Urea Market 2022
The global urea market is currently valued at over US$ 31 Bn. Sales of urea are projected to increase at 2.3% CAGR and be valued at over US$ 40 Bn by 2031. Growing demand for urea from the agriculture industry and government subsidies on certain fertilizers are driving market expansion. Growth of the agricultural sector, rising preference for organic fertilizers, and increased demand for technical-grade urea are being witnessed in this space.
Request For Free Sample Report of Urea Market @ https://www.persistencemarketresearch.com/samples/32544
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.
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
- PT Pupuk Sriwidjaja Palembang (PUSRI)
- PT PupukKujang
- PT Pupuk Kalimantan Timur
- Yara International ASA
- Industries Qatar Q.P.S.C
- SABIC
- EuroChem Group
- Nutrien Ltd
- BASF SE
- CF Industries Holdings, Inc.
- OSTChem
, who are anticipated to create a tough competitive environment at the global level.
For critical insights on this market, request for customization here@ https://www.persistencemarketresearch.com/request-customization/32544
Key Takeaways – Lime Market in Australia
- 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.
“Demand for urea is highest from the fertilizer segment across regions, and will remain so in future,” says an analyst of Persistence Market Research.
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.
Buy The Complete Report to read the analysed strategies adopted by the top vendors either to retain or gain market share@ https://www.persistencemarketresearch.com/checkout/32544
Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
Other Trending Reports:
Asia Pacific Peracetic Acid Market
About Us
Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
Contact Us:
Persistence Market Research
Address – 305 Broadway, 7th Floor, New York City, NY 10007 United States
US Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – [email protected]