Industrial Nitrogen Market projecting a CAGR of 5.28% during the forecast period, 2020-2026

IndustryPRwire - - According to BlueWeave Consulting, the global Industrial Nitrogen market has reached USD 16.59 Billion in 2019 and estimated to reach USD 23.759 Billion in 2026 and anticipated to grow by CAGR of 5.28% during the forecast period 2020-2026. The fast-growing food and beverage and steel industries are the most significant growth factor in the global industrial nitrogen market.

Rapid advances made in this end-use industry in different parts of the world are promoting business growth. Raising concerns about hygienic storage and food safety are some of the significant drivers of lucrative growth rate industrial nitrogen demand in the food & beverage industry. Nitrogen is commonly used for food aeration, packaging, and storage in the food and beverage industry to improve the food products ' shelf-life. It is used for winemaking to avoid oxidation at the time of fermentation, which preserves product quality.

Cylinders & packaged gas is the most dominating transportation method used to distribute nitrogen

The most widely used mode of transport for the delivery of nitrogen is cylinder & packed gas. The cylinders are produced and constructed in compliance with the relevant pressure and temperature requirements and practices involved. The compressed gas category is driven by the fact that nitrogen gas finds extensive use in a large number of industries since it is used to store explosive and flammable liquefied petroleum materials. As nitrogen is an inert gas, it is also used in stainless steel manufacturing. Cryogenic liquid cylinders are vacuum jacketed and sealed pressure containers that come with rupture disks and safety relief valves to protect the cryogenic cylinders against increased pressure.

Nevertheless, industrial nitrogen is likely to encounter regulatory and systemic structural challenges. Different emerging nations are still not conducive to the development of nitrogen.

Followed by the food & beverage segment pharmaceutical end-user sector contribute to the significant growth rate in the global industrial nitrogen market.

It is projected that the pharmaceutical & healthcare sector will grow in value at the fastest CAGR between 2019 and 2026. Following the food & beverage industry, the use of industrial nitrogen in the pharmaceutical field, with significant demand for industrial nitrogen as a cryogen for freezing and preserving cell tissue, blood, etc. in the healthcare sector, is expected to further fuel the projected market growth. The increased use of nitrogen in the healthcare industry and drug production in developing and developed regions is a notable phenomenon which can play a key role in the growth dynamics. Nonetheless, various factors may be hindering the global market's steady expansion. Besides, high production costs of nitrogen, along with strict regulations regulating nitrogen production, are likely to impede market growth during the forecast period.

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Asia-Pacific expected to witness lucrative demand in the global industrial nitrogen market 

The Asia Pacific represented the largest share of the global industrial nitrogen market and is projected to grow at the highest rate over the forecast period. The increase in demand for industrial nitrogen can be attributable primarily to the region's rising population with high disposable incomes and growing industrialization. Nitrogen supply and use have become standard across a wide range of manufacturing and processing sectors, thanks to which there are now several applications of nitrogen in each industry that can help improve quality, reinforce protection and avoid the adverse effects of oxygen exposure on end products. For example, according to the US statistics bureau. Nitrogen fertilizer demand exceeded the global 147.8 million tons in 2014.

Rising crop prices lead to increased demands for fertilizers and have been especially noted in South Asia in recent years. Favorable weather conditions in major agricultural regions often increase the need for fertilizers. Countries such as India, China, and Singapore lead the Asia-Pacific market with strong economic growth in the region, ever-increasing demands for the population, rapid industrialization, and significant investment by leading industry players considering potential growth opportunities in the region. The rising economic growth in the Asia Pacific would deliver lucrative market-size prospects in the forthcoming years. Besides, the increased use of ammonia-formulated fertilizers in agricultural countries such as India and China to improve soil fertility, which is likely to boost product market growth during the forecast timeframe.

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