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Rise in usage of nitrogen across the oil & gas industry for well stimulation, inertization, and drilling to improve process efficiency drives the growth of the global industrial nitrogen market.
PORTLAND, Ore. , Aug. 1, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Industrial Nitrogen Market by Form (Compressed Gas, Liquid Nitrogen), by Application (Metal Manufacturing and Fabrication, Oil and Gas, Pharmaceutical and Healthcare, Chemical, Food and Beverages, Electronics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global industrial nitrogen industry generated $3.47 billion in 2021, and is estimated to reach $5.71 billion by 2031, manifesting a CAGR of 5.2% from 2022 to 2031. The report provides an extensive analysis of changing market trends, top segments, key investment pockets, regional landscape, and competitive scenario to help investors, market players, and new entrants in gaining detailed insights and taking necessary strides to dominate the market.
Rise in usage of nitrogen across the oil & gas industry for well stimulation, inertization, and drilling to improve process efficiency and surge in adoption in the food & beverages industry for modified atmosphere packaging applications drive the growth of the global industrial nitrogen market. However, high costs of nitrogen production restrain the market growth. On the other hand, significant increase in demand for industrial nitrogen in the chemical industry creates new opportunities for the growth of the market in the coming years.
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The compressed gas segment to continue its leadership status during the forecast period
Based on form, the compressed gas segment contributed to the highest market share in 2021, contributing to nearly two-thirds of the global industrial nitrogen market, and is expected to continue its leadership status during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 5.6% from 2022 to 2031. This is due to cost-effective and economical processes for high-production-rate facilities along with surge in demand for compressed nitrogen gas for cylinder systems of cryogenic fractional distillation, pressure swing adsorption, and membrane separation. The research also analyzes the liquid nitrogen segment.
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The food and beverages segment to maintain its lead position during the forecast period
Based on application, the food and beverages segment accounted for the highest market share in 2021, contributing to nearly one-third of the global industrial nitrogen market, and is expected to maintain its lead position during the forecast period. This is due to rise in usage in modified atmosphere packaging for maintaining commercially made food items fresh for a long period of time. It in addition, nitrogen is used for extending product shelf life and retaining freshness to assist in packing and storage of food and drinks. The research also analyzes the segments including metal manufacturing and fabrication, oil and gas, pharmaceutical and healthcare, chemical, electronics, and others.
Asia-Pacific to maintain its dominance in terms of revenue by 2031
Based on region, Asia-Pacific contributed to the highest market share in 2021, accounting for nearly two-fifths of the global industrial nitrogen market, and is estimated to maintain its dominance in terms of revenue by 2031. Moreover, this region is projected to manifest the fastest CAGR of 6.2% during the forecast period. This is attributed to increase in usage in various applications ranging from food packaging to medicines in the region. China became the highest consumer of nitrogen, followed by India . The research also analyzes regions including North America , Europe , and LAMEA.
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The report discusses these key market players of the global industrial nitrogen market. They adopted agreements, expansion, partnership, collaborations, joint ventures, and other strategies to raise their market stakes and consolidate their position across the globe. The report provides insights on business performance, product portfolio, competitors, and key developments of every market player to outline the competitive scenario.
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