The global nitrogen market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Nitrogen is a colorless diatomic gas constituting 78% of the volume of atmospheric air. It is an inorganic molecule produced from air using pressure-swing adsorption (PSA), membrane separation, cryogenic air separation among others. Nitrogen is an industrial gas that caters to a wide array of applications in several end-use industries. It is largely used in industries which include chemicals, refrigerants and coolants and in food industry among several others. The commercial method of preparing 99% pure nitrogen is through air separation by pressure-swing adsorption process or cryogenic distillation process.
The global nitrogen market can also be segmented on the basis of end-use industries:
- Chemical intermediates
- Nitrogen Fertilizers
Rising demand for nitrogen from chemical, nitrogen fertilizers and other industries is likely to drive the market. Demand from chemical, nitrogen fertilizers and other related industries are actually increasing because of growing population and economic growth in developing countries. Additionally, demand for cryogenic nitrogen is likely to increase at a greater rate because of an upsurge in demand due to growing end-use markets like refrigerants and other functional fluids. This demand is growing at a higher rate, which in turn will boost consumption of Nitrogen.
Drivers and Restraints of Nitrogen Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for nitrogen market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Nitrogen has a probability of volatility in supply and price due to its high energy production costs. The production costs are influenced by energy prices. Transportation and safety are among the few challenges of this market. Recent mergers and acquisitions in industrial gases industry have caused further consolidation in the nitrogen market making business tough for small and new players in the market.
Nitrogen Market by Region
Asia was the largest consumer of nitrogen and this pattern is anticipated to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, India and Japan were the largest consumers of nitrogen in this region. Growing demand for chemical, nitrogen fertilizers and other related applications will drive nitrogen market in Asia. Consumption of nitrogen in North America was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from fertilizers, refrigerants and other industries. Demand from the Middle East and South America was low relatively and is likely to stay same in the next few years.
Top players in this market include Air Liquide, Air Products and Linde-Praxair. Other significant players operating in the nitrogen market include BASF, Gulf Cryol, Taiyo Nippon Sanso Corporation, Asia Technical Gas Co (PTE) LTD (ATG) and Goyal MG Gases Pvt. Ltd. among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth