IMARC Group, a leading market research company, has recently released a report titled “Urea Market Size, Share, Trends and Forecast by Grade, Application, End-Use Industry, and Region, 2025-2033”. The study provides a detailed analysis of the industry, including the urea market price, growth, size, and industry growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How Big Is the global urea market?
The global urea market size was valued at USD 52.7 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 60.2 Billion by 2033, exhibiting a CAGR of 1.5% during 2025-2033. Asia-Pacific currently dominates the market, holding a significant market share of over 45.2% in 2024.
Rising Agricultural Demand
Increased need for nitrogen fertilizers among farmers should cause growth in the urea market. Reports indicate consumption of fertilizers worldwide will recover by 4% to 192.5 Million Metric Tons in 2023 and grow by 5% in 2024. In 2024, the total world demand for nitrogen fertilizers is predicted at 108 mmt while the production is projected at 109 mmt. The increasing demand is due to the need for more crop production. The FAO estimates that the world's food production will need to increase by 70%, by 2050.
Industrial Applications Driving Growth
Advancements in technology that make urea production more efficient, inexpensive, and eco-friendly are also helpful for the urea market as a whole. For example, in July 2024, NEXTCHEM contracted its Advanced MP Flash Design technology for a Chinese urea plant, to reduce energy consumption by up to 20%. These technologies reduce costs and increase quality, making urea more useful in agricultural and industrial applications.
Price Volatility and Supply Chain Challenges
Government policies and subsidies have also propelled this market. Governments provide subsidies to urea to have food security and agricultural productivity. Other policies include stopping import of urea in India by 2025, increasing production capacity, and promoting nano liquid urea. These policies implement to make fertilizer accessible and adopted, to align with sustainability goals to meet increasing market demand.
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Industry Segmentation:
Analysis by Grade:
- Fertilizers Grade
- Feed Grade
- Technical Grade
Analysis by Application:
- Nitrogenous Fertilizer
- Stabilizing Agent
- Keratolyte
- Resin
- Others
Analysis by End-Use Industry:
- Agriculture
- Chemical
- Automotive
- Medical
- Others
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Asia-Pacific contributes the most to the global urea market. It accounts for over 45.2% of the total share in 2024. Countries including China and India show rising food demand, agricultural productivity, and government initiatives. In 2023, India's domestic production of urea increased by 13.4% to 31.11 Million Tons in 2023 relative to 2022. Major industrialization in the region and government subsidies also support urea.
Who are the key players operating in the industry?
The report covers the major market players including:
- Acron Group
- BASF SE
- BIP (Oldbury) Limited
- EuroChem
- Jiangsu Sanmu Group Co. Ltd.
- Koch Fertilizer LLC
- OCI N.V
- Petrobras
- Qatar Fertiliser Company
- SABIC
- Yara International ASA
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