Currently, Asia accounts for one-fourth of global urea capacity additions and is expected to have a capacity of 16.43 million tons per annum (mtpa) by 2030, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Urea Market Capacity and Capital Expenditure (CapEx) Forecast by Region, Top Countries and Companies, Feedstock, Key Planned and Announced Projects, 2022-2030,’ reveals that the global urea capacity is poised to see considerable growth over the next five years, potentially increasing from 233.05 mtpa in 2021 to 299.99 mtpa in 2030, registering a total growth of 28.7%. Around 76 planned and announced plants are scheduled to come online, predominantly in Asia and the Former Soviet Union, over the next five years.

Vinuthna Bidar, Oil and Gas Analyst at GlobalData, comments: “In Asia, India will dominate the global urea market, with the largest absolute capacity addition driven by its economic growth. India is set to build around 17 urea projects in the next five years.”

GlobalData identifies Iran as the second highest country in terms of capacity additions with a capacity of 10.31 mtpa by 2030. Major capacity additions will be from the planned Hamoon Chabahar Urea Plant, with a capacity of 1.33 mtpa by 2030.

Russia will be the third highest country in terms of capacity additions with a capacity of 10.16 mtpa by 2030. Major capacity additions will be from the planned Nakhodka Fertilizer Plant Nakhodka Urea Plant, with a capacity of 3.00 mtpa by 2030.

Nakhodka Fertilizer Plant, Fertilizer Corporation of India Ltd and Reliance Industries Ltd will be the top three companies globally in terms of planned and announced capacity additions over the outlook period.