COVID-19 impact on Granular Urea Market
- The COVID-19 outbreak is hampering the demand for granular urea in many applications. Governments of various countries across the globe have enforced lockdown as measure to curb the spread of the corona virus. This has resulted in slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are hampering the demand for granular urea.
- Key players operating in the granular urea market are primarily tier i and tier ii manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively affected the demand and supply chain of granular urea.
- The COVID-19 outbreak has directly affected the production and demand for granular urea. The industrial shutdown caused by the COVID-19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Granular Urea Market
- Growth of the agriculture industry is the major driver of the granular urea market. The global granular urea market is expected to expand during the forecast period due to the rise in crop production. In recent years, rapid urbanization has resulted in a sharp reduction in farmland. The global granular area market is predicted to be propelled by the rise in global population and the subsequent increase in need for food grains.
- Increase in usage of granular urea in agriculture and chemical applications is expected to boost the market during the forecast period. Market growth is predicted to be driven by the rise in demand for food grains, increase in farmer awareness about granular urea, and growth in need for land use efficiency.
Restraints of Granular Urea Market
- Fluctuating price of raw materials is a key factor restraining the granular urea market. High cost of granular urea over its conventional counterpart is also hampering the market. In addition, availability of substitutes is adversely affecting the market.
Asia Pacific to Constitute Significant Share of Global Granular Urea Market
- In terms of region, the global granular urea market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is anticipated to dominate the granular urea market during the forecast period due to rising food grain demand, increased farmer knowledge, and the need for higher land use efficiency in the region
- The market in North America is anticipated to expand at a faster pace during the forecast period. Increase in demand for fertilizers in North America is expected to propel the granular urea market in the region during the forecast period.
Competitive Landscape of Global Granular Urea Market
Major players operating in the global granular urea market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- CF Industries Holdings, Inc.
- Yara International ASA
- Saudi Arabian Fertilizer Company
- Ostchem Holding
- EuroChem Group
- Bunge Limited
- CVR Partners LP
- Luxi Chemical Group Co.,Ltd.
- Coromandel International Ltd.
- Nutrien Ltd.
Global Granular Urea Market: Research Scope
Global Granular Urea Market, by Product Type
- Fertilizer Grade
- Feed Grade
- Technical Grade Urea
Global Granular Urea Market, by End-use
- Building & Construction
- Others (Cattle Feed Supplement)
Global Granular Urea Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Granular Urea Market Introduction
- Granular urea is a solid nitrogen fertilizer product that contains 46% nitrogen. It has the most nitrogen of any solid nitrogen fertilizer, as it is made from ammonia and carbon dioxide. Among solid nitrogen fertilizers, granular urea has the largest nitrogen content.
- Granular urea can be used alone or combined with phosphate and/or potash fertilizers to provide a total NPK (nitrogen, phosphate, and potassium) plant food mix. Urea can be applied directly to the soil as a granular substance using standard spreading equipment. It is a commonly used nitrogen fertilizer.
- Apart from agriculture, granular urea is used in many industries, including glue and resins, wood, health and beauty goods, metal treatment, tanneries, water treatment, construction, and civil engineering.
- The global granular urea market can be segmented based on product type and end use.
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