Press release
Industrial Nitrogen Market Report 2024: Strategies And Recent Developments
Industrial Nitrogen
The Business Research Company offers in-depth market insights through Industrial Nitrogen Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 in the historic period can be attributed to growing industrialization, chemical industry demand, metal manufacturing, food and beverage industry.
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 growth in the forecast period can be attributed to expanding electronics industry, healthcare applications, energy sector, environmental regulations. Major trends in the forecast period include green nitrogen production, technological advancements, increased application in pharmaceuticals, on-site nitrogen generation, digitalization and automation, strategic collaborations and partnerships.
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Market Segmentation:
The industrial nitrogen market covered in this report is segmented -
1) By Form: Compressed Gas, Liquid Nitrogen
2) By Grade: High Purity, Low Purity
3) By Technology: Cryogenic Fractional Distillation, Pressure Swing Adsorption, Membrane Separation
4) By Transportation And Distribution: Bulk, Cylinder And Packed Gas, Tonnage/Pipeline
5) By End Use Inustry: Petrochemical, Oil And gas, Metal Manufacturing And Fabrication, Food And Beverage, Electronics, Pharmaceutical And Healthcare, Chemical
Major Driver - Rising Food And Beverage Industry Drives Growth In The Industrial Nitrogen Market
The growth of the food and beverage industry is contributing to the growth of the industrial nitrogen market. The food and beverage industry uses nitrogen in commercial food and beverage production processes. It is used in modified atmosphere packaging to prolong the freshness of commercially manufactured food items. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. For instance, the global food and beverage market size is expected to grow from $6,196.1 billion in 2021 to $8,641.0 billion in 2026. Hence, the growing food and beverage industry is expected to propel the industrial nitrogen market in the forecast period.
Competitive Landscape:
Major companies operating 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.
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Top Trend - Rising Mergers And Acquisitions Reshape The Landscape Of The Industrial Nitrogen Market
Increasing mergers and acquisitions is a key trend gaining popularity in the industrial nitrogen market. For instance, in April 2022, Air Products, a US-based industrial gas company, acquired Air Liquide Emirates for Industrial Gases LLC (ALEMIR) and Orca Industrial Gases LLC for an undisclosed amount. The acquisition helps the company's growth strategy in the middle east. Air Liquide Emirates for Industrial Gases LLC (ALEMIR) is UAE-based industrial gases division of Air liquid.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Nitrogen Market Characteristics
3. Industrial Nitrogen Market Trends And Strategies
4. Industrial Nitrogen Market - Macro Economic Scenario
5. Industrial Nitrogen Market Size And Growth
…..
27. Industrial Nitrogen Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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