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Industrial Nitrogen Market Segments 2024-2033 | Size, Share And Insights
Industrial Nitrogen Market Segments
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Industrial Nitrogen Market 2024 Key Insights:
• 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%.
• Rising Food And Beverage Industry Drives Growth In The Industrial Nitrogen Market
• Rising Mergers And Acquisitions Reshape The Landscape Of The Industrial Nitrogen Market
• Asia-Pacific was the largest region in the Industrial Nitrogen market in 2023
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