Urea is a white glass-like regular manufactured compound with the highest degree of nitrogen. It promotes plant growth and makes plants look lavish. It is used extensively by farmers to help increase the yield faster. It is utilized for the improvement of various things as it is used in the making of concrete urea-formaldehyde gums, plastics, sticks, business things, and feedstock. Furthermore, it helps in the photosynthesis methodology and is a fundamental substance added to animal feed. These factors will redesign the advancements of urea fertilizers and propel the usage of urea growth.
Extending implementation of urea in the automotive industry will support the urea fertilizers industry. The expanding utilization of urea in automotive is presumably going to add growth prospects. Urea is extensively used in this industry to decrease nitrogen oxide content eliminated from diesel vehicles. The utilization of high quality urea in meds, disinfectants, colors, skincare and yeast will bring in robust growth of the market. Different elements containing upgrades in melting and granulation progressions to additionally foster energy and cost practicality and the rising revenue for urea in the chemical business should benefit the market progress.
According to Business Research Insights, the global urea fertilizers market size was valued at USD 54,500 million in 2020 and is projected to reach a valuation of USD 62,180 million by 2027 with a CAGR of 1.9% during the forecast period. The market has leading players such as QAFCO, CF Industries, SABIC, Yangmei Chemical, Yara, Nutrien, Koch Fertilizer, EuroChem, China XLX Fertilizer, and CVR Partners, LP.
Supply Chain Disruption and Manufacturing Operations Reduced Market Growth during the Pandemic
The COVID-19 pandemic forced several countries to implement lockdown, which led people to decrease their usage of vehicles. Thus, the market of urea fertilizers observed a negative effect. The degeneration in the global economy and earnings is expected to disturb the global food security, farm livelihoods, trade, and food consumption. Further, automotive engineering plants were on a momentary halt, thus leading to a decline in the sale of urea-based substances. The market progress post pandemic witnessed ups and downs, owing to the amplified demand from automotive and chemical production facilities.
Business Research Insights States Top 5 Urea Fertilizers Companies -
1. QAFCO (Qatar)
Established in 1969 as a joint endeavor between the Government of Qatar and various unfamiliar investors, QAFCO has developed consistently throughout a very long time as a top notch compost maker. With the vision of the nation's most memorable adventure in the petrochemical area, QAFCO was laid out to expand the economy and use the country's colossal gas savings. QAFCO is 100% owned by Industries Qatar.
2. CF Industries Holdings, Inc. (U.S.)
CF Industries Holdings, Inc. is an American maker and merchant of farming manures, including smelling salts, urea, and ammonium nitrate items. It is situated in Deerfield, Illinois, a suburb of Chicago. It was established in 1946 as the Central Farmers Fertilizer Company. For its initial 56 years, it was an organization of territorial farming inventory cooperatives. CF then demutualized and turned into a public corporation.
3. SABIC (Saudi Arabia)
Saudi Basic Industries Corporation, also known as SABIC, is a Saudi substance producing organization. 70% of SABIC's portions are claimed by Saudi Aramco. It is dynamic in petrochemicals, synthetic compounds, modern polymers, manures, and metals. It is the second biggest public organization in the Middle East and Saudi Arabia as recorded in Tadawul. In 2017, SABIC was positioned fourth on the planet among compound organizations by Fortune Global 500. Toward the end of 2018, SABIC was the world's 281th-biggest enterprise.
4. Yangmei Chemical Co Ltd (China)
Yangmei Chemical Co Ltd works in the synthetic business. The organization's modern design covers four classes of agrarian synthetics such as agricultural compounds, new synthetic compounds, substance gear assembling, and substance exchange. The organization's fundamental items include urea, methanol, ammonium bicarbonate, ionic film burning pop, polyvinyl chloride, fluid chlorine, and n-butyl chemical items like aldehyde, isobutyraldehyde, octanol, and hydrogen peroxide.
5. Yara International ASA (Norway)
Yara International ASA is a Norwegian synthetic organization. It delivers, conveys, and sells nitrogen-based mineral composts and related modern items. Its product offerings incorporate phosphate and potash-based mineral manures, as well as mind boggling and specialty mineral compost items. The organization was laid out in 1905 as Norsk Hydro, the world's most memorable maker of mineral nitrogen composts and demerged as Yara International ASA on March 25th, 2004. Yara is listed on the Oslo Stock Exchange and has its base camp in Oslo.
Adoption of Sulfur Coated Urea to Pose an Opportunity for Market Growth
Utilization of sulfur covered urea fertilizers in crops yields outrageous immersion of supplements in the dirt, which extensively eliminates problems faced because of spillage, volatilization or outrageous turf progress. Supplements are delivered straight into the center zone accordingly for introducing more prominent efficiency. Polymer sulfur covering gives a huge amount of safeguards than customary because of slowness in supplement release and high level of yield through wax coatings. Polymer sulfur covered urea is accomplishing a huge foothold on the rear of higher mixing properties and cost viability. Subsequently, it is a proper substitute for nitrogen controlling and high grain yield harvests like rice and corn.