Investment Rating - The report does not provide a specific investment rating for the urea fertilizer industry [3]. Core Insights - Urea fertilizer is a high-nitrogen synthetic fertilizer with a nitrogen content of 46%, making it the richest among nitrogen fertilizers. It is crucial for enhancing crop yield and quality [4][5]. - The industry benefits from abundant raw materials, including coal, oil, and natural gas, which are essential for urea production. However, rising raw material prices pose challenges to production costs [7][9]. - The agricultural sector is the primary consumer of urea, driving demand and industry growth. High-standard farmland construction and increased crop planting areas are expected to further stimulate demand [8][29]. Industry Definition - Urea fertilizer is defined as a synthetic nitrogen fertilizer with a nitrogen content of 46%, available in various forms such as ordinary urea, peptide urea, slow-release urea, coated urea, and urea-formaldehyde [4][5]. Industry Characteristics - The urea fertilizer industry in China is characterized by sufficient upstream raw material supply, agricultural demand growth, and rising raw material prices [7]. - In 2022, China's coal production increased by 10.5% to 4.56 billion tons, while natural gas production grew by 6.0%, providing a stable supply for the urea industry [7][20]. Development History - The urea industry in China has evolved through several stages: embryonic, startup, rapid development, fluctuation, and maturity, with significant advancements in production capacity and technology [10][16]. Industry Chain Analysis - The urea industry chain consists of upstream raw material suppliers (coal and natural gas), midstream urea production, and downstream agricultural users. The stability of the industry is supported by the availability of raw materials and the growth of agricultural demand [18][21]. Market Size - The market size of the urea fertilizer industry grew from 52.33 billion RMB in 2018 to 93.51 billion RMB in 2022, with a compound annual growth rate of 15.62%. It is projected to reach 138.49 billion RMB by 2027 [29][30]. Competitive Landscape - The urea fertilizer market in China is characterized by a polarized structure, with leading companies like Northern Huajin Chemical and Luhua Chemical dominating the market, while many smaller firms occupy lower tiers [36][37].
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Tou Bao Yan Jiu Yuan·2024-02-26 16:00