Urea Market is Estimated to Grow CAGR of 4.15% by 2035 | ChemAnalyst

NEW YORK - Dec. 8, 2021 - PRLog -- According to ChemAnalyst report, "Urea Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035", The Urea market showcased commendable growth as its demand reached 190 million tonnes in 2021 and is expected to grow at a healthy CAGR of 4.15% during the forecast period until 2035. The surging demand for Urea from major end-use industries, including agriculture, chemical, automotive, and others, is likely to boost the Urea market in the upcoming years. Ambitious zero-carbon energy goals and strict regulations to minimize nitrogen oxide emissions by the automotive industry will further drive the Urea market over the next few years.

Urea, also known as carbamide, having the chemical formula CO(NH2)2, is an organic compound containing a carbonyl group attached to two amine groups with osmotic diuretic activity. Urea is practically non-toxic, neither acidic nor alkaline, and highly soluble in water. Industrial production of Urea is done on a large scale, with a worldwide production capacity of approximately 180 million tonnes. Synthetic Ammonia and Carbon Dioxide (CO2) are used in the production of Urea. As a large amount of CO2 is produced while manufacturing Ammonia as a by-product from hydrocarbons (natural gas or petroleum derivatives) or from coal, urea production plants are usually located near the sites of Ammonia manufacturing.

Urea is extensively used in fertilizers as a source of Nitrogen and is an important feedstock. The surging demand for Nitrogen-based fertilizers from the agriculture industry is boosting the demand for Urea, which is further driving its market across the world. Exposure to Urea in the fertilizer form on the skin can cause dermatitis, which can somehow affect the market growth. Apart from agriculture, Urea is employed in a wide range of applications, including plastics, explosives, drugs, resins, adhesives, automobile systems, and other commercial products.

The urea market is segmented on the basis of grade, end-use, sales channel, and region. On the basis of grades, the market is divided into fertilizer, feed, and technical. The technical grade is forecasted to dominate the Urea market in the next few years due to its wide usage in applications like urea-formaldehyde resins, adhesives, plywood, animal feed, disinfectants, cosmetics, etc.

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Major Players:

BASF SE, Yara, CF Industries Holdings Inc., China National Petroleum Corporation, EuroChem, Jiangsu sanmu group Co,Ltd., Koch Fertilizer LLC, Nutrien Ltd., OCI Nitrogen, Petrobras, Qatar Fertiliser Company, SABIC, Notore Chemical Industries Plc, and others.