The Global Granular Urea Market was valued at US$ 39.04 billion in 2022, according to Global Granular Urea Market Report, 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), published by Coherent Market Insights.
The global granular urea market is expected to reach US$ 57.07 billion by 2030, exhibiting a CAGR of XX% during the forecast period, owing to increasing demand for granular urea from various end use industries. Technical grade granular urea finds application in various industries. For instance, technical grade is used in particle board industry, which is a base component in furniture, construction, and wood industries. Technical grade is also used in pharmaceutical industry for production of dyes, disinfectants, medical drugs, fish oils and omega 3. Growth of various end use industries is expected to drive demand for granular urea over the forecast period.
However, excessive usage of urea leads to adverse implications on soil, crop quality and the ecosystem. Use of urea enhances mining of soil nutrients, which leads to deterioration of soil fertility. Such soils may require more fertilizers over time to produce optimum yields. Excessive use of urea also causes groundwater pollution. These factors are encouraging farmers to adopt environment friendly farming process such as organic farming, which in turn is expected to hamper the market growth of granular urea over the forecast period.
Rise in Production of Biofuel and Biodiesel
The production of biofuels, such as ethanol and biodiesel, is on the rise due to environmental concerns and the need to reduce reliance on fossil fuels. Granular urea is used in the production of biofuels as a nitrogen source for feedstock crops such as corn and sugarcane. The expanding biofuel industry creates a parallel demand for granular urea.
The environmental impact of nitrogen fertilizers
The environmental impact of nitrogen fertilizers, including granular urea, is a growing concern. Excessive or improper use of nitrogen fertilizers can lead to nutrient runoff, water pollution, and greenhouse gas emissions. Increasing environmental regulations and sustainability requirements may impose restrictions on fertilizer use, potentially limiting the growth of the granular urea market.
Key Trends and Analysis of the Global Granular Urea Market:
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Key Takeaways of the Market:
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.
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