New York, USA, Aug. 16, 2022 (GLOBE NEWSWIRE) — Industrial Nitrogen Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Industrial Nitrogen Market Information by Process, Type, and Region – Forecast till 2028”, the market is estimated to grow at a 5.88% CAGR to reach USD 39.96 Billion by 2028.
Nitrogen is described as a non-metallic element with extensive uses in various industrial manufacturing processes. Gaseous nitrogen is a highly sought-after chemical with critical use in beverage, brewery, oil and gas recovery, food processing, and many more applications given its inert nature. Oil and natural gas rigs’ integration is a major trend prevailing in the industrial nitrogen industry.
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|2028 Market Size||USD 39.96 Billion|
|Forecast Units||Value (Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Process, Type, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Factors such as its use as a retention agent in the food and beverage industries are fueling the market growth|
|Technical developments in industrial gas are projected to open up a variety of opportunities|
Market Competitive Landscape:
The important vendors in the industrial nitrogen industry include
- Linde Group (Germany)
- Air Products and Chemicals Inc. (US)
- Praxair Technology Inc. (US)
- Ellenbarrie Industrial Gases (India)
- Universal Industrial Gases Inc. (US)
- CanAir Nitrogen Inc. (Canada)
- Messer Group GmbH (Germany)
- Parker Hannifin Corp. (US)
- Chengdu Taiyu Industrial Gases Co. (China)
- nexAir LLC (US)
- EPC Engineering & Technologies GmbH (Germany)
In July 2022, Absstem Technologies, a reputed Indian company known for developing industrial gas generators introduced its new business, named Absstem Industrial Solutions Pvt Limited. This business will be committed to developing industrial nitrogen and oxygen. The target end-use industries are wastewater treatment, automobile, welding, air conditioning manufacturing, metal cutting, brazing, pharmaceuticals, glass industry, the packaged food industry and refineries.
Market USP Covered:
The industrial nitrogen industry growth is largely propelled by the surging product applications in the food & beverages sector. Massive strides are being made by the food and beverage industry worldwide, which ultimately works in favor of the industrial nitrogen market.
Nitrogen’s sizeable demand and use in the healthcare sector and also in drug making in emerging as well as developed countries will be quite pivotal for the market growth. other than this, the rapidly escalating use of industrial nitrogen within the global chemical sector should provide a series of lucrative opportunities to the worldwide players in the next few years.
Furthermore, steady advances in cryogenic fraction distillation technology combined with the mounting demand for more innovative food preservation technology can mean considerable market expansion in the ensuing years.
Uncertain directives with respect to the use of industrial nitrogen can challenge the market participants in the years to follow. Every nation has its own directive in terms of applications of industrial nitrogen. As a result, players find it tough to deal with county-wise regulations. This could discourage investments and slow down the growth rate of the industrial nitrogen market in the years to come.
Browse In-depth Market Research Report (100 Pages) on Industrial Nitrogen: https://www.marketresearchfuture.com/reports/industrial-nitrogen-market-6326
COVID 19 Analysis
The COVID-19 outbreak caused the entire world to be under lockdown, which had a huge impact on various industries. There was a temporary shutdown of production units and restrictions on people’s movements. The chemicals industry, in particular, has been facing revenue losses owing to a shortage of workforce, travel bans as well as an economic downfall.
However, now that the lockdown is being lifted up along with the rising focus on bringing down the cases of the novel coronavirus, the chemical businesses are able to operate smoothly and also concentrate on strengthening their supply chains. This can mean quicker recovery for the industrial nitrogen market in the forthcoming years.
Different processes used for generating industrial nitrogen include membrane separation, pressure swing adsorption (PSA), and fractional distillation.
The pressure swing adsorption process helps produce high purity nitrogen gas with the use of a single commodity, which is air. This is one of its biggest advantages and therefore, the process sees the highest demand in the market, emerging as the top segment.
Industrial nitrogen comes in two types, namely compressed gas as well as liquid.
The compressed gas segment takes the lead as the product finds crucial applications in various industries. It is used for storing petroleum-liquefied explosives as well as flammable materials as it is an active element. Since nitrogen is one of the inert gases, it also finds use in the production of stainless steel.
On the other hand, the surging cases of spinal cord and brain tumors worldwide and the subsequent surge in the demand for liquid nitrogen in MRI machines will enhance the segmental share in the market.
By End-Use Industry
The end-user industries in the nitrogen market are healthcare, metal production, automotive, agrochemicals, food & beverage, and others.
The food & beverage industry forms the biggest share in the industrial nitrogen market, given the high need for a dry atmosphere to prevent foodstuffs from getting spoiled owing to moisture. It also ensures that the freshness remains intact, in turn ensuring a higher shelf life of the food products.
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The Asia Pacific can expect to be the market leader in the following years, thanks to the fast-paced industrialization rate, especially the thriving end-use sectors like food & beverages. The surging adoption of improved processes of nitrogen production will further enhance the growth prospects of the industrial nitrogen industry in the region.
Developed markets in Europe and North America will most likely observe high maturity. Both the regions offer unlucrative opportunities to the players. However, the electronics sector will be one of the top end-use industries in the regions, generating massive demand for nitrogen. The booming sales of gaming consoles, laptops, and various other electronics in both Europe and North America will ensure sustained market growth.
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