Granular Urea Market

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GRANULAR UREA MARKET ANALYSIS

• Granular Urea Market, 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) - Size, Share, Outlook,
  and Opportunity Analysis, 2019 - 2027

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• Urea is produced from ammonia and carbon dioxide
  and is an important chemical in agriculture and
  chemical industries. Urea is the most commonly
  used nitrogen fertilizer and cheapest form of
  nitrogen fertilizer. Urea is white crystalline
  solid organic compound and is manufactured in
  granular and prilled form. Granules of urea are
  manufactured by passing liquid urea through a
  fluid bed granulation system, which creates a
  hard and evenly sized granule. Moreover, granular
  urea is harder than prilled urea and therefore
  creates less fines and dust when handled
  transported. Apart from its application in
  agriculture industry, granular urea also finds
  other industrial applications such as glue
  resins, wood industry, health beauty products,
  metal treatment, tanneries, water treatment, and
  construction civil engineering.
• The global granular urea market is estimated to
  reach US 49.0 billion by the end of 2027,
  exhibiting a CAGR of 3.3 over the forecast
  period, owing to increasing demand for granular
  urea from various end-use industries.

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• Moreover, emerging economies are focusing on
  increasing production capacity of granular urea,
  owing to increasing demand from agriculture
  sector within the country. For instance, in March
  2018, Hindustan Urvarak Rasayan Limited (HURL),
  a fertilizer company established by National
  Thermal Power Corporation (NTPC), a state power
  company in India, Coal India Limited (CIL), a
  state coal mining company, and Indian Oil
  Corporation Limited (IOCL), a state oil company
  announced to construct a large scale fertilizer
  complex composed of an ammonia and urea plant in
  Gorakhpur, Uttar Pradesh, India. Technical grade
  granular urea finds application in various
  industries. For instance, technical grade
  granular urea is used in particle board industry,
  which is a base component in furniture,
  construction, and wood industries. Growth of
  various end-use industries such as construction,
  furniture, pharmaceutical among others is
  expected to drive demand for granular urea over
  the forecast period. For instance, according to
  the British Furniture Confederation, U.K.s total
  consumer expenditure on furniture and furnishings
  reached US 19.4 billion in 2018, a rise by 10.5
  from 2017.

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Figure 1 Global Granular Urea Market Share (),
By Region, 2018s
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• However, excessive usage of urea leads to adverse
  implications on soil, crop quality, and the
  ecosystem. Usage of urea enhances mining of soil
  nutrients, which leads to deterioration of soil
  fertility and such soils may require more
  fertilizers over time to produce optimum yields.
  Excessive usage of urea also causes groundwater
  pollution. These factors are encouraging farmers
  to adopt environment friendly farming process
  such as organic farming, which in turn are
  expected to hamper market growth of granular urea
  over the forecast period.
• The global granular urea market was valued at US
  36.6 billion in 2018 and is expected to register
  a CAGR of 3.3, in terms of revenue over the
  forecast period (2019-2027).

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Figure 2. Global Granular Urea Market, Revenue
Share (), By Application, 2018
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• Among application, in 2018, agriculture segment
  accounted for the largest market share of 87, in
  terms of revenue in the global granular urea
  market. This is attributed to increasing crop
  production across the globe, which is expected to
  drive demand for fertilizers, and which is
  further expected to drive demand for granular
  urea over the forecast period. For instance,
  according to the Food and Agriculture
  Organization of the United Nations, global cereal
  production in 2019 was pegged at 2,719 million
  tons, which was 62 million tons (2.3) above
  production in 2018.
• Moreover, players operating in the global
  granular urea market are adopting various growth
  strategies such as mergers acquisitions, in
  order to strengthen their market presence. For
  instance, in December 2018, Yara International
  ASA acquired Tata Chemicals urea business in
  India. The plant is located in Babrala, Uttar
  Pradesh, India and has an annual production
  capacity of 1.2 million tons of urea. 
• 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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