The Industrial Grade Urea Market size is estimated at 191.90 Million tons in 2024, and is expected to reach 209.91 Million tons by 2029, growing at a CAGR of 1.81% during the forecast period (2024-2029).
Considering the COVID-19 pandemic situation, several countries were forced to go into lockdown, which led people to minimize the usage of personal vehicles. Additionally, automotive manufacturing plants were on a temporary halt, thus leading to a decline in the consumption of urea-based catalysts. However, the market recovered in 2021. It is expected to grow at a significant rate during the coming years.
The industrial grade urea market is fragmented, where many players, holding a small share in the global production capacity, have been operating in the industry. Some of the major players in the market include Industries Qatar, SABIC, OCI NV, Yara, and CF Industries Holdings Inc., among others.
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