Global Urea Market was valued at US$ XX Mn in 2017, and is estimated to reach US$ XX Mn by 2026 growing at a CAGR of XX % during forecast.
Urea finds its major application for fertilizers in agriculture Industry and automotive industry. Attractive returns in urea production have resulted in surge in capacity expansion projects. However, health hazards regarding urea restrains the market growth. Urea is an important raw material for numerous applications chemical industry. Recent developments such as high input coal costs and tax reforms in poor economies of scale is sustaining growth of the global urea market.
Agriculture segment is leading the urea market. Agricultural industry uses urea, as an animal feed additive and fertilizer. Urea has surpassed and nearly replaced ammonium nitrate as a fertilizer. Demand for urea products is particularly increasing in the automotive market with the introduction of stringent nitrogen oxide regulations for diesel engines. Urea for Automotive is special urea for making best quality diesel exhaust fluid. Automotive Grade Urea is unsuitable for bulk transports as contaminations would endanger the Grade and the final quality of the finished solutions.