The global urea capacity is poised to see considerable growth over the next 10 years, potentially increasing from 218.21 million tonnes per annum (mtpa) last year to 301.55 mtpa in 2030, registering a total growth of 38%, according to an expert.
India will be the dominant player, accounts for 21% of global capacity additions by 2030, stated GlobalData, a leading data and analytics company in its report, ‘Global Urea Capacity and Capital Expenditure Outlook, 2020-2030.’
The Asian heavyweight will garner the highest capacity additions to the tune of 16.84 mtpa by the next decade. Of this, the lion's share will come from Reliance Industries Jamnagar Urea Plant in Gujarat that boasts a capacity of 2.60 mtpa.
"India is set to have large capacity additions to meet its large and growing demand and to curb its import dependence followed by Iran," explained Dayanand Kharade, Oil and Gas Analyst at GlobalData.
"With a capacity of 15.30 mpta by 2030, Iran will be the second in the list. Major capacity additions will be from Hamoon Chabahar Urea Plant, with a capacity of 1.33 mtpa by 2030," he said.
Russia will be the third highest country in terms of capacity additions, with a capacity of 12.04 by 2030 backed by Lukoil Oil Company Budyonnovsk Urea Plant that has a capacity of 2 mtpa.
Nigerian multinational conglomerate Dangote Industries, Iran's Persian Gulf Petrochemical Industries Company and Fertilizer Corporation of India will be the top three companies globally in terms of planned and announced capacity additions over the next 10 years, he added.-TradeArabia News Service