According to a new report by Future Market Insights (FMI), the increasing demand in the fertilizer industry is driving the urea strippers market. Applications of urea strippers across diverse industries such as medicine, agriculture, automobile, chemical industry, and others have been creating growth opportunities. Urea strippers also have proven useful in recycling processes due to their basic design and because they allow heat recovery.
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Their ability to hold firm in severe conditions reduces their maintenance needs, ensuring better durability. FMI reports that the extensive use of urea strippers in the fertilizer industry and other commercial sectors will help the market grow in value.
Key Takeaways from the Urea Strippers Market Report
There has been an increasing demand for urea strippers in the chemical process industry due to their application in various sectors like agriculture and automotive products.
Fertilizer production will continue to expand in the coming years, consequently demand for urea strippers will keep rising at a steady pace
Increasing use of urea in end-use industries is expected to help East Asia and South Asia Pacific to continue their dominance in the market
Urea strippers market growth is locally driven due to maximum consumption being recorded in regions manufacturing them
“Globally, demand is steadily growing for fertilizer projects due to economic growth and population increase in emerging markets. It is expected that the application of urea strippers in these sectors will continue to grow constantly over the period of time. Rising investment in fertilizer due to stabilization of raw material prices is favoring growth of the market. At the same time, companies are looking for options that will help them contribute towards the protection of the environment,” said a lead FMI analyst.
COVID-19 Impact Analysis
The COVID-19 pandemic has disrupted industries all over the world, including the urea strippers market. There has been a decrease in sales due to the imposition of lockdown in various countries. This has led to increasing adoption of digital marketing strategies to widen the market and boost sales. The market is expected to bounce back and soon continue on a steady upward trend.
Who is winning?
Manufacturers have begun creating new technologies and innovations in order to maximize profit. The tier 1 and tier 2 players’ are major shareholders in the urea strippers market. This has increased competition among the players, leading to newer developments in the field. They are now shifting their focus towards partnerships with different businesses in order to increase market awareness. Countries with economies that are dependent on agriculture hold a significant hold in the market.
Some of the key players in the urea strippers market are Toyo Engineering India Pvt. Ltd., ISGEC Heavy Engineering Ltd., Paramount Ltd., Kay Iron Works (Jorian) Private Limited, Larsen & Toubro, Mangiarotti Spa, Saipem S.p.A., Feeco International Inc. and Alfa Laval.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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