Global Urea Market Report and Forecast 2022-2027

Global Urea Market Report and Forecast 2022-2027

Market Outlook

The global urea market is being aided by thriving end-use industries and is projected to grow at a CAGR of 0.8% in the forecast period of 2022-2027.

Urea, which is also known as carbamide, is a colourless crystalline substance used as a fertiliser and feed supplement. Urea is a nitrogenous end-product of the metabolic breakdown of protein in mammals and certain fishes. Melting point of urea is 132.7° C, and it reacts with acids to form salts. Urea is also used in the initial manufacturing stages of plastics and drugs, which is a major growth driving factor for the global urea market.

For commercial uses, urea is prepared from liquid ammonia and carbon dioxide in large amounts. The thriving agriculture industry is driving the demand for nitrogen fertilisers, which in turn, is propelling the demand for urea. This can be attributed to the fact that urea is a concentrated nitrogenous fertiliser because of its high nitrogen content. Over the forecast period, the improving farming practices, growing efforts by farmers to increase crop yields, and technological advancements in the agriculture sector are likely to generate a high demand for fertillisers, which will aid the urea market.

Urea is a crucial component in the manufacture of melamine. Hence, the increasing application melamine formaldehyde resins in numerous household and commercial products is propelling the demand for urea. Heightened application of melamine to produce automotive surface coatings is generating significant demand for urea, owing to the increasing sale of automobiles.

Urea formaldehyde is gaining increased traction across the construction industry to make construction materials such as plywood. Urea formaldehyde is versatile, exhibits high tensile strength, and offers high abrasion resistance. The rapid expansion of the construction industry across the emerging economies is adding further growth to the urea market. Moreover, the escalating application of urea formaldehyde in the manufacturing of decorative laminates and paper is further providing impetus to the urea market.

Furthermore, the thriving textile industry is leading to an increasing demand for wrinkle-resistant fabrics and rayons, which in turn, is propelling the demand for urea. Additionally, the growing research and development activities in the textile industry aimed towards producing superior quality fabrics to cope with the growing enthusiasm of the consumers towards fashion and clothing, are the major factors aiding the market growth.

In terms of region, the Asia Pacific region accounts for a significant share of the market owing to the growing expansion of the end-use industries. For instance, the pharmaceutical industry is witnessing robust growth in the region, which is generating higher demand for urea to treat skin conditions such as eczema, keratosis, and xerosis, among others.

In addition to this, the growing research and development activities in the pharmaceutical sector and rising healthcare expenditure are aiding the urea market.

The strong foothold of urea resin manufacturers across emerging economies, such as India, is giving rise to the demand for the product in the region. On top of it, the demand for downstream components of urea, such as wood panels, airplanes, and automotive tools, among others, is high, which is another crucial driving factor of the market.

Market Segmentation

The market can be divided into the following segmentations.

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 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 Ltd.
• PT Pupuk Kaltim
• Qatar Fertiliser Company
• National Fertilizers Ltd
• Engro Corporation Limited
• Saudi Arabian Fertilizer Company
• CF Industries Holdings, Inc.
• Nutrien Ltd.
• Others

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.