LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the release of their ‘Urea Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the chemicals industry. This report breaks down the data and analysis behind the procurement of urea and acts as an all-inclusive guide for making smart purchasing decisions.
“APAC and Africa are the regions which will experience the highest growth in the demand for urea during the forecast period,” says SpendEdge procurement analyst A Kowshik. “Also, the growing demand from end-user applications such as personal care will influence the growth of the market,” added A Kowshik.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Urea Market:
- Decreasing global trade of urea due to growing domestic production
- Expected decline in urea prices due to oversupply and competitive feedstock
- Growing focus on R&D activities by suppliers
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Decreasing global trade of urea due to growing domestic production
The global trade for urea is witnessing a consistent decline due to the growing domestic production. Therefore, the export of urea will also witness a slowdown during the forecast period. As a result, the buyers can obtain cost-effective urea due to the increasing production.
Expected decline in urea prices due to oversupply and competitive feedstock
In the recent years, the price of urea is expected to decline due to oversupply and competitive feedstock. Also, the rising competition among the suppliers across regions can help the buyers procure products at lower prices.
Growing focus on R&D activities by suppliers
The top suppliers in the urea category have increased their R&D spending by 2%-4%. This is mainly due to the increasing demand for high-quality urea grades that suit the end-products. In addition, it also enhances features of end-user products.
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