H1 2023: During H1 2023, the significant players in the global Urea market were P.T. Pupuk CF Industries, Inc., Qatar Fertiliser Co., CF Industries, Inc., and SAFCO. However, P.T. Pupuk was the biggest producer of Urea in H1 2023. In May 2023 Perdaman Chemicals and Fertilisers (Perdaman) began construction of a USD 6 billion urea facility in the Pilbara region of Western Australia. The Perdaman plant will produce 2.3 million tonnes of urea annually by converting natural gas from Woodside's Scarborough Gas Project into urea. In H1 2023, Asia Pacific region was the leading consumer of urea in H1 2023. Although, urea prices fluctuated in the first half of 2023. Because of fluctuating prices for raw materials, the price of urea in China increased till March 2023 and then began to decline from the end of March 2023.听 During the Spring Festival in China, urea manufacturing took longer, resulting in hike in Urea prices in China. The price of urea decreased from March to June 2023 in China and other nations like South Korea and India. Reduced demand from the end-user fertilizer market, as well as drop in feedstock Ammonia and upstream Coal prices, were the main factors contributing to the downward trend in urea pricing.听 Additionally, in June 2023, China decreased its exports due to rise in the global inflation and fewer orders from western nations. In North America, the prices of urea in the first three months of 2023 witnessed a downward trajectory. The cost of raw materials continued to decline, which affected the price of urea in the North American market. A drop in natural gas prices resulted in low feedstock ammonia costs along with oversupply and low consumption by the downstream industries are the reasons behind poor urea prices.听
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H1 2022: During H1 2022, the total production of urea had reached approximately 90 million tonnes. The major players in the global Urea market were P.T. Pupuk, CF Industries, Inc., Qatar Fertiliser Co., and Yara International ASA. However, P.T. Pupuk was the biggest producer of Urea in H1 2022. In H1 2022, Aliko Dangote began operating his new plant that had a budget of USD 5 billion. The new plant produces ammonia and urea. The plant was commissioned by President Muhammadu Buhari, the facility, located in the Lekki Free Trade Zone in Lagos State, Nigeria. The plant holds the capacity to produce 3 million tonnes of urea per annum. Based on region, Asia Pacific acquired the position of the largest consumer of Urea during H1 2022.听 However, the urea prices kept fluctuating in Asia Pacific throughout H1 2022. The prices kept rising from January 2022 across Asia. The escalation of crisis in Ukraine and the blockade of supply routes by Russia had significantly increased the cost of importing fertilizers. However, domestic urea production in India increased due to optimum operating rated by the urea manufacturers in the nation. From January 2022, Europe experienced an increase in fertilizer prices mainly due to rising inflation in the European countries. In addition, demand for urea from the fertilizer and agricultural chemical industries remained firm. The European market was severely short of raw materials nitrogen and ammonia. The rise in urea prices was due to the rise in tensions between Russia and Ukraine, which resulted in significant increases in energy and natural gas prices and increase of the urea production costs.听
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H2 2022: During H2 2022, the total production of urea had reached approximately 96 million tonnes. Throughout H2 2022, the prices of urea across Asia lingered on the lower end of the market. Urea prices faced the downfall due to weak demand from downstream end-user producers in the Indian market. Similarly, Chinese urea prices and local urea market sentiment fell around August 2022. Cost pressures from upstream sectors like ammonia were minimal due to subdued buying trends in the Asian market. Prices fell further due to sluggish market demand for raw material ammonia in the Asian countries. The demand for urea remained on the lower end throughout H2 2022. High expectations were on demand for urea fertilizers in October 2022 during the Rabbi season in India. Still, the urea demand remained still low across India. However, in the European market, Urea prices increased from July 2022 mainly due to higher natural gas costs. Also, the post-war effects on the European market made the urea production rates quite low in the region. The price of urea was also affected by the rose due to the sharp rise in the price of raw material ammonia in Europe. Furthermore, the inflation rate in Germany also rose in July 2022 which led to increase in the retail prices of urea.听
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The global Urea market has grown significantly in the past years to reach approximately 180 million tonnes in 2022 and is expected to grow at a steady CAGR of 4.10% during the forecast period until 2032.听
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Urea, also known as carbamide, is a nitrogenous compound with the molecular formula CO(NH2)2. It contains a carbonyl group attached to two amine groups with osmotic diuretic activity. Urea is neither acidic nor alkaline and is colorless, odorless, non-toxic, and highly soluble in water. It is generally made from synthetic Ammonia and Carbon Dioxide (CO2). As a large amount of CO2 is produced during the Ammonia manufacturing process as a byproduct from hydrocarbons (natural gas or petroleum derivatives) or from coal, urea production plants are almost always located adjacent to the Ammonia manufacturing sites.
