Granular Urea Market Size

Granular Urea Market size was valued at USD 36.02 Billion in 2023 and is set to cross USD 52.23 Billion by 2036, expanding at more than 2.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of granular urea is evaluated at USD 37.04 Billion. The reason behind the growth is impelled by the growing chemical industry. This, as a result, has increased the demand for granular urea since it is used as a raw material to generate a variety of chemicals, as well as feedstock, glue, fertilizer, commercial goods, and resin.According to estimates, over USD 4 trillion in sales were generated by the chemical industry worldwide in 2021

The spiking demand for diesel is believed to fuel the granular urea market growth. Diesel is considered fuel efficient, therefore it is widely used in commercial sectors such as buses, and heavy-duty trucks. This has led to an increased demand for granular urea since it is used in diesel engines in vehicles, buses, and trucks, and is employed in reactions known as Selective Non-Catalytic Reduction (SNCR) and Selective Catalytic Reduction (SCR) to reduce the NO x pollutants in exhaust gases produced by the combustion of diesel.

In 2023, the global demand for diesel engines is anticipated to rise by more than 4%, reaching over USD 240 billion.