According to the report by Expert Market Research (EMR), the Urea Market Trends Reached a volume of 175.59 MMT in 2022. Aided by the escalating demand for efficient fertilisers and the burgeoning applications of urea in multiple industries, the market is projected to further grow at a CAGR of 0.92% between 2023 and 2028.
Urea
Urea, also known as carbamide, is an organic a compound that is extensively used as a nitrogen-release fertiliser in the agricultural sector. It plays a crucial role in promoting plant growth and overall crop health. Beyond its nutritional properties, urea boasts excellent solubility and non-toxicity, making it a valuable ingredient in a variety of industrial applications, including the automotive, pharmaceutical, and cosmetic industries.
The soaring consumer preference for high-yield fertilisers is a key driver catalysing the global urea market growth. With the increasing awareness of the benefits associated with nutrient-rich fertilisers, there has been a significant shift towards nitrogen-rich fertilisers, leading to a surge in demand for urea-based products. Additionally, the rising necessity for improved crop yield to cater to the escalating global food demand has further contributed to the soaring popularity of urea.
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The expanding applications of urea in diverse industries also play a significant role in boosting the urea market development. In the pharmaceutical industry, urea is utilised as a diuretic and in the treatment of dermatological disorders. The cosmetic industry employs urea for its hydrating and exfoliating properties, which are vital in the formulation of various skincare products. Moreover, urea’s properties as an effective denaturant make it a crucial component in the manufacturing of cosmetics, adhesives, and paper.
Furthermore, the growing demand for AdBlue or Diesel Exhaust Fluid (DEF) in the automotive industry, which employs urea as a primary component, has led to an increased focus on urea. With the rise of stringent emission standards and increasing popularity of diesel vehicles, urea, through DEF, has emerged as a critical factor in reducing harmful nitrogen oxide emissions, thereby propelling the urea market expansion.
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Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- Fertiliser
- Urea Formaldehyde (UF) & Melamine Resins
- Melamine (Cyanurates)
- Animal Feed
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global urea companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Yara International ASA
- Indian Farmers Fertiliser Cooperative Limited
- PT Pupuk Kalimantan Timur
- Qatar Fertiliser Company
- National Fertilizers Limited
- EuroChem Group AG
- Saudi Arabian Fertilizer Company
- CF Industries Holdings, Inc.
- Nutrien Ltd.
- Others
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