GlobalData's latest report "Global Urea Capacity and Capex Outlook to 2030 -- India and Iran Lead Global Urea Capacity Growth" shows that in the next five years, global urea capacity will increase significantly, which will grow from 222.96 million tons per year in 2020 to 305.92 million tons per year in 2030, representing an increase of 37%. About 89 projects are planned and announced for production in the next five years, which mainly distributed in Asia and Africa. Asia is expected to lead the world in urea capacity growth by 2030, and it is estimated to increase by 25.27 million tons per year of urea capacity. In Asia, India will account for more than three-quarters of the region's new capacity.

Vinuthna Bidar, an oil and gas analyst at GlobalData, said: "India will dominate the global urea market and its economic growth will allow it to have the largest number of new projects and the largest absolute capacity increase. India will build about 21 urea projects in the next five years." Iran will be the world's second largest country with new urea capacity, increasing by 11.88 million tons per year of new capacity by 2030. Nigeria ranks third in terms of new urea capacity, increasing by 11.58 million tons per year by 2030.