April 30, 2020
As per the report titled ‘Global Urea Fertilizers Market Research Report 2020’, available with Market Study Report LLC, global urea fertilizers market share reached a valuation of USD 53.4 billion in 2020, and is anticipated to amass USD 61.02 billion by the end of 2026, recording y-o-y growth rate of 1.9% over 2021-2026.
Urea is colorless and odorless solid that is highly soluble in water and contains 46.6% nitrogen. Rising food demand from increasing population is compelling farmers to adopt urea fertilizers to provide optimal nutrition to crops and improve yields, hence propelling market growth.
Elaborating on the type, gas based urea fertilizers segment accounted for 70% market share in 2018 and is presumed to see decent growth during the forecast period. Natural gas is one of the key ingredients for the production of nitrogen fertilizers. Abundance of natural gas across the globe is favoring the usage of gas based urea fertilizers.
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Speaking of the application scope, agriculture segment recorded 60% market share whereas industrial segment held 40% of urea fertilizers market share. Agriculture segment is anticipated to witness significant growth during the forecast period, owing to increasing concerns over food security and decrease in arable land which is boosting the demand for urea fertilizers to improve production in limited spaces.
Considering the geographical outlook, Asia Pacific urea fertilizers market is anticipated to accumulate prominent gains in the coming years. High production of rice and palm oil in the region is augmenting the demand for urea fertilizers.
Prominent players in global urea fertilizers market are CF Industries, QAFCO, SABIC, Yara, Yangmei Chemical, Nutrien, EuroChem, Koch Fertilizer, Shanxi Tianze Coal Chemical, China XLX Fertiliser, Rui Xing Group, Shandong Lianmeng Chemical, Dongguang Chemical, Hualu-hengsheng, Sichuan Lutianhua, CVR Partners, LP, Hubei Yihua Chemical Industry, Coromandel International Ltd., Luxi Chemical Group, Sinofert Holdings Limited., OSTCHEM (Group DF), Bunge Limited, and OCI Nitrogen.
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