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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Urea Market Analysis by Region
| By Country | CAGR 2024-2032 |
| India | 2.1% |
| Mexico | 1.7% |
| Brazil | 1.5% |
| China | 1.3% |
| Saudi Arabia | 1.2% |
| Germany | 1.1% |
| USA | XX% |
| Canada | XX% |
| UK | XX% |
| France | XX% |
There is a significant amount of intra-regional trade within the Asia Pacific region. Indonesia, with its substantial natural gas reserves, is one of the major ammonia and urea exporters in the Asia Pacific. The Asia Pacific region is also a major contributor to the global agriculture production, with countries such as India being the agriculture powerhouse and a leading producer of milk, pulses, and spices along with the world's largest area under wheat, rice, and cotton. This supports the urea market development, with urea being one of the most important nitrogenous fertilisers required during agricultural processes.
Meanwhile, within North America, beef consumption has increased in the USA, owing to its affordability compared to vegan alternatives. With people getting comfortable preparing beef barbeques and briskets, the need to boost meat production has increased. Feed-grade urea finds applications to help stem weight loss in cattle by improving their rumen function.
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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