Industrial Nitrogen Market to Hits USD 29.36 Billion by 2027 by Size, Share, Growth and Top Players Analysis
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Increasing developments in the global healthcare sector due to technological advancement is expected to continue to drive global industrial nitrogen market
VANCOUVER, B.C., CANADA, February 15, 2023 /EINPresswire.com/ -- The industrial nitrogen market is expected to reach value of USD 29.36 Billion by 2027. Liquid nitrogen is widely used in packaging of medical products as it helps to ensure and maintain product sterility. High purity nitrogen gas is introduced into the packaging before it is sealed, thereby creating a sterile environment to preserve and protect products during transportation and storage. Test kits for doctors’ offices, blood supplies, specimen containers, and other medical devices are examples of products frequently packaged with nitrogen gas.
Nitrogen generators are systems that produce high quality nitrogen gas and are used in medical equipment in laboratories and hospitals. Nitrogen generators are safer to use and easier to handle than high-force cylinders. These generators can be sued to control the amount of oxygen in the workspace, laboratories, or an entire enclosed area. Nitrogen generators are highly productive and efficient, and create a supply of nitrogen from the surrounding air. Not only do these systems enhance safety of facilities, but also lower costs and enables higher sterility and levels of operations at laboratories.
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Competitive Terrain:
The global Industrial Nitrogen industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Key players operating in the market include Praxair, Air Products and Chemicals, Air Liquide, Linde, Taiyo Nippon Sanso, Cryotec, Bhuruka Gases Limited, Sudanese Liquid Air Company, Cross Country Infrastructure Services Inc., and Canair Nitrogen Inc.
Key Highlights of Report and Developments
In October 2018, Linde Group and Praxair merged to become a single entity with a market cap of USD 90 Billion. The merger would further help to consolidate position in the nitrogen market by becoming a global force in terms of geographic footprint.
In November 2020, Chart Industries, Inc. (NASDAQ: GTLS) completed the takeover of the Microbulk cryogenic tank intellectual property, equipment, and related assets from IC Biomedical (ICB). Additionally, the acquisition adds a new, efficient engineered food processing tank to Chart Industries’ specialty product offering. These tanks are used in food plants to push liquid nitrogen into the blending process of chicken nuggets.
In 2019, Asia Pacific accounted for largest share of the global industrial nitrogen market revenue, and revenue share is projected to register the highest CAGR during the forecast period. Demand for industrial nitrogen for food processing and packaging applications has been rising as a result of increasing food demand driven by a rapidly growing global population in countries in this region, as well as growing disposable income, changing lifestyle, improving living standards among consumers, and rapid industrialization.
The report further divides the Industrial Nitrogen market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Industrial Nitrogen market.
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Emergen Research has segmented the global industrial nitrogen market based on form, production technology, distribution and transportation, end-use, and region:
Form Outlook (Revenue, USD Billion; Volume: Million Metric Tons; 2020-2027)
Compressed
Liquid
Production Technology Outlook (Revenue, USD Billion; 2020-2027)
Cryogenic Fractional Distillation
Pressure Swing Adsorption
Membrane Separation
Distribution and Transportation Outlook (Revenue, USD Billion; 2020-2027)
Cylinders
Bulk
Tonnage or Pipeline
End User Outlook (Revenue, USD Billion; 2020-2027)
Metal Industry
Food and Beverages
Oil and Gas
Chemical
Electronics
Regional Outlook (Revenue, USD Billion; 2020-2027)
North America
U.S.
Canada
Europe
Germany
U.K.
France
BENELUX
Rest of Europe
Asia Pacific
China
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
Rest of MEA
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Key insights presented in the report:
Market revenue shares by major business players, by type, by application, and market scope of global Industrial Nitrogen market
Sales revenue by key players and new entrants
Competitive analysis of the key players including aspects such as company overview, product or services specification, vendors, and buyers.
Recent mergers, acquisitions, product launches, recent investments, and joint ventures
Regional analysis to provide insight to recent trends and opportunities
Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Industrial Nitrogen market?
What are the key product types and applications of the Industrial Nitrogen industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Industrial Nitrogen market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
What will be the valuation of the Industrial Nitrogen Market by 2027?
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