(MENAFN- America News Hour) “Industrial nitrogen market is projected to grow at a CAGR of 5.83% during the forecast period.”
The industrial nitrogen market will grow from USD 15.03 billion in 2023 to USD 19.96 billion by 2033, at a CAGR of 5.83%.
This market is witnessing considerable growth due to advancements in industrial gas and growing demand from end-use industries such as food & beverage and metal manufacturing & fabrication. The pharmaceutical & healthcare industry is growing owing to the rising health issues among people, which is eventually fueling the growth of the industrial nitrogen market. In contrast, factors such as high cost of production and uncertain ROIs and growth stagnation in North America and Europe hamper the growth of the industrial nitrogen market.
“The metal manufacturing & fabrication segment held the largest share of the compressed nitrogen gas market in 2023.”
Metal manufacturing & fabrication accounted for the largest market share in 2017 and is projected to dominate the compressed nitrogen gas market through 2023. The dominant position of this segment is attributed to the wide application industrial nitrogen in the metal manufacturing industry. Nitrogen is used as an inert gas in bottom blowing converters, as a protective gas for the annealing of cold rolled steel, and as a shield gas in the heat treatment of metals such as iron and steel.
“The Asia Pacific industrial nitrogen market is projected to be the fastest-growing during the forecast period.”
Request to Fill The Form To get Sample Copy of This Report:
Asia Pacific is projected to be the fastest-growing in the industrial nitrogen market, in terms of value and volume, followed by North America, Europe, and the Middle East & Africa. Asia Pacific is the hub of foreign investments with its booming manufacturing sectors, largely due to the low-cost labor and cheap availability of land. The increase in demand for industrial nitrogen can be attributed to the rising population of the region with high disposable incomes, which is driving the food & beverage industry in this region.
Breakdown of Primaries
Primary interviews were conducted with a number of industry experts to collect data related to different aspects of the industrial nitrogen market. Estimates reached after analyzing the secondary sources were validated through these interviews. Primary sources included professionals such as manufacturers, distributors, consultants, and academic professionals.
The distribution of primary interviews is as follows:
By Company Type: Tier 1 – 35%, Tier 2 – 30%, and Tier 3 – 35%
By Designation: Manager Level – 61%, C Level – 39%
By Region: North America – 15%, Europe – 21%, Asia Pacific – 51%, South America – 5%, Middle East & Africa – 8%
Note: Tier 1: Revenue USD 1 billion, Tier 2: USD 500 million < Revenue < USD 1 billion, Tier 3: Revenue < USD 500 million
The various key players profiled in the report are as follows:
1. Praxair (US),
2. Air Products and Chemicals (US),
3. Air Liquide (France),
4. Linde (Germany),
5. Taiyo Nippon Sanso (Japan).
6. Messer Group (Germany),
7. Nexair LLC (US),
8. Gulf Cryo (Kuwait).
9. Emirates Industrial Gases (UAE),
10. Southern Industrial Gas (Malaysian)
Enquire before purchasing this report:
Research Coverage:
The segmentation considered for this report is based on form, transportation & distribution, technology, end-use industry, and region. The report covers detailed information regarding the major factors influencing the growth of the industrial nitrogen market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been carried out to provide insights into their business overview, products & services, key strategies, and recent developments associated with the industrial nitrogen market.
Reasons to buy the report:
The report will help the market leaders/new entrants in the following ways:
. This report segments the industrial nitrogen market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
. The report will help stakeholders to understand the market and provide them information on the key market drivers, restraints, opportunities, and challenges.
. This report will help stakeholders to better understand their competitors and gain more insights with regard to their position in the business. The company profiles section includes strategies such as new product launches, acquisitions, and expansions & investments adopted by industrial nitrogen manufacturers.
About SDKI:
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.