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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Urea Market Size
The global urea market reached a volume of 177.21 MMT in 2023. It is expected to grow at a CAGR of 0.9% between 2024 and 2032 driven by the growing demand as a fertiliser from the agriculture sector. The market is expected to reach a volume of 192.1 MMT in 2032.
| Global Urea Market Report Summary | Market Value |
| Base Year | 2023 |
| Historical period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Market Size 2023 | 177.2 MMT |
| Market Size 2032 | 192.1 MMT |
| CAGR 2018-2023 | XX% |
| CAGR 2024-2032 | 0.9% |
| Market by Application CAGR 2024-2032 - Urea Formaldehyde (UF) and Melamine Resins | 1.4% |
| Market by Region CAGR 2024-2032 - Middle East | 1.6% |
| Market by Country CAGR 2024-2032 - India | 2.1% |
| Market by Country CAGR 2024-2032 - UK | 1.3% |
| Market Share by Application: Fertilizer | 81.4% |
Urea Market Outlook
- Governments of agrarian-based economies are introducing favourable initiatives to push low-cost production of urea by subsidising gas procurement policies for fertiliser companies that can increase urea market value.
- With the increased concerns regarding urea shortage amid geopolitical issues, interests in utilising technological interventions like coal gasification in urea production has grown.
- North America, a significant market for urea, is focusing on expanding its capacity, to reduce the region’s reliance on imports.
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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