing need to enhance food security and agricultural productivity, has amplified demand for urea, particularly in regions experiencing rapid agricultural development. Moreover, the increasing adoption of sustainable farming techniques emphasizes the role of urea in optimizing crop yields while minimizing environmental impact. Consequently, this trend is driving investments in production technologies and distribution networks, ensuring that urea remains a pivotal component in feeding the world's growing population.
Table of Contents
Introduction
Objectives of the Study
Scope of the Report
Definitions
Research Methodology
Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations
Executive Summary
Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis
Market Dynamics & Outlook
Market Overview
Market Size
Market Dynamics
Driver & Opportunities
Restraints & Challenges
Porters Analysis & Impact
Competitive rivalry
Threat of substitute
Bargaining power of buyers
Threat of new entrants
Bargaining power of suppliers
Key Market Insights
Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2023
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Technological Advancement
Regulatory Landscape
Case Studies
Global Urea Market Size by Grade & CAGR (2024-2031)
Technical grade
Agricultural grade
Feed grade
Medical grade
Global Urea Market Size by Product Type & CAGR (2024-2031)
Granular urea
Prilled urea
Other product types
Global Urea Market Size by Technology & CAGR (2024-2031)
Stamicarbon
Saipem
Casale
Niik
Other technologies
Global Urea Market Size by Application & CAGR (2024-2031)
Nitrogenous fertilizer,
Cattle feed
Melamine
Other applications
Global Urea Market Size by End Use & CAGR (2024-2031)
Agriculture
Chemical
Automotive
Medical
Other
Global Urea Market Size by Region & CAGR (2024-2031)
North America, (Grade, Product type, Technology, Application, End User)
US
Canada
Europe, (Grade, Product type, Technology, Application, End User)
UK
Germany
Spain
France
Italy
Rest of Europe
Asia-Pacific, (Grade, Product type, Technology, Application, End User)
China
India
Japan
South Korea
Rest of Asia Pacific
Latin America, (Grade, Product type, Technology, Application, End User)
Brazil
Rest of Latin America
Middle East & Africa, (Grade, Product type, Technology, Application, End User)
GCC Countries
South Africa
Rest of Middle East & Africa
Competitive Intelligence
Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Recent Developments in the Market
Company Market Share Analysis, 2023
Company Profiles of All Key Players
Company Details
Product Portfolio Analysis
Company's Segmental Share Analysis
Revenue Y-O-Y Comparison (2021-2023)
Key Company Profiles
CF INDUSTRIES HOLDINGS, INC.
Company Overview
Business Segment Overview
Financial Updates
Key Developments
PUPUK INDONESIA (PERSERO)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
YARA INTERNATIONAL ASA
Company Overview
Business Segment Overview
Financial Updates
Key Developments
SABIC
Company Overview
Business Segment Overview
Financial Updates
Key Developments
AMERICAN PLANT FOOD CORPORATION
Company Overview
Business Segment Overview
Financial Updates
Key Developments
GREENWAY BIOTECH, INC.
Company Overview
Business Segment Overview
Financial Updates
Key Developments
GAC CHEMICAL CORPORATION
Company Overview
Business Segment Overview
Financial Updates
Key Developments
RAVENSDOWN
Company Overview
Business Segment Overview
Financial Updates
Key Developments
VINIPUL INORGANICS PVT. LTD.
Company Overview
Business Segment Overview
Financial Updates
Key Developments
GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED (GSFC)