According to Fortune Business Insights The global urea market size was valued at USD 107.28 billion in 2021. The market is projected to grow from USD 129.52 billion in 2022 to USD 150.61 billion by 2029, exhibiting a CAGR of 2.2% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Urea Market, 2022-2029.”
COVID-19 Impacts:
Market Growth was Negatively Affected by Declining Industry Demand from 2020 to 2021
Agriculture and animal feed applications account for the majority of carbamide consumption. The global commerce in carbamide and related goods was severely hampered by the shutdown as the coronavirus spread.
As opposed to the industrial sector, however, the agriculture and animal feed industries showed resilience. Production inconsistencies have a significant impact on potential industrial applications such as resin synthesis, fuel additive production, and chemical manufacturing. Further, shortages of working people and raw materials hampered the urea market growth.
Segments:
Fertilizer Grade to Lead Market Due to Extensive its Adoption as Key Nitrogen Fertilizer
In 2021, fertilizer grade urea held the largest share of the market and is expected to retain it position during foreseeable future. It can be attributed to the increased use of fertilizers to enhance the production of crops.
Report Coverage:
The report presents a holistic study of the urea market share along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered.
Regional Insights:
Asia Pacific to Maintain Domination Supported by Increase in Food Demand
The Asia Pacific market was worth USD 71.05 billion in 2021. The region's population is growing rapidly, which has led to an increase in food demand. Due to this, there is now a greater need for fertilizers to boost crop output on each hectare of agricultural land.
Carbamide is heavily imported into Europe from the Middle East & Asia. The product's technology advancements are anticipated to lower carbon emissions and lower input costs, supported by tight restrictions. The region's market is being driven by its developed automobile industry.
During the time of the forecast, North America is anticipated to be a market with consistent growth. This region's growth is primarily related to increased agriculture and demand for industrial applications.
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