Industrial Nitrogen Market: Introduction
· Nitrogen gas is used in a wide range of applications in diverseindustries. Industrial usage of nitrogen has gained widespread traction acrossthe globe due to its cost effectiveness. Improvements in process have madeindustrial nitrogen an affordable solution for a wide range of industries.
· Key application industries of industrial nitrogen includepharmaceutical, food packaging, metal manufacturing, petroleum, materials, andchemical plants. The characteristic of nitrogen gas to displace oxygen oreliminate oxygen, most notably in mining, food packaging, and chemical plantsis driving the market. Nitrogen can be produced for industrial usage throughnumerous methods such as fractional distillation, polymeric membrane, andpressure swing adsorption. Industry players are striving to increase theefficiency of these processes, thereby helping in the steady evolution of the industrialnitrogen market.
Drivers of Industrial Nitrogen Market
· The global industrial nitrogen market is propelled by the risein application of nitrogen in the food & beverages industry. Rapid stridesmade in this end-use industry in various parts of the world is boosting themarket. Increase in usage of nitrogen in the health care industry and drugmaking in developing and developed regions is a notable trend that isanticipated to play a pivotal role in the growth dynamics of the market.However, various factors may hinder the steady expansion of the global market.In several regions, structural and regulatory frameworks are not conducive forthe production of nitrogen. Furthermore, several parts of developing economiesstill grapple with high cost of production of nitrogen. This is likely tohamper the industrial nitrogen market.
· On the other hand, rise in demand for industrial nitrogen in thechemical industry is expected to offer opportunities to the global market overthe next few years. Furthermore, constant advances made in cryogenic fractiondistillation technology are estimated to drive the market. Rise in demand forbetter food preservation technology is also projected to boost the marketduring the forecast period.
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Restraints of Industrial Nitrogen Market
· Dearth of universal directives pertaining to applications ofindustrial nitrogen is expected to restrain the market during forecast period.Every country has different directives pertaining to applications of industrialnitrogen. Companies find it difficult to deal with these county wiseregulations. This, in turn, is discouraging investments in the industrialnitrogen market, thereby restraining the market.
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COVID-19 impact on Industrial Nitrogen Market
· The COVID-19 outbreak is hampering the demand for industrialnitrogen in many applications. Many governments across the globe have enforcedlockdown as a measure to curb the spread of the coronavirus. This has resultedin the slowdown and halt in manufacturing operations, restrictions on supplyand transport, and infrastructure slowdown, thereby hampering the demand forindustrial nitrogen.
· Key players operating in the industrial nitrogen market areprimarily tier I and tier II manufacturers and suppliers. Manufacture andsupply chain facilities of these manufacturers are spread across variouscountries in Asia Pacific, Europe, North America, Latin America, and MiddleEast & Africa. Many of these players have halted their production outputover the last few months due to the COVID-19 pandemic. The pandemic hasnegatively impacted the demand and supply chain of industrial nitrogen.
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Asia Pacific to Hold Major Share of Industrial Nitrogen Market
· In terms of geography, the global industrial nitrogen market canbe segmented into North America, Asia Pacific, Europe, Middle East &Africa, and Latin America
· Asia Pacific is expected to hold large share of the globalmarket in the next few years. The growth in the regional market is expected tobe propelled by the swift pace of industrialization, especially the growth inend-use industries such as in food & beverages. The adoption of bettermethods of nitrogen production also reinforces the prospects of the market inthe region.
· Developed markets such as those in North America and Europe arelikely to witness maturing demand for industrial nitrogen. Thus, these regionsmay offer unattractive incremental opportunities during the forecast period.
Industrial Nitrogen Market: Key Players
Majorplayers operating in the industrial nitrogen market are adopting variousorganic and inorganic growth strategies such as joint ventures, mergers &acquisitions, expansion, collaborations, new product launches, strategicalliances, and research and development to increase their regional presence andbusiness operations. Key players operating in the market include
· Nexair LLC
· Messer Group
· Taiyo Nippon Sanso
· Air Liquide
· Praxair India Private Limited
· Air Products and Chemicals
· Linde
· Messer Group
· Nexair LLC
· Gulf Cryo
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