Dallas, March 01, 2022 (GLOBE NEWSWIRE) -- Nitrogen is main for the chemical industry. It is used in the manufacture of fertilizers, nitric acid, dyes and explosives. To make these products, nitrogen first needs to react with hydrogen to produce ammonia. Nitrogen gas is also used to provide a non-reactive atmosphere. It is used for food preservation, and in the electronics industry during the production of diodes and transistors. Large amounts of nitrogen are used to anneal stainless steel and other steel mill products. Annealing is a heat treatment that facilitates the processing of steel.The industrial nitrogen market is growing at a steady pace with a wide range of applications and high demand from the chemical process industry. Nitrogen is considered one of the most important gases in the chemical processing industry due to its high functionality with reliable and convenient production methods. However, some parts of the developing economy still struggle with the high cost of producing nitrogen, thus hampering the growth of the market.
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The global industrial nitrogen market is expected to grow from USD 14.31 billion in 2020 to USD 30.84 billion by 2028 at a CAGR of 9.40% during the forecast period 2021-2028, according to the new report published by The Brainy Insights.
Nitrogen (N2) is a colorless and odorless gas which makes about 78% of the Earth's atmosphere. Nitrogen is defined as a simple asphyxiant having an inerting quality which is utilized in several applications where oxidation is not desired.
Technological advancements in industrial gas are key factors driving the growth of the industrial nitrogen market.However, various factors can hinder the expansion of the global market. In some regions, structural and regulatory frameworks do not promote nitrogen production.
Key players operating in the global industrial nitrogen market include Air Liquide, Air Products & Chemicals, Aspen Air Corp, Ellenbarrie Industrial Gases, Gulf Cryo, Messer Group, Nexair LLC, Praxair Inc., Taiyo Nippon Sanso Corporation, The Linde Group, Universal Industrial Gases and Yingde Gases Group Company among others. To enhance their market position in the global industrial nitrogen market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
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The compressed gas segment had a market share of around 62% and a market value of around USD 8.87 billion in 2020
The type segment is divided into compressed gas andliquid nitrogen. Since nitrogen is an active element, nitrogen gas is used to store petroleum liquefied explosive and flammable materials, and therefore is widely used in many industries. Thus, the compressed gas segment emerged as the leader in the global industrial nitrogen market with a market share of around 62% and a revenue of USD 8.87 billion in 2020. The compressed gas segment emerged as the leader in the global industrial nitrogen market with a revenue of USD 8.87 billion in 2020.
The cryogenic fraction distillationsegment is anticipated to grow at a CAGR of around 11.1%in 2021-2028
The technology segment includes cryogenic fractional distillation, pressure swing adsorption and membrane separation.Cryogenic fraction distillation is a widely used technology in the production of high-purity industrial gases because it is a cost-effective and economical process for high production rate plants therefore, the cryogenic fraction distillation segment is anticipated to grow at the highest CAGR of around 11.1% over the forecast period.
The bulk segment is anticipated to grow at a CAGR of around 11.3%in 2021-2028
The transportation & distribution segment is divided into bulk, cylinder & packed gas and tonnage/pipeline. Bulk systems provide productssafely and cost-effectively, large volumes of industrial nitrogen are supplied by bulk delivery. Therefore, the bulk segment is anticipated to grow at the highest CAGR of around 11.3% over the forecast period.
The food & beverage segment had a market share of 22% and a market value of around USD 3.15 billion in 2020
The end-use industry segment includes food & beverages, pharmaceuticals & healthcare, electronics, metal manufacturing & fabrication, chemical, oil & gas, petrochemical, and others. Industrial nitrogen creates a dry atmosphere, so food does not perish due to moisture. Therefore, the food & beveragesare expected to be major application segment over the forecast period. The food & beverage segment led the industrial nitrogen market with a market share of around 22% and a market value of USD 3.15 billion in 2020. It is also used to increase the shelf life of products and maintain freshness, which helps in the packaging and storage of food & beverages which in turn is driving the demand for industrial nitrogen in this sector.
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Regional Segment Analysis of the Industrial Nitrogen Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Due to the rising industrialization, the Asia Pacific region emerged as the largest market for the industrial nitrogen with a 32.5% share of market and revenue of 4.65 billion in 2020. Also, the Asia Pacific region is expected to be the fastest-growing region due to the growth of the end-use industries such as food and beverages.Besides, the adoption of better methods of nitrogen production will enhance the prospects of this regional market.
About the report:
The global industrial nitrogen market is analysed based on value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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