Ship Urea Solution Global Market Size Forecast Top 13 Play - California - San Francisco ID1549247

Marine urea is a chemical. Its main function is to convert nitrogen oxides (NOx) emitted by ships into harmless nitrogen (N2) and water (H20) through SCR technology (selective catalytic reduction technology), thereby reducing ship emissions and protecting the environment.

According to the new market research report "Global Ship Urea Solution Market Report 2023-2029", published by QYResearch, the global Ship Urea Solution market size is projected to grow from USD 722 million in 2023 to USD 1.12 billion by 2029, at a CAGR of 7.7% during the forecast period.

This report profiles key players of Ship Urea Solution such as Yara, CF Industries, etc.

In 2022, the global top five Ship Urea Solution players account for 82% of market share in terms of revenue. Above figure shows the key players ranked by revenue in Ship Urea Solution.

Market Drivers:

D1: Technological innovations have an important role in driving the growth of the market. To sustain in the competitive market, vendors should develop new ideas and technologies and stay up-to-date with the advanced technologies.

D2: With diesel engine maritime transportation contributing considerably to environmental pollution, selective catalytic reduction (SCR) for NOx Emissions Control Systems is becoming more crucial for air quality improvements. Ship urea solution is a nitrogen oxide reduction agent that has been specifically developed for use with SCR systems in marine vessels.

D3: Marine urea is used in a large amount in Europe, America and Japan. As the global epidemic situation slows down and international trade gradually resumes, the consumption of marine urea shows an increase.

Challenge:

C1: The price of raw materials is affected by various factors, and the market price will fluctuate violently. Under the current situation of tight supply balance affected by many factors, enterprises purchase large quantities of bulk raw materials such as natural gas and coal, which have a significant impact on product costs. Therefore, fluctuations in raw material prices have largely affected the stability of corporate profits.

C2: The competition in the industry is fierce, the homogeneity of products is serious, and it is closely related to the national economy. It is affected by factors such as macro policies and economic operation cycles. If the macro policies and economic environment change, it will directly affect the company's operation and development.

C3: In many jurisdictions, urea is subject to new supply-related regulations at regional, national and local levels. Policymakers are passing new regulations on product and plant certification and tailings management due to environmental and safety concerns. An increasing number of fertilizer producers are seeking registration with high standard certification schemes. The European Union's Green New Deal, along with the implementation of emissions trading and carbon emission schemes globally, is expected to have a wider impact on the development of the marine urea industry.

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