Vietnam Industrial Nitrogen Market is Expected to Reach USD 212.5 Million, Growing at a CAGR of 5.40% between 2023 and 2030

The Infinium Global Research analyzes the Vietnam Industrial Nitrogen Market over the period of 2023 to 2030. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in Vietnam industrial nitrogen market. It will help a lot of decision makers to develop strategies and find new opportunities in the Vietnam markets of industrial nitrogen. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the industrial nitrogen market during the period. The Vietnam industrial nitrogen market was valued at USD 140.7 Million in 2022 and is expected to reach USD 212.5 Million by 2030 and grow at a CAGR of 5.40% over the forecast period.

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Food and Beverage Industry Nurturing Market Expansion

Nitrogen has proven to be a pivotal asset in the food and beverage industry, effectively used for packaging and preservation. Nitrogen packaging stands out as one of the most reliable methods for extending the shelf life of perishable goods. The presence of a substantial and continually growing packaged food industry in Vietnam has emerged as a prominent factor propelling the industrial nitrogen market in the country. According to data from the General Statistics Office, Ministry of Industry and Trade, and the Ministry of Agriculture and Rural Development, the retail sale of packaged food in Vietnam was approximately USD 14.2 billion in 2020, showing a robust Compound Annual Growth Rate (CAGR) of over 40% since 2016.

Pharmaceutical Industry Flourishing

The pharmaceutical industry in Vietnam has experienced significant growth in recent years, with an estimated value of USD 10 billion in 2020, up from around USD 5 billion in 2017, as reported by the Pharmaceutical Companies Association (VNPCA). Furthermore, Vietnam has been recognized as the third Pharmerging country by IQVIA. This flourishing sector is primarily attributed to the increasing healthcare spending in Vietnam, amounting to approximately USD 17 billion in 2019, making up 6.6 percent of the country's GDP. Nitrogen's role in creating an inert dry atmosphere has been instrumental in maintaining sterility and cleanliness in pharmaceutical products. It also plays a pivotal role in controlling oxygen levels within workspaces, laboratories, and entire facilities. Hence, the escalating pharmaceutical industry in Vietnam is a significant driver of the industrial nitrogen market's growth.

Environmental Regulations Present Challenges

Environmental regulations imposed by the government to improve air quality and protect public health have posed challenges for the adoption of industrial nitrogen. Air pollutants, including nitrogen oxides, emitted mainly from the transportation and industrial sectors, have contributed to highly polluted air in industrial zones and parks, according to a survey conducted by the Vietnam Environment Agency. As a result, the Prime Minister has launched a national action plan on air quality management up to 2020, aiming to improve air quality control and reduce exhaust gas emissions. These regulations have caused end-users to reconsider the use of industrial nitrogen to comply with the new guidelines, potentially impacting the growth of the industrial nitrogen market in Vietnam.

Vietnam's Strategic Appeal for Manufacturers

Vietnam has emerged as a strategic destination for organizations to establish their manufacturing units, offering several advantages over other Asian manufacturing hubs such as China and Taiwan. Lower manufacturing costs, driven by competitive labor costs, and participation in numerous free trade agreements have lured manufacturing companies to Vietnam. The ongoing US-China trade war has further encouraged companies to choose Vietnam as their preferred location for manufacturing facilities. Additionally, Vietnam's position as an import/export processing center in Asia has solidified its reputation as a regional distribution hub in the ASEAN and APAC regions. The presence of Free Trade Agreements (FTAs) and double tax agreements has significantly contributed to this trend. Given that the manufacturing sector is a primary end-user of industrial nitrogen, its growth is anticipated to support the expansion of the industrial nitrogen market in Vietnam.

Company Profiles

The report also provides profiles of key companies operating in the Vietnam industrial nitrogen market, including Evonik Industries AG, Taiyo Nippon Sanso Corporation, Messer SE & Co. KGaA, Sing Industrial Gas Vietnam Co., Ltd, and Air Liquide Group.

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Table of Content

Chapter 1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

Chapter 3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for Vietnam Industrial Nitrogen Market

3.5. IGR-Growth Matrix Analysis

3.6. Competitive Landscape in Vietnam Industrial Nitrogen Market

Chapter 4. Vietnam Industrial Nitrogen Market by Type

4.1. Compressed Gas

4.2. Liquid Nitrogen

Chapter 5. Vietnam Industrial Nitrogen Market by Technology

5.1. Cryogenic Fractional Distillation

5.2. Pressure Swing Adsorption

5.3. Membrane Separation

Chapter 6. Vietnam Industrial Nitrogen Market by End User Industry

6.1. Metal Manufacturing & Fabrication

6.2. Oil & Gas

6.3. Petrochemical

6.4. Pharmaceutical & Healthcare

6.5. Chemical

6.6. Food & Beverages

Chapter 7. Company Profiles

7.1 Evonik Industries AG

7.1.1 Overview

7.1.2 Company Overview

7.1.3 Financial Overview

7.1.4 Product Portfolio

7.2 Taiyo Nippon Sanso Corporation

7.2.1 Overview

7.2.2 Company Snapshot

7.2.3 Product Portfolio

7.2.4 Recent Development

7.3 Messer SE & Co. KGaA

7.3.1 Overview

7.3.2 Company Snapshot

7.3.3 Product Portfolio

7.3.4 Recent Development

7.4 Sing Industrial Gas Vietnam Co., Ltd

7.4.1 Overview

7.4.2 Company Snapshot

7.4.3 Product Portfolio

7.4.4 Recent Developments

7.5 Air Liquide Vietnam Co. Ltd

7.5.1 Overview

7.5.2 Company Snapshot

7.5.3 Product Portfolio

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of Vietnam Industrial Nitrogen.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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