The global granular urea market is estimated to garner a notable ~3.5% CAGR over the forecast period, i.e., 2022– 2031. The market growth can be attributed to proliferating demand for fertilizers in the agriculture sector. As nitrogen is the largest of the three primary nutrients required by crops for good growth and urea consists of 46% of nitrogen, making it the widely used fertilizer for efficient plant growth. For instance, the total factor productivity (TFP) is growing by approximately 1.3 % in 2019-2020, while at least 1.7% growth is required to sustainably meet the needs of consumers for food. Moreover, it is foreseen that almost 810 million people all over the world remain hungry. Governments all over the world are taking measures to deal with hunger and providing subsidies on urea to the farmers. Hence the global granular urea market is expected to witness a boost over the forecast period to meet worldwide food demand.
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Furthermore, granular urea is cost-effective and offers a higher crop yield in lesser time, resulting in its widespread usage. The granular urea can be used in growing multitudinous crops, such as, rice, sugar beets, perennial grass, corn for grain and hay, oats, rye, potatoes, sunflower, soybeans, wheat, and others. Owing to these applications, the global granular urea market is projected to grow significantly over the forecast period.
The market is segmented by application into agriculture, chemical, and construction. The agriculture segment is anticipated to hold the largest share in the global granular urea market over the forecast period on account of the unprecedented demand for fertilizers. It is estimated that around 90% of the total urea manufactured worldwide is used as fertilizer, which is the reason that the market in the agriculture segment is expected to grow significantly over the forecast period.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global granular urea market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The global granular urea market in the Asia Pacific region is estimated to grow significantly over the forecast period on the back of escalating demand for fertilizers, backed by increasing crop production in the region. The governments in developing nations are gearing up to eradicate hunger and starvation. Moreover, China is amongst the top 5 urea exporting countries. Such factors are estimated to boost the regional market growth.
The North America region is also projected to witness considerable growth in the market over the forecast period owing to massive crop production in the region. The USA, being a developed nation, has wealthy farmers who use a substantial amount of urea to get a good farm yield. It is estimated that urea production has increased from around 2.5 million tons in 2010 to approximately 6 million tons in 2019. Owing to this, the global granular urea market is expected to boom over the forecast period.
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The global granular urea market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
The rising agriculture sector worldwide is expected to grow the global granular urea market over the forecast period.
The market is anticipated to attain a notable CAGR of ~3.5% over the forecast period, i.e., 2022-2031.
The major players in the market are Nutrein Ltd, Ostchem, Indian Farmers Fertilisers Cooperative Limited, Bunge Limited, and Coromandel Fertilizers Ltd.
The company profiles are selected based on the revenues generated from the product segment, the company's geographical presence, which determine the revenue-generating capacity, and the new products being launched into the market by the company.
The market is segmented by product type, application, and by region.
The agriculture segment is anticipated to hold the largest market in value and is estimated to grow at a significant CAGR over the forecast period and display substantial growth opportunities.
Health hazards and adverse environmental impacts are estimated to hamper market growth.
Asia Pacific region is expected to provide more business opportunities for the global granular urea market growth owing to the presence of a large market in the region.
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