PUBLISHER: The Business Research Company | PRODUCT CODE: 1392717
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392717
“Industrial Nitrogen Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial nitrogen market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial nitrogen? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The industrial nitrogen market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Industrial nitrogen is a colorless, odorless, and chemically inert gas with applications in various industrial processes where chemical cross-reactivity between substrates is undesirable. It finds use in sectors such as food processing, the beverage and brewery industries, oil and gas recovery, and others.
The main forms of industrial nitrogen are compressed gas and liquid nitrogen. Compressed gas is stored under pressure in cylinders, and it constitutes 78% of the Earth's atmosphere. Industrial nitrogen comes in different grades, including high purity and low purity. Various technologies are employed for the production of industrial nitrogen, such as cryogenic fractional distillation, pressure swing adsorption, and membrane separation. Industrial nitrogen is transported through different methods, including bulk, cylinder, packed gas, and tonnage/pipeline. It is utilized by a range of end-users, including petrochemicals, oil and gas, metal manufacturing and fabrication, food and beverage, electronics, pharmaceuticals, healthcare, and chemicals.
The industrial nitrogen market research report is one of a series of new reports from The Business Research Company that provides industrial nitrogen market statistics, including industrial nitrogen industry global market size, regional shares, competitors with an industrial nitrogen market share, detailed industrial nitrogen market segments, market trends and opportunities, and any further data you may need to thrive in the industrial nitrogen industry. This industrial nitrogen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial nitrogen market size has grown strongly in recent years. It will grow from $18. 94 billion in 2023 to $20. 26 billion in 2024 at a compound annual growth rate (CAGR) of 7. 0%. The growth during the historical period can be attributed to factors such as growing industrialization, demand from the chemical industry, metal manufacturing, and the food and beverage industry. These factors contributed to the increased usage of industrial nitrogen across various sectors.
The industrial nitrogen market size is expected to see strong growth in the next few years. It will grow to $26. 09 billion in 2028 at a compound annual growth rate (CAGR) of 6. 5%. The anticipated growth in the forecast period can be attributed to factors such as the expanding electronics industry, increased applications in healthcare, growth in the energy sector, and adherence to environmental regulations. Noteworthy trends expected in the forecast period encompass green nitrogen production, technological advancements in nitrogen production and application, increased usage in pharmaceuticals, the adoption of on-site nitrogen generation, the integration of digitalization and automation in nitrogen processes, and strategic collaborations and partnerships within the industry.
The expansion of the food and beverage industry is playing a significant role in driving the growth of the industrial nitrogen market. Nitrogen is extensively utilized in various commercial food and beverage production processes, particularly in modified atmosphere packaging, to extend the freshness of commercially manufactured food products. Despite the disruption caused by the Russia-Ukraine war, which hindered global economic recovery from the COVID-19 pandemic in the short term, economic sanctions, increased commodity prices, and supply chain disruptions have affected markets worldwide. The global food and beverage market is projected to increase from $6,196. 1 billion in 2021 to $8,641. 0 billion in 2026, highlighting the anticipated impact of the growing food and beverage industry on propelling the industrial nitrogen market in the forecast period.
The rising demand for fertilizers is expected to be a key driver of the industrial nitrogen market's growth. Fertilizers, containing essential nutrients applied to soil or plants to enhance growth and productivity, often include nitrogen as a crucial component. This is particularly significant for crops such as wheat, corn, and leafy vegetables, contributing to lush and leafy plant growth. With global agricultural practices expanding to meet the demands of a growing population, there is a corresponding increase in the demand for nitrogen-containing fertilizers. According to the International Fertilizer Association (IFA), global fertilizer use (N+P+K) was estimated at 198. 2 million metric tons (MMT) in 2020-21. Therefore, the growing demand for fertilizers is a driving force behind the industrial nitrogen market's growth.
The industrial nitrogen market is witnessing a key trend with the increasing occurrence of mergers and acquisitions. An example of this trend is seen in the acquisition carried out by Air Products, a US-based industrial gas company, in April 2022, where they acquired Air Liquide Emirates for Industrial Gases LLC (ALEMIR) and Orca Industrial Gases LLC, contributing to the company's growth strategy in the Middle East. Air Liquide Emirates for Industrial Gases LLC (ALEMIR) is the UAE-based industrial gases division of Air Liquide.
Major companies in the industrial nitrogen market are strategically focusing on innovation, introducing technologies such as nitrogen leaching monitoring capabilities to enhance profitability. Nitrogen leaching monitoring capabilities involve the capacity to measure and track the movement of nitrogen through soil into groundwater or surface water. This capability is essential for effective agricultural and environmental management, allowing precise measurement and tracking of nitrogen movement in soil to minimize environmental impact and ensure regulatory standards are met. CropX Technologies, Ltd., an Israel-based agricultural technology company, launched a nitrogen leaching monitoring capability in August 2022, emphasizing its importance in environmental management, particularly in agriculture, where excess nitrogen can lead to water pollution and other environmental issues.
In August 2021, Linde India, an India-based industrial gases company, completed the acquisition of HPS Gases for $3. 3 million. This acquisition aimed to enhance Linde gas' production capacity in India, enabling better service to customers. HPS Gases is an India-based packaged industrial gases company.
Major companies operating in the in the industrial nitrogen market report are Praxair Technology Inc., Air Products And Chemicals Inc., Air Liquide S. A., Linde plc, Nippon Sanso Holdings Corporation, Cryotec Anlagenbau GmbH, Bhuruka Gases Limited, Sudanese Liquid Air Co. Ltd., Canair Nitrogen Inc., The Messer Group GmbH, Nexair LLC, Gulf Cryo, Southern Industrial Gas Sdn. Bhd., Universal Industrial Gases Inc., Yingde Gases Group Company, Ellenbarrie Industrial Gases Ltd., Bombay Oxygen Corporation Ltd., Emirates Industrial Gases Co. LLC, Parker Hannifin Corporation, Chengdu Taiyu Industrial Gases Co. Ltd., Aspen Air Corporation, Cryomech Inc., MVS Engineering Pvt. Ltd., Cryogenic Industries Inc., AMCS Corporation, Statebourne Cryogenics Ltd., Asia Industrial Gases Pte. Ltd., Rigaku Corporation, Sutton-Garten Co., RMA Armament Inc.
Asia-Pacific was the largest region in the Industrial Nitrogen market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial nitrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the industrial nitrogen market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The industrial nitrogen market consists of sales of low purity and high purity nitrogen. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.