Urea Market Is Expected To Reach USD 53.05 Billion By 2030.
According to a recent report by Reports and Data, the global urea market is predicted to reach USD 53.05 billion by 2030. Urea is a nitrogenous compound with two amine groups attached to a carbonyl group and osmotic diuretic activity. It is primarily used as a nitrogen-release fertilizer due to its optimal nitrogen content and low cost of transportation per unit of nitrogen nutrient. However, it also has a wide range of applications, including being used as a raw material for the production of urea-melamine-formaldehyde and urea-formaldehyde resins, as well as in SCR and SNCR reactions to reduce NOx pollution in exhaust gases, and in the manufacture of urea nitrate, a high explosive.
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Europe currently holds a significant share of the urea market, with expanding healthcare and agriculture sectors driving demand in the region. Other key findings from the report include that the market held a share of USD 41.00 billion in 2020 and is forecasted to grow at a rate of 2.4% during the forecast period. The technical segment is expected to witness a growth rate of 4.6% due to its wide range of applications, including in dyes, glue, cosmetics, disinfectants, and pharmaceuticals. The SnamProgetti/Saipem technology segment is also projected to grow at a rate of 3.1%, while the agriculture segment holds over 80% of the market and is expected to grow at a CAGR of 2.9% during the forecast period.
North America held 20% of the market in 2020, and key participants in the industry include BASF SE, Acron, CF Industries Holdings Inc., BIP (Oldbury) Limited, EuroChem, China National Petroleum Corporation, Koch Fertilizer LLC, Jiangsu sanmu group Co,Ltd., OCI Nitrogen, and Nutrien Ltd. The global urea market has been segmented by Reports and Data according to grade, technology, end-user, and region.
Urea Market: Drive Factors
The Urea market is expected to grow significantly due to several driving factors. One of the main factors is the increasing demand for nitrogen-based fertilizers in the agriculture sector, which is boosting the demand for urea as it is the most commonly used solid nitrogenous fertilizer due to its optimum nitrogen content and low cost of transportation.
Additionally, the wide range of applications of urea in various industries such as pharmaceuticals, cosmetics, and explosives is contributing to the expansion of the market.
Furthermore, the growth of the healthcare sector in Europe and the well-established chemical industry in North America are also expected to support the growth of the urea market in these regions.
In terms of specific segments within the market, the Technical grade of urea is projected to witness significant growth due to its diverse applications in various industries, such as dyes, glue, and disinfectants. The SnamProgetti / Saipem technology segment is also expected to grow due to the increasing popularity of the stripping process in new urea plants.
Overall, the urea market is expected to reach USD 53.05 Billion by 2030, with a CAGR of 2.4% during the forecast period.
Urea Market: Notable Innovation
There are several notable innovations in the urea market. One of the key innovations is the development of new technologies for urea production, such as the stripping process, which has become increasingly popular due to its efficiency and cost-effectiveness. Another notable innovation is the development of new grades of urea, such as technical grade urea, which has a wide range of applications in various industries including pharmaceuticals, cosmetics, and disinfectants. Additionally, there have been advancements in the use of urea in the automotive industry, where it is used in selective catalytic reduction (SCR) systems to reduce nitrogen oxide (NOx) emissions from diesel and natural gas engines. These innovations have contributed to the growth and expansion of the urea market.
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