The global Urea market size is projected to reach USD 67290 Million by 2027, from USD 43870 Million in 2020, at a CAGR of 2.0% during 2021-2027.
Major Factors Driving the Growth of the Urea Market:
The widespread usage of urea as a fertilizer in the agricultural industry will propel market growth in the coming years. Urea is cost-effective, boosts crop yield in less time, and can be applied in a wide variety of crops and soil.
The growing industrial usage will spur the growth of the global urea market during the forecast period. Urea is an essential raw material in the chemical industry. It is used for making resins, glue, adhesives, etc. The extensive uses in the automotive, cosmetics industry will further drive the demand for urea.