The global Liquid Nitrogen Market to cross USD 17 Billion by 2022, at a CAGR of approximately 6% CAGR between 2016 and 2022.
Global Liquid Nitrogen Market Information Report by Function (Coolant, Refrigerant), by Production Technology (Cryogenic distillation, Pressure swing adsorption) and by End-User (Chemicals, Pharmaceutical, Food & Beverages, and others) and by Region- Global Forecast to 2022
Liquid Nitrogen Global Market – Overview
The Liquid Nitrogen Market is growing at the rapid pace; mainly due to the growing pharmaceutical industry. According to a recent study report published by the Market Research Future, Globally, the market for Liquid Nitrogen has increased its market growth in recent years and is expected to gain prominence over the forecast period.
The market is forecasted to witness a thriving growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period.
The Liquid Nitrogen Market is predominantly driven by the augmented demand from healthcare sector. This is due to the growth in the pharmaceutical industry and the extensive use of liquid nitrogen as a cool reactors.
Other factors that propels the growth of this segment are growing demand of electronic products, metal fabrication, automotive, and lighting. There is also a rapid increase in the demand due to rapid urbanization, growing industrialization, increase in infrastructure and medical activities.
There lies immense opportunities for liquid nitrogen to grow rapidly; especially in developing and under-developed region attributed to the growing chemical industry.
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Liquid nitrogen is formed at very low temperature in a liquefied form. Liquid nitrogen allows to freeze in first instant and can be stored and transported in suitable environment.
Liquid nitrogen is produced by simultaneously removing the heat and compressing the air and in cryogenic fluid, helps in freezing foods. Liquid nitrogen is a nontoxic and it rapidly cools things.
It is best for preserving food, biological and medical products.
Liquid Nitrogen Market - Competitive Analysis
The market is highly application based. It is dependent on the usage in the end-use industries.
Chemical & Pharmaceutical are the dominating segment. Characterized by the presence of several major well-established players, the global Market of Liquid Nitrogen appears to be highly competitive.
Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period.
The Key players operating in the market compete based on pricing, technology, reputation and services.
Liquid Nitrogen Global Market – Segments
The Global Liquid Nitrogen Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Function : Comprises Coolant and Refrigerant and other
Segmentation By Production Technology: Comprises Cryogenic distillation, Pressure swing adsorption.
Segmentation By End Users : Comprises Chemicals, Pharmaceutical, Food & Beverages, and others
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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On the basis of Function, Segment Coolant is expected to grow with highest market share in the forecast period because at low temperature liquid nitrogen serves as an ideal coolant for many industries.
On the basis Production Technology, Cryogenic Distillation is expected to witness the largest market share because it is most widely used for high purity oxygen, nitrogen and argon for industries.
On the basis of End-user, Chemicals & Pharmaceutical segment is expected to dominate the market due to the growth in the pharmaceutical industry globally. North America is expected to witness the highest market share in the forecast period.
Liquid Nitrogen Global Market – Regional Analysis
The Liquid Nitrogen market can be geographically segmented into North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). North America region is expected to dominate Liquid Nitrogen Market during the forecast period.
Asia pacific is expected to grow fastest during the forecast period because of the growing development activities and expansion of the economy. The demand for liquid nitrogen is increasing due to increase in per capita income in this region.
Growth in the food & beverages and electronics industries in the countries of China and India has fuelled the demand for liquid nitrogen in the region of APAC.
The key players of global liquid nitrogen market are
- Linde Ag (Germany)
- Praxair Inc. (U.S.)
- Air Liquide S.A. (France)
- Nexair LLC (U.S.)
- Taiyo Nippon Sanso Corporation (Japan)
- Messer Group (Germany)
- Air Products and Chemicals Inc. (U.S.)
- Gulf Cryo (United Arab Emirates)
- Emirates Industrial Gases Co. LLC. (United Arab Emirates)
- Southern Industrial Gas Berhad (Malaysia)
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