A recent report by Reports and Data predicts that the Global Urea market will achieve a value of USD 53.05 Billion by 2030. Urea is a nitrogenous compound that contains two amine groups attached to a carbonyl group, and it has osmotic diuretic properties. Within living organisms, it is produced in the liver through the urea cycle from ammonia and serves as the end product of protein metabolism. Most of the urea produced globally is used as a nitrogen-release fertilizer because it has the optimal nitrogen content among all commonly used solid nitrogenous fertilizers, making it the cheapest in terms of transportation cost per unit of nitrogen nutrient.
This organic compound has a broad range of applications. It is a raw material for the production of two main types of materials: urea-melamine-formaldehyde and urea-formaldehyde resins, which are used in marine plywood. Additionally, it is utilized in SCR and SNCR reactions to reduce NOx pollution in exhaust gases from the combustion of diesel, lean-burn natural gas engines, and dual fuel. It can also be transformed into urea nitrate, a high explosive used industrially, and applied as a component of some improvised explosive devices. Moreover, it serves as a stabilizer in nitrocellulose explosives. Therefore, the wide array of applications is a significant factor that supports the market's growth.
Europe holds a significant share of the market, primarily due to the continuous expansion of the healthcare sector and the increasing demand for the compound in the agriculture sector, which supports the market's expansion in this region.
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Urea Market Segments:
The global Urea market has been segmented by Reports and Data according to Grade, Technology, End-user, and Region.
In terms of Grade, the market has been categorized into Fertilizer, Feed, and Technical. Fertilizers constitute the largest segment of the Urea market due to their extensive usage in the agriculture industry. Feed-grade urea is primarily used in animal feed for its protein content, while technical-grade urea is used in several applications, including adhesives, plastics, and textiles.
The Technology segment of the Urea market has been divided into Saipem Technology, Stamicarbon Technology, and Conventional Technology. The Saipem Technology and Stamicarbon Technology are relatively new technologies that offer more efficient and sustainable methods of urea production. Conventional technology, on the other hand, involves the use of traditional manufacturing methods that have been employed for several decades.
Based on End-Use, the Urea market has been segmented into Chemical, Agriculture, Medical, Automotive, and Others. Agriculture is the most significant segment of the market, followed by the chemical industry. Urea is extensively used as a nitrogen-release fertilizer in the agriculture industry. It is also used in the chemical industry for manufacturing resins, adhesives, and other chemical compounds. In the medical industry, urea is used as an active ingredient in several dermatological products for its skin exfoliating properties.
Finally, the Urea market has been segmented by Region into North America, Europe, Asia-Pacific, Latin America, and Middle East Africa. Europe holds a significant share of the market due to the continuous expansion of the healthcare sector and increasing demand for urea from the agriculture industry. The Asia-Pacific region is also expected to experience substantial growth due to the increasing population and rising demand for food. Latin America and the Middle East Africa are also anticipated to contribute to the market growth owing to the increasing demand for fertilizers and chemicals in these regions.
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Urea Market: Strategic Developments
According to a new report by Reports and Data, the Urea market held a market share of USD 41.00 Billion in the year 2020, and is forecasted to grow at a rate of 2.4% during the forecast period. The market has been segmented according to Grade, Technology, End-user, and Region.
In terms of Grade, the Technical segment is expected to witness a considerable growth rate of 4.6% during the forecast period, occupying more than 10.0% of the market by 2030. The growth of the Technical segment is attributed to the compound's wide range of applications, such as dyes, glue, cosmetics, disinfectants, among others. Additionally, the expanding pharmaceutical sector and the compound's application in various medications also contribute to its growth rate.
Regarding Technology, the SnamProgetti/Saipem technology segment is projected to witness a considerable growth rate of 3.1% during the forecast period, holding more than 30.0% of the market by 2030. The growth of this segment is attributed to the increasing application of the stripping process in new urea plants, contributing to the growth rate witnessed by this segment.
In terms of End-user, the Agriculture segment held a considerable share of more than 80.0% of the market in 2020, with a CAGR of 2.9% during the forecast period. The demand for fertilizers and the application of the organic compound in urea fertilizer, an effective source of nitrogen, promotes plant growth by providing plants with nitrogen and supporting the photosynthesis process.
In regards to the region, North America held 20.0% of the market share in 2020, with a CAGR of 2.7% during the forecast period. The region's well-established chemical industry and growing pharmaceutical sector are supporting the expansion of the industry in this region.
Urea Market: Competitive Landscape
The global urea market is highly competitive, with several key players contributing to the industry's growth and development. 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. are among the major players in the market. These companies are focusing on developing innovative products and expanding their presence in emerging markets to gain a competitive advantage.
BASF SE, for instance, is a German chemical company that produces and markets urea, among other products. The company focuses on developing innovative and sustainable products that cater to the changing needs of the market. Acron, a Russian fertilizer company, is another major player in the market. The company is known for producing high-quality urea-based fertilizers that cater to the needs of various end-users. CF Industries Holdings Inc., a US-based company, is a leading producer of nitrogen products, including urea, ammonia, and other nitrogen-based fertilizers.
BIP (Oldbury) Limited, a UK-based company, is a major player in the market, known for producing high-quality urea for various end-users. EuroChem, a Swiss-based fertilizer company, produces and markets various nitrogen-based fertilizers, including urea. The company has a significant presence in emerging markets and is focusing on expanding its operations to cater to the growing demand for fertilizers in these regions.
China National Petroleum Corporation (CNPC) is a Chinese oil and gas company that also produces urea. The company is focusing on expanding its operations in emerging markets to increase its market share. Koch Fertilizer LLC, a subsidiary of Koch Industries, produces and markets various fertilizers, including urea. The company is known for its innovative products and services that cater to the needs of various end-users.
Jiangsu sanmu group Co, Ltd. is a Chinese chemical company that produces and markets various chemical products, including urea. The company is focusing on expanding its operations and increasing its market share in emerging markets. OCI Nitrogen, a Dutch fertilizer company, produces and markets various nitrogen-based fertilizers, including urea. The company is known for its high-quality products and services that cater to the needs of various end-users.
Finally, Nutrien Ltd., a Canadian fertilizer company, produces and markets various nitrogen-based fertilizers, including urea. The company has a significant presence in emerging markets and is focusing on expanding its operations to cater to the growing demand for fertilizers in these regions.
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