Global Urea Fertilizers Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Urea Fertilizers Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Urea fertilizers are a type of nitrogen-based fertilizer that is made from urea. Urea is a white crystalline substance that is highly soluble in water and is commonly used in agriculture to provide plants with a readily available source of nitrogen. Urea fertilizers are typically applied to the soil or sprayed onto the leaves of plants, where they are broken down by soil microorganisms into ammonium and nitrate ions, which can be easily absorbed by plant roots. Urea fertilizers are widely used due to their high nitrogen content, affordability, and ease of application.

Market Overview:

The latest research study on the global Urea Fertilizers market finds that the global Urea Fertilizers market reached a value of USD 117528.97 million in 2022. It’s expected that the market will achieve USD 93681.86 million by 2028, exhibiting a CAGR of -3.71% during the forecast period.

Global population growth drives the demand for food, which in turn increases the demand for urea fertilizers. Urea is an important nitrogen fertilizer that plays a vital role in improving agricultural productivity. The UN's

World Population Prospects 2022 report predicts that the global population will reach 8 billion in mid-November. This number will continue to grow in the coming decades. The global population is likely to reach 8.5 billion in 2030, 9.7 billion in 2050, and exceed 10 billion around 2058. Population growth leads to increased food demand, which puts pressure on agricultural production. The Food and Agriculture Organization of the United Nations (FAO) predicts that by 2050 the world will need to increase food production by 70% to feed a growing population. The Food and Agriculture Organization of the United Nations and the Organization for Economic Cooperation and Development jointly released the 2023-2032 OECD-FAO Agricultural Outlook report in July 2023. It is mentioned that global agriculture and food production are expected to continue to grow in the next decade. Total food consumption is projected to grow at an average annual rate of about 1.3% over the next decade to 2032, suggesting an increase in the share of agricultural products used for food purposes. An increase in food demand creates a huge market opportunity for urea fertilizers to support sustainable agricultural production.

Technological advancements in the urea fertilizer industry are aimed at improving efficiency and reducing production costs. These technologies not only increase production efficiency but also reduce energy consumption and greenhouse gas emissions. For example, the development of advanced urea syntheses technologies such as fluidized bed and pool reactor systems has increased production capacity and reduced energy consumption. Technological innovations have driven the development of controlled-release urea fertilizers. These fertilizers are coated or encapsulated to release nutrients gradually over an extended period of time to meet the nutrient needs of crops. This reduces nutrient loss through leaching and volatilization, improves nutrient use efficiency, and minimizes environmental impact. What's more, technological advancements facilitate the integration of urea fertilizers with precision farming practices and digital solutions. Farmers can now use sensors, drones, and satellite imagery to gather data on soil conditions, crop health, and nutritional needs. This data-driven approach enables the precise application of urea fertilizers, optimizing nutrient uptake and minimizing waste. These technological innovations help increase the efficiency of the urea fertilizer market, reduce environmental impact, and improve crop performance.

Region Overview:

Asia Pacific had the highest growth rate of all regions.

Company Overview:

Yara is one of the major players operating in the Urea Fertilizers market, holding a share of 3.10% in 2023.

Yara grows knowledge to responsibly feed the world and protect the planet. Yara Clean Ammonia is uniquely positioned to enable the hydrogen economy in a market expected to grow substantially over the next decades. They aim at significantly strengthening their leading global position as the world’s largest ammonia distributor, unlocking the green and blue value chains, and driving the development of clean ammonia globally.

Building on Yara’s leading experience within global ammonia production, logistics and trade, Yara Clean Ammonia works towards capturing growth opportunities in low-emission fuel for shipping and power, carbon-free food pro-duction and ammonia for industrial applications.
Yara Clean Ammonia operates the largest global ammonia network with 15 ships and access to 18 ammonia terminals and multiple ammonia production and consumption sites across the world, through Yara. Revenues and EBITDA for the full year 2022 were USD 4,422 million and USD 249 million respectively.

Founded in 1969 as a joint venture between the Government of Qatar and a number of foreign shareholders, QAFCO has evolved steadily over the past five decades as a world-class fertilizer producer. The country's first large-scale venture in the petrochemical sector, QAFCO was established to diversify the economy and utilize the nation's enormous gas reserve. QAFCO is owned 100% by Industries Qatar (IQ). With 6 world-class plants producing a sizable annual capacity of 3.8 million MT of ammonia and 5.6 million MT of urea, QAFCO stands proudly as the world’s largest single-site exporter of urea with up to 14% share of the world supply. QAFCO is strongly committed to operating its assets safely, efficiently and in an environmentally responsible manner to produce high quality Ammonia and Urea. Continuing with its commitment to excellence, QAFCO aims to be the world's leading urea producer by 2030, driving towards a greener earth.

Segmentation Overview:

Among different product types, Gas based Urea Fertilizers segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Agricultural segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Urea Fertilizers market covered in Chapter 3:

Shanxi tianze coal-chemical
Bunge Limited
OCI Nitrogen
Rui Xing Group
OSTCHEM (Group DF)
China XLX Fertiliser
QAFCO
EuroChem
Koch Fertilizer
Shandong Lianmeng Chemical
Nutrien
Sichuan Lutianhua
Sinofert Holdings Limited
Yara
SABIC
Hualu-hengsheng
Hubei Yihua Chemical Industry
CVR Partners, LP
Dongguang Chemical
Yangmei Chemical
Coromandel International Ltd
CF Industries

In Chapter 4 and Chapter 14.2, on the basis of types, the Urea Fertilizers market from 2018 to 2029 is primarily split into:

Gas based Urea Fertilizers
Coal based Urea Fertilizers

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Urea Fertilizers market from 2018 to 2029 covers:

Agricultural
Industrial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)