According to the latest report by IMARC Group, titled “Urea Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global urea market size reached US$ 50.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 57.0 Billion by 2028, exhibiting a growth rate (CAGR) of 1.8% during 2023-2028.
Urea (CH4N2O), or carbamide, is an odorless, colorless, and highly versatile chemical compound. It is a white crystalline substance, soluble in water and ethanol, that is also a stable compound composed of nitrogen, oxygen, hydrogen, and carbon. It is typically synthesized by combining ammonia with carbon dioxide (CO2) under high pressure to derive solid odorless white pellets or crystals. In addition, it is widely used as a nitrogen-rich fertilizer, which is essential in modern agriculture. Moreover, it provides essential nutrients to plants, promoting their growth and maximizing agricultural productivity. As a result, urea is widely adopted in chemical, agricultural, automotive, and medical sectors across the globe.
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Global Urea Market Trends:
The urea market is primarily driven by the increasing demand for food. Additionally, rapid urbanization and increasing product demand in the agriculture sector to feed a growing global population are contributing to the need for efficient fertilizers such as urea. In line with this, the widespread adoption of precision agriculture allows farmers to apply fertilizers with precision, targeting specific areas, optimizing nutrient uptake, and enhancing their agricultural practices, thus influencing market growth. Moreover, the widespread adoption of urea in the automotive industry to minimize nitrogen oxide emissions from diesel engines and exhaust while meeting emission regulations represents another major growth-inducing factor. Besides this, the increasing product use in the medical sector in several medical treatments, such as hemodialysis, to remove excess fluids and waste products from the blood of patients with kidney failure is propelling the market growth. Furthermore, the extensive urea demand in the production of medical drugs and ointments to treat skin conditions such as eczema, psoriasis, and calluses is creating a positive global market outlook.
Urea Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the urea market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Acron Group
- BIP (Oldbury) Limited
- EuroChem
- Jiangsu Sanmu Group Co. Ltd
- Koch Fertilizer LLC
- OCI N.V
- Petrobras
- Qatar Fertiliser Company
- SABIC
- Yara International ASA
- BASF
Key Market Segmentation:
Breakup by Application:
- Nitrogenous Fertilizer
- Stabilizing Agent
- Keratolyte
- Resin
- Others
Breakup by End-Use Industry:
- Agriculture
- Chemical
- Automotive
- Medical
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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