Nitrogen Global Market Report 2024

The nitrogen market size has grown rapidly in recent years. It will grow from $38.93 billion in 2023 to $43.08 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The expansion witnessed in the historical period is linked to factors such as agricultural demand, industrial applications, population growth and urbanization, demand from the energy sector, and biofuel production.

The nitrogen market size is expected to see rapid growth in the next few years. It will grow to $64.44 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated expansion in the forecast period is associated with the transition to renewable energy, adherence to environmental regulations and emission reduction efforts, ongoing global infrastructure development, initiatives related to carbon capture and storage (CCS), and changes in agriculture practices. Key trends projected for the forecast period encompass the evolving market dynamics in developing economies, innovations in nitrogen storage and transportation technologies, advancements in nitrogen production technologies, a move towards onsite nitrogen generation, and expansions in global nitrogen capacity.

The expansion of the nitrogen market is significantly influenced by the thriving food and beverage industry. Nitrogen gas finds widespread use in packaging food items within this industry. By displacing oxygen and preventing its contact with the food, nitrogen gas effectively inhibits food oxidation, thereby extending the shelf life and preserving the quality of the products. As reported by Statista, the food and beverage industry is projected to experience a growth rate of 8.4%. This substantial growth in the food and beverage sector directly translates to an increased demand for nitrogen, positively impacting the overall nitrogen market.

Moving forward, the nitrogen market is expected to witness growth driven by the escalating global population and the rising demand for increased crop output. The term "growing population" refers to the rise in the number of people residing in a specific geographic area or region, while "crop output" pertains to the increased quantity of crops needed to meet various needs, such as food, feed, fiber, and industrial uses. The expanding global population and the heightened demand for crop output are driving a significant surge in nitrogen demand. Nitrogen is a vital component in fertilizers, playing a crucial role in enhancing agricultural productivity to meet the escalating requirements for food and resources. For example, in September 2022, data from the U.S. Census Bureau indicated a 0.4% increase in the United States' resident population to 333,287,557. Consequently, the growing population and the heightened demand for increased crop output are propelling the nitrogen market.

The industrial nitrogen market faces growth limitations due to the inadequate implementation of safety measures in handling nitrogen within industries such as aerospace, steel manufacturing, and others. Liquid nitrogen finds applications in various industries such as oil and gas, metalworking, electronics, food processing, and manufacturing processes. However, improper handling can lead to severe cold burns and frostbite. Leaks in nitrogen containers stored in poorly ventilated spaces pose significant risks to life and property, exemplified by an incident at a Textron Aviation plant near Wichita, Kansas, where a liquid nitrogen line explosion resulted in injuries and property damage. The challenges associated with handling nitrogen gas negatively impact its demand in the market for industrial oxygen.

Industrial gas companies are increasingly adopting pressure swing adsorption (PSA) technology. This cost-effective and highly efficient method utilizes adsorption vessels packed with carbon molecular sieves (CMS) to selectively adsorb oxygen at high pressures, allowing nitrogen to pass through at the desired purity level. PSA systems offer a more economical alternative to traditional cryogenic distillation or stored liquid nitrogen for on-site nitrogen generation. Major industrial gas companies such as Linde, Air Products, Air Liquide, and Praxair are leveraging PSA systems to enhance nitrogen production.

Major players in the nitrogen market are focusing on product innovation. For instance, Atlas Copco introduced a range of advanced onsite nitrogen production generators called NGM⁺ 7-70 in October 2022. These generators use membrane technology, providing high-quality, reliable on-site nitrogen generation with low energy costs. The generators come in various model sizes, featuring high-performance, durable, pre-aged membrane modules, and include advanced features such as a gas purity sensor, feed air monitoring, and gas purity regulation valve, with control accessible through the innovative Elektronikon Touch controller.

In September 2022, Corteva Inc., an American agricultural chemical company, acquired Symborg, a Spanish new-tech nitrogen tool company, for an undisclosed amount. This strategic move positions Corteva to enhance its advanced biologicals portfolio through Symborg's expertise in nitrogen-related technologies.

Major companies operating in the nitrogen market report are BASF SE, Dow Chemical Company, Nutrien Ltd., Mitsubishi Chemical Corporation, Linde PLC, Air Liquide SA, Yara International ASA, Sumitomo Chemical Co. Ltd., DuPont de Nemours Inc., Air Products and Chemicals Inc., Sinochem Group Co. Ltd., CF Industries Holdings Inc., EuroChem Group AG, OCI Co. Ltd., Air Water Inc., Taiyo Nippon Sanso Corporation, UBE Industries Ltd., Messer Group GmbH, Shandong Hualu-Hengsheng Chemical Co. Ltd., Terra Nitrogen Company LP, Yingde Gases Group Co. Ltd., nexAir LLC, Aspen Air Corp., Praxair Technology Inc., CanAir Nitrogen Inc., Southern Industrial Gas Sdn Bhd, Universal Industrial Gases Inc., Kuwait Oxygen & Acetylene Co., Emirates Industrial Gases Co. LLC, Chengdu Taiyu Industrial Gases Co. Ltd. Asia-Pacific was the largest region in the nitrogen market in 2023. North America was the second-largest region in the global nitrogen market. The regions covered in the nitrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary forms of nitrogen include compressed gas and liquid nitrogen. Compressed gases are those stored under pressure in cylinders, with diverse applications spanning commercial, industrial, scientific, and research sectors. End-use industries utilizing nitrogen encompass petrochemicals, oil and gas, metal manufacturing and fabrication, food and beverage, electronics, pharmaceuticals and healthcare, chemicals, among others.

The nitrogen market research report is one of a series of new reports that provides nitrogen market statistics, including nitrogen industry global market size, regional shares, competitors with a nitrogen market share, detailed nitrogen market segments, market trends and opportunities, and any further data you may need to thrive in the nitrogen industry. This nitrogen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the nitrogen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The nitrogen market consists of the sales of gas and liquid nitrogen used for the replacement of air and limit the oxidation of materials. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.