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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Urea Market Competitive Landscape
The market players offer high-quality urea at a competitive price to meet the growing global demand, especially from the agricultural sector.
Yara International ASA
Yara International ASA, headquartered in Norway, is the world’s leading crop nutrition company and a provider of environmental and agricultural solutions.
Indian Farmers Fertilisers Cooperative Limited
IFFCO is one of India's biggest co-operative societies for urea industry which is wholly owned by Indian Co-operatives and has its production units in Kalol, Kandla, Phulpur, Aonla, and Paradeep. The company operates in multiple segments including fertiliser production to general insurance.
PT Pupuk Kalimantan Timur
PT Pupuk Kalimantan Timur (PKT), headquartered in Indonesia is one of the leading urea and NPK fertilizer producers in Asia and sells its products in domestic as well as foreign market. The company has an annual production capacity of 3.4 million tons of urea and 350 thousand tons of NPK.
Qatar Fertilizer Company
QAFCO is a global leader in fertiliser production and runs as a joint venture between the Government of Qatar and several foreign shareholders. QAFCO has a strong presence with 6 world-class plants, having an annual capacity of 3.8 MMT of ammonia and 5.6 MMT of urea.
Other notable players operating in the global urea market are National Fertilizers Limited, EuroChem Group AG, Saudi Arabian Fertilizer Company, CF Industries Holdings, Inc, and Nutrien Ltd, among others.
Urea Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global market attained a volume of 177.21 MMT in 2023.
The market is projected to grow at a CAGR of 0.9% between 2024 and 2032.
The key applications include fertiliser, urea formaldehyde (UF) and melamine resins, melamine (cyanurates), animal feed, and others.
The key regional markets for urea are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key exporters include China, South Korea, and Thailand.
The major drivers are the rising population, the increasing requirement for fertilisers amidst the demand for food, and the presence of favourable government initiatives.
The key trend includes research activities aimed at developing innovative processes and devices by using technologies like electrocatalysis for manufacturing environmentally friendly urea as one of the alternative solutions to industrial urea production, reducing energy usage.
The key players in the market include Yara International ASA, Indian Farmers Fertilisers Cooperative Limited, PT Pupuk Kalimantan Timur, Qatar Fertilizer Company, National Fertilizers Limited, EuroChem Group AG, Saudi Arabian Fertilizer Company, CF Industries Holdings, Inc, and Nutrien Ltd, among others.
The Asia Pacific region is the largest consumer of urea.
Yara International, CF Industries Holdings Inc., OCI Nitrogen, and EuroChem Group AG are some of the major suppliers.
Environmental regulations, fluctuating raw material prices, and supply chain disruptions are some major challenges.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach 192.1 MMT by 2032.
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