Major players in the urea market are Saudi Arabia’s Basic Industries Corporation, Qatar Fertilizer Company, EuroChem Group AG, Yara International ASA, Nutrien AG, OCI N.V., Acron Group, CF Industries Holding, China National Petroleum Corporation, Koch Fertilizer LLC, National Fertilizers Limited, Acron PJSC, BASF SE, National Fertilizers Limited, Hubei YihuaChemical Industry Co Ltd.
New York, Aug. 01, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Urea Global Market Report 2023” – https://www.reportlinker.com/p06479988/?utm_source=GNW
, Coromandel International Limited, Indian Farmers Fertilizers Cooperative Limited(IFFCO), Saudi Arabian Fertilizer Company, Notore Chemical Industries PLC and PT Pupuk Kalimantan Timur (PKT).
The global urea market is expected to grow from $77.18 billion in 2022 to $78.75 billion in 2023 at a compound annual growth rate (CAGR) of 2.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVD-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The urea market is expected to reach $87.10 billion in 2027 at a CAGR of 2.6%.
The urea market consists of sales of urea in the form of granules, prills and pellets.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Urea refers to a safe, practical substance with a long history. It is a naturally occurring chemical formed by the metabolism of proteins and is widely distributed in mammalian urine.
Asia-Pacifc was the largest region in the urea market in 2022.South America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The various grades of urea include fertilizer grade, feed grade and technical grade.Technical grade urea is urea that is produced and utilized for industrial applications other than fertilizer.
The technologies involved include stamicarbon technology, snamprgetti or saipen technology and conventional technologies for use in applications such as fertilizer, urea-formaldehyde (UF) and melamine resins, melamine (cyanurates), animal feed and other applications in end-user industries including agriculture, chemical, automotive, medical and other end-user industries.
The growing agriculture sector is expected to propel the growth of the urea market going forward.Agriculture refers to the art and science of soil cultivaion, crop production, and livestock.
Urea is an important type of agricultural fertilizer in the agriculture industry that is used to enhance plant growth and increase crop yields.Urea can aid in promoting growth and raising crop yields by giving plants an easily accessible source of nitrogen.
For instance, in February 2022, according to the Food and Agriculture Organization, an Italy-based United Nations leading international efforts to fight hunger, according to the most recent data, the production of primary crops increased globally from 2000 to 2020 by 52%, reaching 9.3 billion tones. Between 2000 and 2020, the production of vegetables climbed by 65 percent while fruit production increased by 55 percent. Therefore, the growing agriculture sector is driving the growth of the urea market.
Technological advancements are a key trend gaining popularity in the urea market.Major market players are concentrating their efforts on creating newer products such as the development of slow-reease urea products and the development of coated urea products.
Slow-release urea products release nitrogen over a longer period of time, reducing the need for frequent applications and improving the efficiency of nitrogen uptake by plants. For instance, in September 2022, ICL Group Ltd., an Israel-based multi-national manufacturer that develops, manufactures, and markets fertilizers, metals, and other specialty chemical goods launched controlled release fertilizer (CRF) coating for urea, eqo.x, a technology with a quick biodegradation time intended for open-field agriculture. By minimizing nitrogen loss and enhancing nutrient use efficiency (NUE) by up to 80%, a coating is used in this novel method to help farmers maximize agricultural crop performance while minimizing environmental effects.
In April 2022, Casale SA, a Switzerland-based developer of core technologies and know-how for the production of Ammonia acquired Green Granulation Limited for an undisclosed amount.With this acqisition, Casale SA enhances its portfolio with new technology while also boosting its position in the domestic Chinese market.
It also helps the company to adopt a one-stop-shop strategy on a bigger scale and provide its customers with the whole N-based fertilizer production cycle, from raw materials to finished goods. Green Granulation Limited is a Netherlands-based provider of fertilizer-related process technology company.
The countries covered in the urea market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of whre they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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