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Written by Business News » Updated on: July 23rd, 2024
IMARC Group, a leading market research company, has recently released a report titled "Urea Market Report by Grade (Fertilizers Grade, Feed Grade, Technical Grade), Application (Nitrogenous Fertilizer, Stabilizing Agent, Keratolyte, Resin, and Others), End-Use Industry (Agriculture, Chemical, Automotive, Medical, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the urea market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global urea market size reached US$ 51.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 59.9 Billion by 2032, exhibiting a growth rate (CAGR) of 1.6% during 2024-2032.
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Factors Affecting the Growth of the Urea Industry:
Growing Product Demand in the Agricultural Sector:
The robust demand for urea in the agricultural sector is one of the major factors boosting the market growth. In line with this, the rising product utilization as a critical component in nitrogen-based fertilizers to enhance crop yield and productivity is acting as a growth-inducing factor. Besides this, the increasing population across the globe that creates the need for higher food production, thereby boosting the use of urea as a nitrogen-release agent to optimize crop outputs, is favoring the market growth. Additionally, rapid advancements in agricultural practices, including precision farming and the use of high-yield crop varieties, are anticipated to drive the market growth.
Rising Demand in Industrial Applications:
The extensive utilization of urea in various industrial sectors for the production of resins, plastics, and adhesives is creating a positive outlook for the market. These materials are essential in the manufacture of particle boards, plywood, and other wood products, which are in high demand in the construction and furniture industries. Additionally, the widespread product application in the chemical industry for the synthesis of numerous compounds, including melamine and certain pharmaceuticals, is contributing to the market growth. Besides this, the increasing role of urea in the production of diesel exhaust fluid (DEF), which is used to reduce nitrogen oxide emissions in diesel engines, is fostering the market growth.
Rapid Technological Advancements and Innovations:
The continuous research and development (R&D) efforts that are focused on enhancing the production efficiency and application effectiveness of urea are creating a positive outlook for the market. In line with this, rapid innovations in urea production technologies, such as the adoption of energy-efficient processes and the utilization of low-cost feedstocks that result in cost reductions and increased output, are fueling the market growth. Along with this, the development of slow-release and controlled-release urea fertilizers that offer prolonged nutrient availability and reduced environmental impacts is enhancing the market growth. Moreover, the rising innovations in urea application methods, such as fertigation and foliar feeding, that optimize the nutrient delivery to crops are catalyzing the market growth.
Speak to An Analyst: https://www.imarcgroup.com/request?type=report&id=2053&flag=C
Urea Market Report Segmentation:
By Grade:
Technical grade accounted for the largest market share due to its extensive use in industrial applications like resin and adhesive production.
By Application:
Nitrogenous fertilizer represented the largest segment owing to its critical role in enhancing crop yields and meeting the growing food demand.
By End-Use Industry:
Agriculture accounted for the largest market share as it relies on urea for efficient and cost-effective fertilization practices.
Regional Insights:
Asia Pacific’s dominance in the urea market is attributed to the substantial agricultural activities and large population that require increased food production.
Global Urea Market Trends:
The rising awareness of the ecological impacts of conventional fertilizers, catalyzing the development and adoption of eco-friendly urea products, is fueling the market growth. Moreover, the introduction of enhanced-efficiency fertilizers (EEFs), including coated and stabilized urea, which minimize nitrogen losses and improve nutrient uptake by plants, is boosting the market growth. Apart from this, the increasing focus on circular economy practices that promote the recycling and re-utilization of industrial by-products in urea production, contributing to resource efficiency and waste minimization, is enhancing the market growth.
Top Companies Operated in Urea Industry:
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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IMARC Group
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