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According to the latest report by IMARC Group, titled “Urea Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global urea market reached a value of US$ 49.7 Billion in 2021. On account of the aforementioned factors, the market is projected to grow at a CAGR of 2.69% during 2022-2027.
Urea is an organic nitrogenous compound with the chemical formula CH4N2O. It is a colorless, crystalline solid characterized by its high solubility and neutral pH. It is either naturally created in humans as well as other mammals and amphibians by protein metabolism or can be synthesized by combining ammonia with carbon dioxide (CO2) under high pressure. It is widely utilized as a fertilizer and animal feed additive in the agricultural sector. It provides nitrogen to the plants to promote healthy growth and assists them during the photosynthesis process. Apart from this, the compound finds extensive utilization across the chemical, medical and automotive industries in the manufacturing of plastics, pharmaceuticals, adhesives, laminates,
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The market is primarily driven by the significant growth in the agricultural sector across the globe. There has been a growing demand for nitrogen fertilizers from the sector as they aid in promoting rapid growth and encouraging the healthy development of foliage and fruit. The use of these fertilizers, including urea, consequently, delivers a higher crop yield in a limited time, which is boosting their sales on the global level. Along with this, urea is widely used in the automotive industry to reduce nitrogen oxide emissions from diesel engines to meet emission regulations. Automotive urea is utilized in the exhaust systems and tanks of diesel-powered vehicles to remove nitrogen oxide from the exhaust. Furthermore, the advent of fluid bed granulation technology that is utilized in the manufacturing of urea is acting as another major growth-inducing factor. This technology ensures high efficiency and excellent quality of the end product that offers high resistance to crushing and abrasion. Some of the other factors contributing to the market growth include the growing application of urea in the healthcare and personal care sectors, extensive research and development (R&D), and the increasing need for efficient cattle feed supplements.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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