Urea Market size was estimated at USD 80,450 million in 2023 and is projected to reach USD 99,753.1 million in 2030 at a CAGR of 3.12 % during the forecast period 2024-2030.

The urea market refers to the global demand and supply of urea, a nitrogenous fertilizer widely used in agriculture to enhance crop yields. Urea is also utilized in industrial applications such as the production of resins, plastics, and adhesives, and as a raw material for the manufacturing of diesel engine emissions reduction systems.

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Trends like precision farming, advancements in urea production methods, and a focus on sustainability are shaping the market. Key drivers include the expansion of agriculture in emerging economies, government policies supporting food production, and increasing awareness of environmental concerns. These factors combined ensure that the urea market will continue to grow, although challenges around efficiency and sustainability may influence its future trajectory.

Recent Developments

In November 2022, OCI NV announced a significant investment of USD 5 billion to expand its East Texas complex. The company plans to build a new plant that will utilize ammonia and carbon dioxide to produce 2,200 metric tons of urea daily, boosting its overall production capacity.

In June 2022, Pupuk Kaltim revealed its intention to expand its operations with the construction of a new urea production facility in West Papua's Bintuni Bay, Indonesia. This new factory is expected to significantly increase the company’s overall urea production capacity.

In May 2022, Indian Farmers' Fertiliser Cooperative Limited (IFFCO) made a strategic move by investing INR 175 crore (~USD 21.52 million) to install its first nano urea (liquid) production unit in Kalol, Gujarat, India. This expansion marks a significant milestone in the company's business growth.

Urea Market is segmented into various segments such as Product Type, Grade, Technology, Application, End-use Industry and Region.

Based on Grade

·        Technical Grade

·        Agricultural Grade

·        Feed Grade

·        Medical Grade

Based on Application

·        Nitrogenous Fertilizer

·        Cattle Feed

·        Melamine

·        Other Applications

Based on End-Use Industry

·        Agriculture

·        Chemical

·        Automotive

·        Medical

·        Other End-Use Industries

Based on Product Type

·        Granular Urea

·        Prilled Urea

·        Other Product Types

Based on Technology

·        Stamicarbon

·        Saipem

·        TEC

·        Casale

·        NIIK

·        Other Technologies

The prominent players in the Urea Market are

·        CF INDUSTRIES HOLDINGS, INC.

·        PUPUK INDONESIA (PERSERO)

·        YARA INTERNATIONAL ASA

·        SABIC

·        OCI

·        NUTRIEN

·        EUROCHEM GROUP

·        QATAR FERTILIZER COMPANY

·        BASF SE

·        CNPC

·        IFFCO

·        AMERICAN PLANT FOOD CORPORATION

·        GREENWAY BIOTECH, INC.

·        GAC CHEMICAL CORPORATION

·        RAVENSDOWN

·        VINIPUL INORGANICS PVT. LTD.

·        GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED (GSFC)

·        GROUP DF

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