March 08, 2022 08:22 ET | Source: Facts & Factors Facts & Factors
SAN FRANCISCO, U.S., March 08, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Nitrogen Market – By Category (Chemical Grade, Food Grade, and Pharmaceutical Grade) and By Utilization (Food & Beverages, Medical & Healthcare, Metal Manufacturing, Chemicals & Petroleum Uses, Rubber & Plastic, Construction, and Others): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends and Forecast 2021–2028” in its research database.
“According to the latest research study, the demand of global Nitrogen Market size & share was worth approximately USD 14.5 Billion in 2020 and is anticipated to grow a value of roughly USD 21.7 Billion by 2028, at a compound annual growth rate (CAGR) of about 5.8% during the forecast period 2021 to 2028.”
What is Nitrogen? How big is the Nitrogen Market?
Nitrogen is a colorless, odorless chemical compound that is commonly used in the production of ammonia, cyanides, nitric acid, nitrates, and oxides. It is commonly used in the production of fertilizers, in the food & beverage sectors, as well as in the production of pharmaceutical medications such as antibiotics. Nitrogen gas is used in a wide range of industries for a variety of applications. Industrial nitrogen use has gained in popularity around the world due to its inexpensive cost. Because of technological advances, industrial nitrogen is now a cost-effective solution for a wide range of industries.
Nitrogen is a high-purity element created by mechanically separating or fractionally refining air. It is utilized in a range of end-use activities, including food & beverage, healthcare, agrochemicals, automotive, chemicals, and metal production. It is frequently found in gaseous or liquid form. The growing population, especially in developing countries, has resulted in considerable growth in processed food consumption, as well as a necessity to retain their quality and safety.
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The surging food & beverage industry is one of the major factors driving the global nitrogen market. Nitrogen is extensively used in the food & beverage sector for packaging, food aeration, and storage to increase the shelf life of food products. Besides, in the wine industry, nitrogen is used to maintain the quality of the product by preventing oxidation during the fermentation process. Moreover, the rise in the demand for fertilizers coupled with the growing production of grains is further projected to boost the adoption of nitrogen across the globe.
According to the U.S. Bureau of Statistics, the application of nitrogen fertilizers was around 147.8 million metric tons worldwide. However, the rising prices of nitrogen due to the increase in the cost of natural gas may hamper the market growth. Nevertheless, the surge in the use of nitrogen in the healthcare industry is likely to offer new opportunities for market growth in the upcoming years. In the healthcare industry, nitrogen is used as a cryogen to preserve and freeze tissues, blood, and reproductive cells, and in drug making.
Some of the major players operating in the global nitrogen market are;
Key questions answered in this report:
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Key Insights from Primary Research:
Based on the category, the global nitrogen market is segmented into chemical grade, food grade, and pharmaceutical grade. In 2019, chemical grade dominated the global nitrogen market, followed by food grade. Chemical grade nitrogen is widely used in various end-use industries such as metal manufacturing, electronics, and chemicals & petroleum among others. Additionally, the rising application of chemical grade nitrogen in chemical and metal manufacturing industries is likely to increase the demand for the chemical grade, thereby, propelling the overall market growth for nitrogen.
Moreover, metal manufacturing is the dominating category of the global nitrogen market. In metal manufacturing, nitrogen is used in large quantities for annealing stainless steel and other steel mill products. The food & beverage category of nitrogen is expected to grow significantly during the forecast period.
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Geographically, the Asia Pacific region dominated the global nitrogen market and is projected to grow at the highest rate in the next few years as well. In the region, China was the largest contributing country to the regional nitrogen market. The rapid growth in the construction industry has propelled the demand for metals like stainless steel, iron, and aluminum, which is further projected to escalate the consumption of nitrogen for metal manufacturing.
Moreover, North America is anticipated to be the second-largest market for nitrogen. The rising application of nitrogen in the agriculture sector is expected to boost the market within the region. The U.S. has planted around 93 million acres of corn in 2020. Therefore, this is likely to drive the demand for nitrogen in North America.
Browse the full “Nitrogen Market – By Category (Chemical Grade, Food Grade, and Pharmaceutical Grade) and By Utilization (Food & Beverages, Medical & Healthcare, Metal Manufacturing, Chemicals & Petroleum Uses, Rubber & Plastic, Construction, and Others): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends and Forecast 2021–2028” Report at https://www.fnfresearch.com/nitrogen-market
This report segments the nitrogen market as follows:
Global Nitrogen Market: By Category Segmentation Analysis
Global Nitrogen Market: By Utilization Segmentation Analysis
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