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GRANULAR UREA MARKET ANALYSIS (2019-2027)

The global granular urea market is expected to reach US$ 49.0 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period, owing to increasing demand for granular urea from various end-use industries.

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GRANULAR UREA MARKET ANALYSIS (2019-2027)

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. GRANULAR UREA MARKET ANALYSIS • Granular Urea Market, by Product Type (Fertilizer Grade, Feed Grade, and Technical Grade), by Application (Agriculture, Chemical, Building & Construction, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

  3. Granular Urea Market – Insights Urea is produced from ammonia and carbon dioxide and is an important chemical in agriculture and chemical industries. Urea is the most commonly used nitrogen fertilizer and cheapest form of nitrogen fertilizer. Urea is white crystalline solid organic compound and is manufactured in granular and prilled form. Granules of urea are manufactured by passing liquid urea through a fluid bed granulation system, which creates a hard and evenly sized granule. Moreover, granular urea is harder than prilled urea and therefore creates less fines and dust when handled & transported. Apart from its application in agriculture industry, granular urea also finds other industrial applications such as glue & resins, wood industry, health & beauty products, metal treatment, tanneries, water treatment, and construction & civil engineering. The global granular urea market is estimated to reach US$ 49.0 billion by the end of 2027, exhibiting a CAGR of 3.3% over the forecast period, owing to increasing demand for granular urea from various end-use industries.

  4. Moreover, emerging economies are focusing on increasing production capacity of granular urea, owing to increasing demand from agriculture sector within the country. For instance, in March 2018, Hindustan Urvarak & Rasayan Limited (HURL), a fertilizer company established by National Thermal Power Corporation (NTPC), a state power company in India, Coal India Limited (CIL), a state coal mining company, and Indian Oil Corporation Limited (IOCL), a state oil company announced to construct a large scale fertilizer complex composed of an ammonia and urea plant in Gorakhpur, Uttar Pradesh, India. The complex will have urea plant with a capacity of 3,850 tons/day and is expected to be operational by December 2020. The new complex is a part of national project promoted under “Make in India” initiative by Government of India that aims to fully achieve domestic production of chemical fertilizers. Technical grade granular urea finds application in various industries. For instance, technical grade granular urea is used in particle board industry, which is a base component in furniture, construction, and wood industries. Growth of various end-use industries such as construction, furniture, pharmaceutical among others is expected to drive demand for granular urea over the forecast period. For instance, according to the British Furniture Confederation, U.K.’s total consumer expenditure on furniture and furnishings reached US$ 19.4 billion in 2018, a rise by 10.5% from 2017.

  5. However, excessive usage of urea leads to adverse implications on soil, crop quality, and the ecosystem. Usage of urea enhances mining of soil nutrients, which leads to deterioration of soil fertility and such soils may require more fertilizers over time to produce optimum yields. Excessive usage of urea also causes groundwater pollution. These factors are encouraging farmers to adopt environment friendly farming process such as organic farming, which in turn are expected to hamper market growth of granular urea over the forecast period. The global granular urea market was valued at US$ 36.6 billion in 2018 and is expected to register a CAGR of 3.3%, in terms of revenue over the forecast period (2019-2027).

  6. Figure 1. Global Granular Urea Market Share (%), By Region, 2018 Among regions, Asia Pacific accounted for the largest market share in 2018, owing to increasing demand for fertilizers from agriculture sector in the region.

  7. Figure 2. Global Granular Urea Market, Revenue Share (%), By Application, 2018

  8. Among application, in 2018, agriculture segment accounted for the largest market share of 87%, in terms of revenue in the global granular urea market. This is attributed to increasing crop production across the globe, which is expected to drive demand for fertilizers, and which is further expected to drive demand for granular urea over the forecast period. For instance, according to the Food and Agriculture Organization of the United Nations, global cereal production in 2019 was pegged at 2,719 million tons, which was 62 million tons (2.3%) above production in 2018. Moreover, players operating in the global granular urea market are adopting various growth strategies such as mergers & acquisitions, in order to strengthen their market presence. For instance, in December 2018, Yara International ASA acquired Tata Chemicals urea business in India. The plant is located in Babrala, Uttar Pradesh, India and has an annual production capacity of 1.2 million tons of urea.  Major players operating in the global granular urea market include CF Industries Holdings, Inc., Yara International ASA, Saudi Arabian Fertilizer Company, Nutrien Ltd., Ostchem Holding, EuroChem Group, Bunge Limited, CVR Partners LP, Luxi Chemical Group Co.,Ltd., and Coromandel International Ltd.

  9. Request Sample Report • Request Customization • Download PDF brochure • Talk To Analyst • Buy Now • Reference: https://www.coherentmarketinsights.com/market-insight/granular-urea-market-3709

  10. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: Customized Market Research Services Industry Analysis Services Business Consulting Services Market Intelligence Services Long term Engagement Model Country Specific Analysis

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