The Global Urea market is forecast to reach USD 50.68 Billion by 2028, according to a new report by Reports and Data. Urea can be defined as a nitrogenous compound comprising of 2 amine groups attached to a carbonyl group with osmotic diuretic activity. In living beings, the compound is formed in the liver through the urea cycle from ammonia, wherein it is the end product of protein metabolism. The majority of the globally produced urea is used as a nitrogen-release fertilizer. It has the optimum nitrogen content among all solid nitrogenous fertilizers that are used commonly. Hence, it has the lowest cost of transportation/unit of nitrogen nutrient. The organic compound has a wide arena of applications. It is a raw fabric for the production of two major types of materials: urea-melamine-formaldehyde and urea-formaldehyde resins, which is used in marine plywood. It is also applied in SCR and SNCR reactions to lessen the NOx pollution in exhaust gases due to the combustion of Diesel, and lean-burn natural gas engines and dual fuel. It can also be used to make urea nitrate that is a high explosive used industrially and applied as a part of some improvised explosive devices. It compound is stabilizer in nitrocellulose explosives. Thus, a wide arena of applications is one of the mentionable factor supporting the expansion of the market.
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Key participants include BASF SE, Acron, CF Industries Holdings Inc., BIP (Oldbury) Limited, EuroChem, China National Petroleum Corporation, Koch Fertilizer LLC, Jiangsu sanmu group Co,Ltd., OCI Nitrogen and Nutrien Ltd.
The materials and chemicals market revenue has expanded significantly over the years and is expected to register robust revenue growth over the forecast period. Technological advancements, rising investments in research and development activities, increasing demand for raw materials in various sectors such as manufacturing, agriculture, food and beverage, pharmaceutical and biotechnology is boosting market growth. In addition, changes in consumer preference, rising disposable income especially in the developing economics, rising funds by several public and private organizations, and increasing demand for biodegradable products are factors boosting market growth.
Further key findings from the report suggest
- The Urea market held a market share of USD 41.00 Billion in the year 2022 that is forecasted to grow at a rate of 2.8% during the forecast period.
- In context to Grade, the Technical segment is projected to witness a considerable growth rate of 4.6% during the forecast period, which is expected to occupy more than 10.0% of the market by 2028. The growth rate witnessed by the Technical segment is attributed to its wide arena of applications like dyes, glue, cosmetics, disinfectants, among others, which is resulting in the growing demand for the technical grade of this organic compound. Furthermore, expanding pharmaceutical sector and the application of this grade of the compound in the pharmaceutical sector in various medications also contributes to its growth rate.
- In context to Technology, the SnamProgetti / Saipem technology segment is projected to witness a considerable growth rate of 3.1% during the forecast period, which is expected to hold more than 30.0% of the market by 2028. The growth rate witnessed by the SnamProgetti / Saipem technology segment is attributed to the growing popularity of the stripping process and its increasing application in new urea plants, which contributes to the growth rate witnessed by this segment.
- In regards to End-user, the Agriculture segment held a considerable share of the market of more than 80.0% in 2022, with a CAGR of 2.9% during the forecast period. The market share held by the Agriculture segment is attributed to the growing demand for fertilizers and the wide application of the organic compound in urea fertilizer that is an effective source of nitrogen, which is used to provide the plants with nitrogen and promote the growth of the plant. It also acts as an effective support to the photosynthesis process of plants.
- In regards to the region, North America held 20.0% of the market in 2022, with a CAGR of 2.7% during the forecast period. The presence of well-established chemical industry and growing pharmaceutical sector is supporting the expansion of the industry in this region.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/urea-market
For the purpose of this report, Reports and Data have segmented the global Urea market according to Grade, Technology, End-user, and Region:
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2022-2028)
Technology Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2022-2028)
- SnamProgetti / Saipem technology
- Stamicarbon technology
- Conventional technologies
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2022-2028)
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2022-2028)
- North America
- Asia Pacific
- Latin America
Explore Reports and Data’s Prime Analysis of the global Materials and Chemicals Industry:
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