The Global Industrial Grade Urea Market size is expected to grow from 188.49 million tons in 2023 to 206.18 million tons by 2028, at a CAGR of 1.81% during the forecast period (2023-2028).
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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