LONDON, April 14, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the industrial nitrogen market, the growth of the food and beverage industry is contributing to the growth of the industrial nitrogen market. The food and beverage industry uses nitrogen in commercial food and beverage production processes. It is used in modified atmosphere packaging to prolong the freshness of commercially manufactured food items. For instance, the global food and beverage market is expected to grow from $6,196.1 billion in 2021 to $8,641.0 billion in 2026. Hence, the growing food and beverage industries are expected to propel the industrial nitrogen market in the forecast period.
The global industrial nitrogen market size is expected to grow from $16.7 billion in 2021 to $17.6 billion in 2022 at a compound annual growth rate (CAGR) of 5.7%. The global industrial nitrogen market size is then expected to grow to $22.1 billion in 2026 at a CAGR of 5.8%.
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Increasing mergers and acquisitions is a key trend gaining popularity in the industrial nitrogen market. For instance, in November 2019, Air Liquide, a French multinational company that supplies industrial gases and services, acquired Southern Industrial Gases for an undisclosed amount. This acquisition will double Air Liquide’s packaged gas filling capacity in Malaysia and will deliver significant synergies by enlarging the company’s footprint and providing Air Liquide with a geographical density across Malaysia. Southern Industrial Gases is a Malaysia-based manufacturer of industrial gases.
Major players in the industrial nitrogen market are Praxair, Air Products and Chemicals, Air Liquide, Linde, Taiyo Nippon Sanso, Cryotec, Bhuruka Gases Limited, Sudanese Liquid Air Company, Canair Nitrogen Inc, Messer Group, Nexair LLC, Gulf Cryo, Southern Industrial Gas, Universal Industrial Gases, Inc., Yingde Gases Group Company, Ellenbarrie Industrial Gases, Bombay Oxygen Corporation Ltd, Emirates Industrial Gases, Parker Hannifin Corp, Chengdu Taiyu Industrial Gases Co and Aspen Air Corp.
TBRC’s global industrial nitrogen market forecast is segmented by form into compressed gas, liquid nitrogen; by grade into high purity, low purity; by technology into cryogenic fractional distillation, pressure swing adsorption, membrane separation; by transportation and distribution into bulk, cylinder and packed gas, tonnage/pipeline; by end-use industry into petrochemical, oil and gas, metal manufacturing and fabrication, food and beverage, electronics, pharmaceutical and healthcare, chemical.
As per the industrial nitrogen market statistics, Asia Pacific was the largest region in the market in 2021. Asia Pacific is expected to be the fastest-growing region in the global industrial nitrogen market during the forecast period. The regions covered in the global industrial nitrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Industrial Nitrogen Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide industrial nitrogen market overviews, industrial nitrogen market analyze and forecast market size and growth for the whole market, industrial nitrogen market segments and geographies, industrial nitrogen market trends, industrial nitrogen market drivers, industrial nitrogen market restraints, industrial nitrogen market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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