Urea Market to Reach USD 67290 Million by 2027 at a CAGR of 2% | Valuates Reports
BANGALORE, India, March 15, 2022 /PRNewswire/ -- The Global Urea Market is Segmented by Type (Large Granule Urea, Small Granule Urea), by Application (Agriculture, Industry): Opportunity Analysis and Industry Forecast, 2021–2028. It is published in Valuates Reports under the Chemicals Industry Category.
The global Urea market size is projected to reach USD 67290 Million by 2027, from USD 43870 Million in 2020, at a CAGR of 2.0% during 2021-2027.
Major Factors Driving the Growth of the Urea Market:
The widespread usage of urea as a fertilizer in the agricultural industry will propel market growth in the coming years. Urea is cost-effective, boosts crop yield in less time, and can be applied in a wide variety of crops and soil.
The growing industrial usage will spur the growth of the global urea market during the forecast period. Urea is an essential raw material in the chemical industry. It is used for making resins, glue, adhesives, etc. The extensive uses in the automotive, cosmetics industry will further drive the demand for urea.
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TRENDS INFLUENCING THE GROWTH OF THE UREA MARKET
Urea is a white crystalline organic chemical compound with the highest percentage of nitrogen( about 46 percent). Nitrogen aids in green leafy growth and makes the plants lush. Urea is used extensively by farmers to promote healthy crop yield in less time. It has excellent adaptability making it suitable for all kinds of soils and is cost-effective. Moreover, urea helps in the photosynthesis process and is a crucial animal feed additive. These factors will augment the growth of the urea market in the coming years.
The chemical industry deploys urea for manufacturing various products. It is used in the production of adhesives, plastics, urea-formaldehyde resins, and for making glue, feedstock, commercial products, etc. In addition to it, the automobile industry will positively impact the urea market outlook. DEF(Diesel Exhaust Fluid) which contains urea and deionized water is sprayed into the exhaust engines of diesel vehicles for cutting down harmful NOx pollutants into harmless nitrogen and water.
Furthermore, urea is used widely in skin care products, shampoos, moisturizers, and hair removal creams for rehydration of the skin. This is expected to propel the growth of the urea market during the forecast period.
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UREA MARKET SHARE
Based on application, the agriculture sector will provide huge scope for growth in the urea market share. Based on type, Large Granule Urea is the largest segment, with a share of about 76%. Based on region, Asia-Pacific is the largest market, with a share of about 60%, followed by Europe and North America having a total share of about 30%.
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Key Players
- QAFCO
- Yara
- KOCH
- SABIC
- OCI
- Nutrien
- EuroChem
- Group DF
- Hubei Yihua Chemical Industry
- Rui Xing Group
- Huajin Chemical Industries
- Hualu-hengsheng
- Sichuan Lutianhua
- Lanhua Sci-tech
- Yangmei Chemical
- CF Industries
- Shanxi Tianze
- Zhonghai
- Henan Xinlianxin Chemicals Group Co., Ltd.
- China Coal Energy Company Limited
- CNPC
- Yunnan Yuntianhua
- Yuanxing
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SIMILAR REPORTS:
- Due to the COVID-19 pandemic, the global Commercial Vehicle Urea Tank market size is estimated to be worth USD 464.9 Million in 2022 and is forecast to a readjusted size of USD 578.2 Million by 2028 with a CAGR of 3.7% during the review period.
- The global Urea Strippers market was valued at USD 27 Million in 2020 and it is expected to reach USD 50 Million by the end of 2027, growing at a CAGR of 3.4% during 2021-2027.
- In 2020, the global Urea Fertilizers market size was USD 54500 Million and it is expected to reach USD 62180 Million by the end of 2027, with a CAGR of 1.9% during 2021-2027.
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