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Urea finds its extensive usage in fertilizers as a source of nitrogen and is an important raw material for the chemical industry and several other products. The consistently increasing demand for fertilizers from the agriculture industry is driving the demand for Urea, which is further propelling its market around the globe. Apart from agriculture, Urea is utilized in an array of applications, including plastics, resins, adhesives, explosives, automobile systems, drugs, and other commercial products. The global Urea market is anticipated to reach 270 million tonnes by 2032.
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Based on region-wise consumption, Asia Pacific dominates the Urea market, followed by North America. In 2022, Asia Pacific held a consumption of approximately 45% of the market in FY2022. Increasing consumption of Nitrogen fertilizers in countries including China and India is driving the demand for Urea across the Asia Pacific region. China is one of the leading producers of Urea-Formaldehyde resin in the world, which will most likely increase the urea demand in the region. The demand from automotive, chemical, medical, and other downstream industries is also rising at an exponential pace across the region.听听
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Based on the end-use, the global Urea market is segregated into Fertilizers, Urea Formaldehyde Resin, NOX Control, Melamine, and Others. As of FY2022, Fertilizers industry is leading segment among these industries and consumed approximately 80% of the market. Both as a fertilizer and an ingredient in animal feed, urea is widely utilized in agriculture sector. The main purpose of urea fertilizers in agriculture is to supply nitrogen to plants, which encourages the growth of green and leafy plants. It is required for plants to engage in photosynthesis. Moreover, Urea Formaldehyde Resin is another impressive application of Urea.听
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Major players in the production of Global Urea are CF Industries, Inc, Algeria Oman Fertilizer Company, Acron Group, Abu Qir Fertilizers and Chemical Industries Co. (AFC), Asean Bintulu Fertilizer SDN BHD, Ammoni JSC, Alexandria Fertilizers Co. (AlexFert), Agrium Inc., BASF SE, Chittagong Urea Fertilizer Ltd. (CUFL), Jamuna Fertilizer Company Ltd (JFCL), Ashuganj Fertilizerand Chemical Company Ltd (AFCCL), and Others.听
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Years considered for this report:
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Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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This report will be delivered on an online digital platform with one-year subscription and quarterly update.
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Objective of the Study:听
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鈥� To assess the demand-supply scenario of Urea which covers production, demand and supply of Urea听 market in the globe.
鈥� To analyse and forecast the market size of Urea听听
鈥� To classify and forecast Global Urea market based on end-use and regional distribution.
鈥� To examine competitive developments such as expansions, mergers & acquisitions, etc., of Urea market in the globe.
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To extract data for Global Urea market, primary research surveys were conducted with Urea manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, 果酱视频 was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, 果酱视频 analyzed various segments and projected a positive outlook for Global Urea market over the coming years.听
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果酱视频 calculated Urea demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical supply and demand of Urea across the globe. 果酱视频 sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by 果酱视频.听
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Key Target Audience:
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鈥� Urea manufacturers and other stakeholders
鈥� Organizations, forums and alliances related to Urea distribution
鈥� Government bodies such as regulating authorities and policy makers
鈥� Market research organizations and consulting companies
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The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Urea manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
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Report Scope:
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In this report, Global Urea market has been segmented into following categories, in addition to the industry trends which have also been detailed below:听
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Attribute
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Details
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Market size Volume in 2022
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180 million tonnes
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Market size Volume by 2032
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270 million tonnes
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Growth Rate
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CAGR of 4.10% from 2022 to 2032
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Base year for estimation
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2023
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Historic Data
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2015听鈥� 2022
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Forecast period
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2024 鈥� 2032
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Quantitative units
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Demand in million tonnes and CAGR from 2022 to 2032
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Report coverage
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Industry Market Size, Capacity by Company, Capacity by Location, Production by Company, Operating Efficiency, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process, Policy and Regulatory Landscape.
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Segments covered
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By End-Use: (Fertilizers, Urea Formaldehyde Resin, NOX Control, Melamine, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
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With the given market data, 果酱视频 offers customizations according to a company鈥檚 specific needs.
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In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com
