Nano Urea Market to Grow at a CAGR of 16 % by 2035
According to ChemAnalyst report, “Nano Urea Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, 2015-2035”, The Nano Urea market is expected to witness considerable growth by reaching 360 million litres in 2035, at a healthy CAGR of 16% during the forecast period. Surging demand for Nano Urea from agriculture sector is likely to boost the Nano Urea market in the upcoming years. Nano Urea stands as a promising, sustainable, and eco-friendly solution to conventional bulk nitrogenous fertilizers such as Urea, which will further drive its market over the next few years.
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Urea (CO(NH2)2), also referred to as carbamide, is an organic compound with a worldwide production capacity of approximately 180 million litres. Urea is widely utilized in fertilizers as a source of nitrogen and is an essential feedstock for chemical and other downstream industries. Nano Urea is the world’s first nanotechnology-based Urea that has the potential to revolutionize the agriculture sector across the world. It is an innovative and extraordinary solution to reduce environmental pollution and enhance soil productivity. Nano Urea was developed by Indian Farmers Fertiliser Cooperative (IFFCO) at Nano Biotechnology Research Centre (NBRC) at Kalol, Gujarat, through proprietary patented technology.
Nano Urea is the first of its kind that minimizes the excessive use of conventional Urea. The Foliar application of Nano Urea significantly satisfies the Nitrogen requirement of a plant and leads to higher crop yield and quality in comparison to conventional Urea. The rapidly increasing demand for Nano Urea around the world, owing to its capability to replace the conventional Urea while providing a reduction in input cost, higher crop yield, and better price because of the better-Quality crop, is expected to boost its market in the upcoming years. Nano Urea is forecasted to replace 13.7 million litres of conventional urea usage in the next few years as IFFCO has also started the trials of nano version of DAP fertilizers.
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This nanotechnology-based Urea has several advantages, such as it has a significant impact in terms of relative logistics and warehousing cost, and farmers can easily carry bottles of Nano Urea physically rather than bulky Urea bags.
Nano Urea Market is segmented based on grade, end-use, sales channel, and region. On the basis of grade, the market is segmented into fertilizer, feed, and technical. Among these, the fertilizer grade segment is likely to dominate the market in the forecast years due to its growing demand in the agriculture sector.
Nano Urea is entirely used as fertilizer for various crops such as food crops, cash crops, plantation crops, horticulture crops, and others. The food crop sector has the largest share of the worldwide nano Urea market due to its high need for fertilizers and is likely to maintain its dominance over the forecast period. Demand from the end-use agriculture sector remained firm during the covid times. After the opening of the lockdown, the market growth observed an uptrend due to the increased demand from the downstream industries.
Among different regions, the Asia Pacific region accounts for the largest share in the Nano Urea market and is likely to maintain its dominance until the forecast period. India, being one of the leading producers of Nano Urea, is likely to boost its manufacturing due to its increased demand from the agriculture sector, which will further accelerate the Nano Urea market across the globe in the upcoming years.
“Nano Urea Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, 2015-2035”, some of the major players operating in Nano Urea market include are BASF SE, Indian Farmer Fertilizer Cooperative Limited, Yara International ASA, Hindustan Insecticide Limited, Fertilizers and Chemical Travancore Ltd. CF Industries Holdings Inc., China National Petroleum Corporation, Jiangsu sanmu group Co, Ltd., EuroChem, Koch Fertilizer LLC, Nutrien Ltd., OCI Nitrogen, Petrobras, Qatar Fertiliser Company, SABIC, Notore Chemical Industries Plc, and others.
“The rapidly increasing demand for fertilizers from the flourishing agriculture industry is expected to boost the Nano Urea market in the forecast period until 2030. Consistently growing demand for Nano Urea due to its capability to replace and reduce the conventional Urea usage while providing a higher crop yield, reduction in input cost, and better price because of the better-Quality crop is likely to augment its market in the next few years. However, with the gradual reopening of the market, the demand for Nano Urea is anticipated to surge in the near term. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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