New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nitrogen Global Market Report 2023" - https://www.reportlinker.com/p06281542/?utm_source=GNW
LLC, and nexAir.
The global nitrogen market will grow from $35.19 billion in 2022 to $38.95 billion in 2023 at a compound annual growth rate (CAGR) of 10.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The nitrogen market is expected to grow from $57.79 billion in 2027 at a CAGR of 10.4%.
The nitrogen market consists of the sales of gas and liquid nitrogen used for the replacement of air and limit the oxidation of materials.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The 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.
Asia Pacific was the largest region in the nitrogen market in 2022.North America was the second-largest region in the nitrogen market.
The regions covered in the nitrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of nitrogen are compressed gas and liquid nitrogen.Compressed gases are gases that are being stored under pressure in cylinders.
The various applications are for commercial use, industrial use, science, and research. Petrochemicals, oil and gas, metal manufacturing and fabrication, food and beverage, electronics, pharmaceuticals and healthcare, chemicals, and other end-use industries are examples of end-use industries.
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 in maintaining 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.
The lack of safety measures used while handling nitrogen in industries such as aerospace, steel manufacturing, etc., limits the growth of the industrial nitrogen market. Liquid nitrogen is used in industries such as oil and gas, metalworking, electronics, food processing, and many manufacturing processes. Excessive contact with liquid nitrogen can cause severe cold burns as well as frostbite. Further, any leak in nitrogen containers, if kept in a poorly ventilated room, can cause severe damage to life and property. For instance, a liquid nitrogen line exploded at a Textron Aviation plant near Wichita, Kansas caused serious injuries to 15 people, accompanied by the loss of property. The explosion in a 3-inch liquid nitrogen gas line also damaged a storage tank, causing nitrogen gas to vent out of the building. The difficulty in handling nitrogen gas restraints its usage, thus negatively affecting the demand in the oxygen market.
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.
In September 2022, Corteva Inc, an American agricultural chemical company acquired Symborg for an undisclosed amount.The acquisition enables Corteva to produce advanced biologicals portfolio.
Symborg is a Spanish new-tech nitrogen tool company.
The countries covered in the nitrogen market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The nitrogen market research report is one of a series of new reports that provides nitrogen market statistics, including nitrogen industry global market size, regional shares, competitors with a nitrogen market share, detailed nitrogen market segments, market trends and opportunities, and any further data you may need to thrive in the nitrogen industry. This nitrogen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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