An extensive study of the product application and services conducted by subject matter experts assessing the Urea Market will help product owners to make a wise decision.
New York, United States – May 18, 2020 /MarketersMedia/ —
The Global Urea Market is forecast to reach USD 49.54 Billion by 2027, according to a new report by Reports and Data. Urea can be defined as a nitrogenous compound comprising of 2 amine groups attached to a carbonyl group with osmotic diuretic activity. In living beings, the compound is formed in the liver through the urea cycle from ammonia, wherein it is the end product of protein metabolism. The majority of the globally produced urea is used as a nitrogen-release fertilizer. It has the optimum nitrogen content among all solid nitrogenous fertilizers that are used commonly. Hence, it has the lowest cost of transportation/unit of nitrogen nutrient.
The organic compound has a wide arena of applications. It is a raw fabric for the production of two major types of materials: urea-melamine-formaldehyde and urea-formaldehyde resins, which is used in marine plywood. It is also applied in SCR and SNCR reactions to lessen the NOx pollution in exhaust gases due to the combustion of Diesel, and lean-burn natural gas engines and dual fuel. It can also be used to make urea nitrate that is a high explosive used industrially and applied as a part of some improvised explosive devices. It compound is stabilizer in nitrocellulose explosives.
This report covers the recent COVID-19 incidence and its impact on Urea Market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.
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Key participants include BASF SE, Acron, CF Industries Holdings Inc., BIP (Oldbury) Limited, EuroChem, China National Petroleum Corporation, Koch Fertilizer LLC, Jiangsu sanmu group Co,Ltd., OCI Nitrogen and Nutrien Ltd.
For the purpose of this report, Reports and Data have segmented the global Urea market according to Grade, Technology, End-user, and Region:
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
Technology Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
• SnamProgetti / Saipem technology
• Stamicarbon technology
• Conventional technologies
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia)
Further key findings from the report suggest
• The Urea market held a market share of USD 39.73 Billion in the year 2019 that is forecasted to grow at a rate of 2.8% during the forecast period.
• In context to Grade, the Technical segment is projected to witness a considerable growth rate of 4.6% during the forecast period, which is expected to occupy more than 10.0% of the market by 2027. The growth rate witnessed by the Technical segment is attributed to its wide arena of applications like dyes, glue, cosmetics, disinfectants, among others, which is resulting in the growing demand for the technical grade of this organic compound. Furthermore, expanding pharmaceutical sector and the application of this grade of the compound in the pharmaceutical sector in various medications also contributes to its growth rate.
• In regards to End-user, the Agriculture segment held a considerable share of the market of more than 80.0% in 2019, with a CAGR of 2.9% during the forecast period. The market share held by the Agriculture segment is attributed to the growing demand for fertilizers and the wide application of the organic compound in urea fertilizer that is an effective source of nitrogen, which is used to provide the plants with nitrogen and promote the growth of the plant. It also acts as an effective support to the photosynthesis process of plants.
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