The industrial nitrogen market size is projected to grow from USD 15.03 Billion in 2017 to USD 19.96 Billion by 2022, at a CAGR of 5.83%.
Northrook, IL -- (SBWIRE) -- 11/01/2019 -- The industrial nitrogen market size is projected to grow from USD 15.03 Billion in 2017 to USD 19.96 Billion by 2022, at a CAGR of 5.83%. This market is witnessing considerable growth due to technological advancements in the industrial gases sector. Growing demand from end-use industries such as metal manufacturing & fabrication, food & beverages, and pharmaceutical & healthcare sector is the key factor driving the growth of the industrial nitrogen market.
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Cryogenic fractional distillation is projected to grow at the highest rate during the forecast period.
The cryogenic fractional distillation segment is projected to grow at the highest CAGR during the forecast period. Cryogenic fractional distillation is the most widely used technique for producing high-purity industrial gases such as oxygen, nitrogen, and argon on an industrial scale, as it is one of the most cost-effective and economical technology solutions for high production rate plants.
The bulk mode of transportation & distribution is projected to grow at the highest rate during the forecast period.
The bulk segment is projected to be the fastest-growing mode of transportation over the next five years. Large volumes of gas are supplied by bulk deliveries, either as a cryogenic liquid or a high pressure gas into storage on customer sites. When a large amount of industrial gas is required, bulk delivery is usually preferred as bulk systems provide the product safely and cost-effectively.
Asia Pacific accounted for the largest market share in 2017 and is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region accounted for the largest market share in 2017 and is projected to grow at the highest CAGR from 2017 to 2022. The market in China is expected to grow at the highest CAGR during the forecast period. The growth in the Asia Pacific region is supported by the improving economic conditions, continuous improvements in government budgets, rising number of standards in building codes, positive demographic outlook such as the increasing population and rising per capita income, and the growing manufacturing industries in the region.
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The major players in the industrial nitrogen market include Praxair (US), Air Products and Chemicals (US), Air Liquide (France), Linde (Germany), and Taiyo Nippon Sanso (Japan). Other players in this market include Messer Group (Germany), Nexair LLC (US), and Gulf Cryo (Kuwait).
Industrial Nitrogen Market By End-use Industry:
- Metal manufacturing & fabrication
- Oil & gas
- Pharmaceutical & healthcare
- Food & beverages
Industrial Nitrogen Market By Region:
- North America
- Asia Pacific
- Middle East & Africa
- South America
The report aims at estimating the size and future growth potential of the industrial nitrogen market across different segments form, transportation & distribution, technology, end-use industry, and region. It also provides detailed information regarding the main factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). It aims to study the individual growth trends, prospects, and contribution of the various segments to the total market. The study also analyzes the opportunities in the market for stakeholders and details of the competitive landscape of market leaders. It also strategically profiles the key players and comprehensively analyzes their core competencies.
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