https://www.thebusinessresearchcompany.com/report/nitrogen-global-market-report
According to The Business Research Company’s Nitrogen Global Market Report 2024, The nitrogen market size has grown rapidly in recent years. It will grow from $38.93 billion in 2023 to $43.08 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to agricultural demand, industrial applications, population growth and urbanization, energy sector demand, biofuel production.
The nitrogen market size is expected to see rapid growth in the next few years. It will grow to $64.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to renewable energy transition, environmental regulations and emission reduction, global infrastructure development, carbon capture and storage (ccs) initiatives, shifts in agriculture practices. Major trends in the forecast period include market dynamics in developing economies, technological innovations in nitrogen storage and transportation, technological advancements in nitrogen production, shift towards onsite nitrogen generation, global nitrogen capacity expansions.
The growing food and beverage industry contributes to the growth of the nitrogen market. Nitrogen gas is widely used in the food and beverage industry for packaging food items. Nitrogen gas eliminates oxygen contact with the food item, preventing the oxidation of food, thus increasing its shelf life. This prevents food spoilage and helps maintain its quality. According to a Statista report, the food and beverage industry is expected to grow at a rate of 8.4%. The growth of the food and beverage industries results in a significant increase in the demand for nitrogen. Thus, positively affecting the growth of the nitrogen market.
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The nitrogen market covered in this report is segmented –
1) By Product Type: Compressed Gas, Liquid Nitrogen
2) By Application: Commercial Use, Industrial Use, Science and Research
3) By End User Industry: Petrochemical, Oil And Gas, Metal Manufacturing And Fabrication, Food And Beverage, Electronics, Pharmaceutical And Healthcare, Chemical, Other End Use Industries
Industrial gas companies are increasingly using pressure swing adsorption (PSA) technology as a cost-effective and highly efficient method to produce nitrogen. PSA systems operate on the principle of adsorption. They consist of adsorption vessels packed with carbon molecular sieves (CMS) which are capable of absorbing carbon dioxide and residual moisture. At high pressures, CMS selectively adsorbs oxygen, thus allowing nitrogen to pass through at the desired purity level. Onsite generation of nitrogen using PSA systems is more cost-effective than traditional cryogenic distillation or stored liquid nitrogen. PSAs can economically produce nitrogen at flow rates from less than 5,000 scfh to greater than 60,000 scfh and at purities from 95% to 99.9995%. Mahler AGS, a German manufacturer of on-site gas generation plants, is using PSA systems for the low-cost production of nitrogen. Major industrial gas companies such as Linde, Air Products, Air Liquide, and Praxair are using PSA systems to enhance nitrogen production.
The nitrogen market report table of contents includes:
1. Executive Summary
2. Nitrogen Market Characteristics
3. Nitrogen Market Trends And Strategies
4. Nitrogen Market – Macro Economic Scenario
5. Global Nitrogen Market Size and Growth
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32. Global Nitrogen Market Competitive Benchmarking
33. Global Nitrogen Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Nitrogen Market
35. Nitrogen Market Future Outlook and Potential Analysis
36. Appendix
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https://topprnews.com/meal-replacement-market-players/
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