The world Urea Market is expected to witness considerable growth surpluses in the coming years. The new market report suggested that the global market value will cross around USD 70 billion by the end of 2022. Besides, the surplus growth situation is estimated to persist during the forecasting years. The Compound Annual Growth Rate is anticipated to be 4.1 percent from 2019 to 2022. Recent activities, for example, high input coal costs, improvement in economies, etc. are keeping the global market in a stable condition.
Besides, the prices of this fertilizer are stabilizing after a long time period. The reason is strong Indian imports along with low export. The usage of this fertilizer in the agricultural industry is increasing at a maximum rate owing to its benefits. When applied perfectly, this works great for various types of crops and can increase the yields. The fertilizer comes with around 46 percent of N. So, this can handle, transported, and stored very easily. All these factors will trigger the growth of the market.
On the other side, the automotive industry has also started using this following the strict regulation of nitrogen oxide for diesel-based engines. The automotive market across the world is growing and this, in turn, will drive the global Urea market in following years. The innovation of different applications for this in the development of bio-bricks is estimated to create a lot of profitable opportunities for the global market during the forecasting period. So, in future, the market is set to increase at a higher CAGR rate.
Global Market Segmentation of This Product
The World Urea Market is segmented based on different factors to forecast market growth accurately. So, the entire market is segmented by type, application, and regions. On the basis of type, it is split into Feed, Fertilizer, and Technical. The technical grade segment is expected to enjoy a better growth rate than other product type segments. It is used in different applications, for example in dyes, cosmetics, glue, disinfectants, and more. Now, coming to application segment, this segment includes Chemical, Agriculture, Medical and Automobile. Among them, the dominated application segment is agriculture segment. Agriculture is increasing in different regions, propelling the demand for this fertilizer.
Global Market Segmentation Analysis
The Global Urea Market is divided into the following regions: South America, North America, Europe, Asia Pacific, Middle East & Africa. In the year 2018, the Asia Pacific regional market witnessed the highest market share. An increase in population has positively affected the development of the local agricultural sectors. This results in massive consumption of such fertilizer, hence, driving the global market. Apart from this, the consumption is increasing in medical, chemical and automobile industries as well. China is a leading producer of this fertilizer and is expected to play significant role in the growth of the Asia Pacific Market during the forecasting period.
Latest Market News
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