Overview and Scope
Nitrogen is a chemical substance used to replace air and reduce or eliminate the oxidation of materials, including food items. Nitrogen gas has no color, no odor, is inert, and is not flammable.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Top 5 Major Players:
- BASF SE
- Dow Chemical Company
- Nutrien Ltd
- Mitsubishi Chemical Corporation
- Linde PLC
Asia-Pacific was the largest region in the nitrogen market in 2023. North America was the second-largest region in the global nitrogen market. The regions covered in the nitrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the nitrogen market report are BASF SE, Dow Chemical Company, Nutrien Ltd., Mitsubishi Chemical Corporation, Linde plc, Air Liquide SA, Yara International ASA, Sumitomo Chemical Co. Ltd., DuPont de Nemours Inc., Air Products and Chemicals Inc., Sinochem Group Co. Ltd., CF Industries Holdings Inc., EuroChem Group AG, OCI Co. Ltd., Air Water Inc., Taiyo Nippon Sanso Corporation, UBE Industries Ltd., Messer Group GmbH, Shandong Hualu-Hengsheng Chemical Co. Ltd., Terra Nitrogen Company LP, Yingde Gases Group Co. Ltd., nexAir LLC, Aspen Air Corp., Praxair Technology Inc., CanAir Nitrogen Inc., Southern Industrial Gas Sdn Bhd, Universal Industrial Gases Inc., Kuwait Oxygen & Acetylene Co., Emirates Industrial Gases Co. LLC, Chengdu Taiyu Industrial Gases Co. Ltd.
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
….
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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