Market Size of Industrial Grade Urea Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 191.90 Million tons |
| Market Volume (2029) | 209.91 Million tons |
| CAGR (2024 - 2029) | 1.81 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Urea Market Analysis
The Industrial Grade Urea Market size is estimated at 191.90 Million tons in 2024, and is expected to reach 209.91 Million tons by 2029, growing at a CAGR of 1.81% during the forecast period (2024-2029).
Considering the COVID-19 pandemic situation, several countries were forced to go into lockdown, which led people to minimize the usage of personal vehicles. Additionally, automotive manufacturing plants were on a temporary halt, thus leading to a decline in the consumption of urea-based catalysts. However, the market recovered in 2021. It is expected to grow at a significant rate during the coming years.
- Over the short term, the high applicability of technical grade urea, increasing demand from the automotive sector, and increasing usage in the fertilizer segment are expected to drive market growth.
- The indiscriminate use of urea in critical regions and fluctuation in prices are likely to hinder the market growth.
- The use of industrial grade urea in eco-friendly construction is likely to create opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market. However, the Middle East and Africa is likely to witness the highest CAGR during the forecast period.
