Granular Urea has wide applications in agriculture as a fertilizer due to its various advantages. Granular Urea contains 46% nitrogen which helps in promoting the growth of plants and stimulating photosynthesis. Being moisture-resistant, it is suitable for surface application on soil.
The global Granular Urea Market is estimated to be valued at US$ 40.95 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the Granular Urea Market is the increasing focus on enhancing soil fertility and crop yield. Granular Urea is widely used as a fertilizer in agriculture due to its various advantages. It contains 46% nitrogen which helps promote the growth of plants and stimulate photosynthesis. Being moisture-resistant, it can be surface applied on soil without dissolving quickly. This makes it suitable for direct application on soil and planting areas. The efficiency and easy application of Granular Urea is boosting its demand among farmers globally to maximize agricultural production.
SWOT Analysis
Strength: Granular urea has superior nitrogen content and slower-release properties compared to other nitrogen fertilizers, making it ideal for use especially in rice production.
Weakness: Granular urea is water soluble and prone to losses through leaching and volatilization if not properly applied or when excessive rainfall occurs.
Opportunity: The rising demand for food worldwide due to the growing population presents an opportunity to increase production of crops like rice, wheat, corn using granular urea as fertilizer.
Threats: Fluctuations in natural gas prices, which is a key raw material for urea production, poses a threat in terms of rising input costs. Strict environment protection policies can also negatively impact the market.
Key Takeaways
The global Granular Urea Market Analysis is expected to witness high growth over the forecast period of 2023 to 2030, growing at a CAGR of 4.9% to reach a market size of US$ 58.50 Mn by 2030.
Regional analysis – Asia Pacific currently dominates the global market with a share of over 45% in 2023, led by China, India, and other rice-producing countries. The region is expected to remain the fastest growing market over the forecast period due to the large rice farming sector.
Key players – Key players operating in the granular urea market are 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. The market remains highly consolidated with the top five players accounting for nearly half the global production.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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