Core Viewpoint - The large particle urea market is experiencing significant growth, with production expected to reach 14 million tons by 2025, reflecting a compound annual growth rate (CAGR) of approximately 5.5% [1] Group 1: Production and Market Trends - In 2024, domestic large particle urea production is projected to reach 11.78 million tons, an increase of 761,100 tons compared to 2023 [1] - The production of primary granulation large particle urea is expected to be 10.47 million tons, a decrease of 56,600 tons from 2023, while secondary granulation large particle urea production is anticipated to be 1.31 million tons, an increase of 817,700 tons [1] - The significant increase in total production is primarily driven by the notable rise in secondary granulation large particle urea [1] Group 2: Demand Structure - The demand for large particle urea is categorized into three main areas: agricultural base fertilizer (60%-70% share), production of coated compound fertilizers (15%-20% share), and direct production of blended BB fertilizers (10%-15% share) [2][3] - Coated urea is further divided into slow-release (40% share), controlled-release (30% share), and functional coated urea (25% share) [2] Group 3: Future Growth Drivers - The market outlook for large particle urea is positive due to increasing agricultural demand and the preference for high-quality fertilizers among farmers and agricultural enterprises [3] - The total production of controlled-release fertilizers in China reached 12 million tons in 2023, a growth of 8.5% year-on-year, with a total output value of 36 billion yuan, up 9.2% from the previous year [3] - The market size for coated urea in agriculture is expected to grow from approximately 9 billion yuan in 2023 to 10.5 billion yuan by 2025, with a CAGR of about 7% [4] Group 4: Technological and Policy Support - Key growth drivers include continuous market demand growth, technological breakthroughs in bio-based coating materials and smart controlled-release technologies, and supportive government policies promoting the use of slow-release fertilizers [4][5] - The international market for domestic coated urea is expected to expand, with exports projected to reach 180,000 tons by 2025, accounting for about 15% of total coated urea production [5]