The new report by Expert Market Research titled, ‘Global Urea Market Size, Share, Growth, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global urea market, assessing the market based on its segments like applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Volume (2022): 175.59 MMT
• Forecast CAGR (2023-2028): 1%
Urea is a crucial component in the manufacture of melamine. Therefore, the increasing application of melamine resins in the household and residential sector is propelling the demand for urea. In addition to this, the thriving construction sector is boosting the demand for paints, plastics and paper, which is invigorating the urea market.
Moreover, the increasing application of urea in cosmetics and skincare products is propelling the market growth. Hence, the increasing demand for personal care products and rising disposable income are likely to further the market growth in the coming years. Geographically, the Asia Pacific accounts for a significant share in the market owing to the increasing urea production in countries such as China and India due to the growing expansion of the major end use industries.
Industry Definition and Major Segments
Urea, which is also known as carbamide, is a colorless crystalline substance used as a fertilizer and feed supplement. Urea is a nitrogenous end product of the metabolic breakdown of protein in mammals and certain fishes. Melting point of urea is 132.7° C, and it reacts with acids to form salts. Moreover, urea is also used as a starting material in the manufacturing of plastics and drugs.
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On the basis of application, the market can be segmented into:
• Fertiliser
• Urea Formaldehyde (UF) and Melamine Resins
• Melamine (Cyanurates)
• Animal Feed
• Others
The regional markets for urea include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The key trends in the urea market include the flourishing agriculture industry, which is spearheading the demand for fertilizers in order to enhance the crop quality and to maximize the production. Over the forecast period, the increasing demand for feed supplements owing to the rising demand for dairy and poultry products is anticipated to be a major driving factor.
Moreover, the thriving e-commerce industry is likely to boost the sales of the downstream products of urea such as cosmetic and skincare products. Furthermore, the market is anticipated to be aided by the increasing demand for urea for the reduction of air pollution from diesel engine cars, buses, and trucks.
Key Market Players
The major players in the market are Yara International ASA, Indian Farmers Fertilizer Cooperative Ltd., PT Pupuk Kaltim, Qatar Fertiliser Company, National Fertilizers Ltd, Engro Corporation Limited, Saudi Arabian Fertilizer Company, CF Industries Holdings, Inc., Nutrien Ltd., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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