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Rise in demand for industrial nitrogen in the chemical industry is anticipated to create ample growth opportunities for global market in the coming years
PORTLAND, OREGON, UNITED STATES, August 23, 2022 /EINPresswire.com/ -- The industrial nitrogen market was valued at $3.47 billion in 2021, and is estimated to reach $5.71 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031. Nitrogen is a non-metallic element employed in multiple industrial manufacturing processes. Gaseous nitrogen is used in food processing, brewery, beverage, oil & gas recovery, and other applications owing to its inert nature. The industrial use of nitrogen has gained traction worldwide due to its cost-effectiveness. Process improvements have made industrial nitrogen an affordable solution for various industries.
The growth of the global industrial nitrogen market is majorly attributable to its wide applications in various industries such as pharmaceutical & healthcare, oil & gas, metal manufacturing & fabrication, food & beverage, electronics, and chemical. Nitrogen liquid is used to maintain flammable or explosive substances and liquids away from air. Certain chemicals, solid surfaces, and stored food products have qualities that must be safeguarded from degradation caused by environmental oxygen and moisture. Cooling concrete with liquid nitrogen results in better-cured characteristics. When performing construction activities on soft, water-soaked ground, such as tunnel building beneath streams, liquid nitrogen can efficiently freeze the earth.
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Nitrogen is used in the manufacturing of steel and other metals to treat the melt and as a shield gas in the heat treatment of iron, steel, and other metals. It is also utilized as a process gas in conjunction with other gases for carbonization and nitriding reduction. Further, nitrogen is utilized in food preservation and in the electronics sector to make diodes and transistors. Nitrogen is used in large quantities to anneal stainless steel and other steel mill products. Annealing is a thermal treatment that improves steel processing.
Furthermore, nitrogen is required for manufacturing chemicals and resins. Nitrogen being a gas with exceptional inert properties is extensively employed in chemical industry for processes including prevention of oxidation of raw materials, preservation of chemicals, and prevention of combustion during storage of chemicals and for purging machines prior to and during the manufacturing process. Numerous chemical industries handle volatile and combustible chemicals. Nitrogen is used for elimination of oxygen which is a key concern as absence of oxygen largely alleviates the fire hazard. Consequently, the growing demand for industrial nitrogen in the chemical industry is anticipated to create ample growth opportunities for industrial nitrogen market in the coming years. However, high production costs of nitrogen is projected to hinder the expansion of the industrial nitrogen industry.
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The industrial nitrogen market is segmented into form, application, and region. On the basis of form, the market is categorized into compressed gas, liquid nitrogen. On the basis of application, the market is categorized into metal manufacturing & fabrication, oil & gas, pharmaceutical & healthcare, chemical, food & beverage, electronics, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The industrial nitrogen market share is analyzed across all significant regions and countries.
The major players operating in the global industrial nitrogen market include Air Products and Chemicals, Inc.; Axcel Gases; Dubai Industrial Gases; Ellenbarrie Industrial Gases Ltd; Gulf Cryo; Linde plc; Messer Group; nexAir; Omega Air; Parker Hannifin Corp.; Praxair; Southern Industrial Gas; Taiyo Nippon Sanso; Universal Industrial Gases, Inc.; and Yingde Gases Group.
Get detailed COVID-19 impact analysis on the Industrial Nitrogen Market: https://www.alliedmarketresearch.com/request-for-customization/17502?reqfor=covid
Covid-19 Scenario • The demand for industrial nitrogen surged considerably during the Covid-19 pandemic from various sectors such as oil & gas, metal manufacturing & fabrication, chemical, food & beverages, pharmaceutical & healthcare, and electronics. This was due to its application in these sectors to reduce financial losses and oxidation of machineries. • Owing to transportation restrictions and ban on travel activities during the lockdown, the supply-demand gap occurred as transportation activities of industrial nitrogen to domestic and inter-state locations were hindered. • Moreover, owing to economic uncertainty, the market players put the plans of expansion and installation of new manufacturing facilities on hold. Many projected were either canceled or postponed due to lack of investments. However, the market is expected to recover soon in post-pandemic.
Key findings of the study: • The report outlines the current industrial nitrogen market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets. • The industrial nitrogen market size is provided in terms of revenue. • The industrial nitrogen market analysis includes top players and regions operating in the market. • By form, the compressed gas segment was the highest revenue contributor to the market in 2021. • By application, the food & beverages segment was the highest revenue contributor to the market in 2021. • By region, Asia-Pacific was the highest revenue contributor, accounting for a CAGR of 6.2%. China was the highest revenue contributor, accounting for CAGR of 6.8%.
David Correa Allied Analytics LLP +1 800-792-5285 email us here Visit us on social media: Facebook Twitter LinkedIn
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