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Nitrogen Market Size, Growth, Trends, Outlook Report 2033
Nitrogen Market Size
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According to The Business Research Company's, The nitrogen market size has grown rapidly in recent years. It will grow from $38.93 billion in 2023 to $43.08 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to agricultural demand, industrial applications, population growth and urbanization, energy sector demand, biofuel production.
The nitrogen market size is expected to see rapid growth in the next few years. It will grow to $64.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to renewable energy transition, environmental regulations and emission reduction, global infrastructure development, carbon capture and storage (ccs) initiatives, shifts in agriculture practices. Major trends in the forecast period include market dynamics in developing economies, technological innovations in nitrogen storage and transportation, technological advancements in nitrogen production, shift towards onsite nitrogen generation, global nitrogen capacity expansions.
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Market Drivers and Trends:
The growing food and beverage industry contributes to the growth of the nitrogen market. Nitrogen gas is widely used in the food and beverage industry for packaging food items. Nitrogen gas eliminates oxygen contact with the food item, preventing the oxidation of food, thus increasing its shelf life. This prevents food spoilage and helps maintain its quality. According to a Statista report, the food and beverage industry is expected to grow at a rate of 8.4%. The growth of the food and beverage industries results in a significant increase in the demand for nitrogen. Thus, positively affecting the growth of the nitrogen market.
Industrial gas companies are increasingly using pressure swing adsorption (PSA) technology as a cost-effective and highly efficient method to produce nitrogen. PSA systems operate on the principle of adsorption. They consist of adsorption vessels packed with carbon molecular sieves (CMS) which are capable of absorbing carbon dioxide and residual moisture. At high pressures, CMS selectively adsorbs oxygen, thus allowing nitrogen to pass through at the desired purity level. Onsite generation of nitrogen using PSA systems is more cost-effective than traditional cryogenic distillation or stored liquid nitrogen. PSAs can economically produce nitrogen at flow rates from less than 5,000 scfh to greater than 60,000 scfh and at purities from 95% to 99.9995%. Mahler AGS, a German manufacturer of on-site gas generation plants, is using PSA systems for the low-cost production of nitrogen. Major industrial gas companies such as Linde, Air Products, Air Liquide, and Praxair are using PSA systems to enhance nitrogen production.
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Major Key Players of the Market:
BASF SE, Dow Chemical Company, Nutrien Ltd., Mitsubishi Chemical Corporation, Linde plc, Air Liquide SA, Yara International ASA, Sumitomo Chemical Co. Ltd., DuPont de Nemours Inc., Air Products and Chemicals Inc., Sinochem Group Co. Ltd., CF Industries Holdings Inc., EuroChem Group AG, OCI Co. Ltd., Air Water Inc., Taiyo Nippon Sanso Corporation, UBE Industries Ltd., Messer Group GmbH, Shandong Hualu-Hengsheng Chemical Co. Ltd., Terra Nitrogen Company LP, Yingde Gases Group Co. Ltd., nexAir LLC, Aspen Air Corp., Praxair Technology Inc., CanAir Nitrogen Inc., Southern Industrial Gas Sdn Bhd, Universal Industrial Gases Inc., Kuwait Oxygen & Acetylene Co., Emirates Industrial Gases Co. LLC, Chengdu Taiyu Industrial Gases Co. Ltd.
Nitrogen Market 2024 Key Insights:
• The nitrogen market size is expected to see rapid growth in the next few years. It will grow to $64.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Expanding Food And Beverage Industry Fuels Demand For Nitrogen In Packaging And Preservation
• Pressure Swing Adsorption (PSA) Technology Revolutionizes Nitrogen Production
• Asia-Pacific was the largest region in the nitrogen market in 2023
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