Industrial Nitrogen Market To Reach USD 21 Billion In 2024 | CAGR 5.9% - Forencis Research

Industrial Nitrogen Market Size, Share, Trends, Growth, Analysis, Research

Global Industrial Nitrogen Market: Key Highlights

  • According to the new market research report Industrial Nitrogen Market by Type (Liquid, Gas) by Production (Fractional Distillation, Mechanical Generation) by Application (Metal Operation & Fabrication, Refineries) by Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) – Global Forecast From 2019 To 2024”, the global Industrial Nitrogen market is estimated to reach USD 21 Billion by 2025 at a CAGR of 5.9% during forecast period 2020-2025.
  • The growth of the industrial nitrogen market is mainly attributed to the soaring demand of nitrogen from the chemical processing and food and beverage sector.
  • Regulation imposed on the industrial nitrogen acts as the major roadblock for the market growth.

Industrial Nitrogen Market

Global Industrial Nitrogen Market: Key Market Dynamics

  • Soaring demand for nitrogen in the chemical processing and food and beverage sector is the acting as the driving force for the market growth.
  • On the flip side, the growth of the industrial nitrogen market is expected to hinder owing to stringent regulation imposed by the regulatory authorities.
  • Ongoing advancement in the industrial gas processing is anticipated to escalate the market growth higher in the years to follow.
  • Whereas, the higher cost of production is the emerged as key challenge for the growth of this market.

Global Industrial Nitrogen Market: Regional Overview

  • Asia-Pacific

The Industrial nitrogen market in the Asia-Pacific region is experiencing boom owing to the remarkable growth of the chemical sector.  The increasing investments in the chemical production and processing in the region owing to the prominent manufacturers is fueling the market growth in the region. Also, ongoing mergers and acquisitions along with joint venture deals among the chemical manufacturers in the region to cater the increasing demand for chemicals from the end-user industries is projected to gain an advantage for the industrial nitrogen market. In addition to this, increasing foothold of China in the chemical production and processing sector, replacing the European countries is anticipated to push the market growth higher.

  • North America

The Industrial Nitrogen demand in North America is moving in the upward direction owing to increasing adoption of nitrogen in the healthcare sector. Nitrogen gas is used in healthcare sector in order to prevent the oxidation of the active or inactive ingredients resulting into increase in its overall shelf life. Increasing investment in healthcare sector, rising prevalence of chronic medical condition, rise in geriatric population coupled with ongoing advancement in medical packaging to increase the shelf life of drugs are some of the prominent factors contributing immensely to the growth of the healthcare sector, which is anticipated to upsurge the industrial nitrogen market growth. 

  • Europe

In Europe, the market is growing on the grounds of higher demand for metal fabrication. European countries such as Germany, Italy, France are some of the key contributors for the demand for the metal fabrication owing to higher demand from the end users industries. Increasing demand for metals fabrication in the European automotive sector is projected to push the market growth uphill.

Global Industrial Nitrogen Market: Key Players Overview

  • Linde plc:

Linde plc is a multinational chemical company with its headquarters in the Munich, Germany. The company operates globally through providing industrial gases, medical gases and engineering service. Linde employees around 80,000 employees globally and generated pro forma sales of USD 28 billion in 2018. The company in 2018, entered into merger US based Praxair Inc., to boost its industrial gases business.

  • Air Products and Chemicals, Inc.:

US based Air Products and Chemicals, Inc. delivers range of gases, and equipment used in the industries such as food and beverage, refining, chemicals, electronics, and etc. The company operates in more than 50 countries and generated the annual sales of USD 8 billion in the year 2019. The company offers range of industrial gases including oxygen, nitrogen, argon, helium and different medical and specialty gases to improve performance, and quality of the end use application.

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Rep Id : CM 033

Published : 2020-01-23