Industrial Nitrogen Market Growth rate by 2025 - Top Key Vendors, Trend, Segmentation, Drivers, Challenges
According to a new report published by Reports Monitor titled, Global Industrial Nitrogen Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global Industrial Nitrogen market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Nitrogen is a colourless, odourless, chemical element which is used as a raw material widely in various important industrial compounds such as nitric acid, ammonia, and cyanides. It is appeared in majority of the organisms, primarily amino acids such as proteins, and nucleic acids (RNA and DNA).Nitrogen is used in agrochemical industry where vital industrial fertilizers are required, like synthetically manufactured nitrates and ammonia. Apart from use of nitrogen as fertilisers, compounds of nitrogen are used for industrial purpose, development of Kevlar fabric and used in pharmaceutical drugs such as antibiotics. It is also used in manufacturing stainless steel due it its inert gas property.
Global market for nitrogen has been witnessing notable growth mainly due to the development of the fertilizer industry. Moreover, long term leases of ammonia vessels at fixed prices have enabled large scale companies to manage transportation costs thereby providing economical delivery to the consumers in developed as well as developing regions. Companies in addition also have manufacturing units and major supply contracts with certain region emerging economies such as China thereby gaining flexibility and logistics strength for the imports.
Growing application for fertilizers on account of increasing food grain production is anticipated to boost the demand for nitrogen over the forecast period. In contrast to this, growing health issues and environmental concern pertaining to the ill effects of nitrogen based chemical fertilizers are expected to slow down the growth of the market. Shifting attention for manufacturing of bio-based agrochemicals such as nitrogen fixation bio fertilizers are expected to build new opportunities for growth of market. North America remained the largest consumer for nitrogen.
The industrial nitrogen market is segmented on the basis of form which includes compressed gas, Liquid nitrogen. Further the market is segmented on the basis of transportation & distribution which includes bulk, cylinder & packed gas, tonnage/pipeline. Furthermore the market is segmented on the basis of end use industry which includes metal manufacturing & fabrication, oil & gas, petrochemical, pharmaceutical & healthcare, chemical, food & beverages, electronics.
The global industrial nitrogen market is studied across: North America, Europe, Asia Pacific and LMAEA (Latin America, Middle East and Africa). Further Asia Pacific is expected to lead the market over the forecasted period on account of growth in use of agrochemicals and rising industrial activities in emerging economies such as China and India.
The dominant players in this market are Air Products and Chemicals (US), Taiyo Nippon Sanso (Japan), Messer Group (Germany), Nexair LLC (US), and Gulf Cryo (Kuwait), Air Liquide (France), Linde (Germany), Praxair (US).
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