- The key vendors in the global urea market 2015-2019 are China National Petroleum Corp., Qatar Fertiliser Co., Yara International ASA, and Agrium Inc.
London, 20 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global urea market 2015-2019. The increasing global trade is a key trend observed in this market. The production of urea is heavily dependent on the availability of cheap natural gas. As a result, Middle Eastern and African countries produce more urea and export it to emerging markets like Latin America, Europe, and North America, where it is impossible to produce urea cost-effectively. The global urea market is expected to grow at a CAGR of 3.22% by supply and 2.84% by demand during the forecast period of 2014-2019.
The increasing application of fertilizers to meet the demand for food products is a major factor that promotes growth in this market. Urbanization and improving standards of living are the major reasons behind the rapid shift in food preferences of the populace. Increasing consumption of meat-based food products consequently raises the demand for poultry and cattle. This growing demand for meat increases the demand for fodder, which is produced at an enhanced rate with the help of urea-based fertilizers.
“Due to the limited availability of gas in many countries, instead of depending intensively on importing, many companies are setting up manufacturing units in the Middle East and Africa as they have an abundance of low-cost natural gas that is used as feedstock for the manufacture of soil nutrients,” says Faisal Ghaus, Vice President of Technavio Research.
“Strategic alliances also help in reducing risks and sharing benefits among two parties or countries, providing access to a large global network, Moreover, technology and equipment supply can take place to greater extent, eventually increasing the output volume.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
