Global Market Insights added Most up-to-date research on “Liquid Nitrogen Market: Global Industry Share, Trends and Forecast, 2018 – 2024″ to its huge collection of research reports. This research study on the Global Liquid Nitrogen Market offers detailed and insightful information on major regional markets and related sub-markets.
It is the largest volume of inorganic chemical sold in the world. Nitrogen is used mostly in the gaseous form; however, it is commonly stored and transported as a liquid form in several types of cryogenic containers such as liquid cylinder, dewar and liquid tank. Container type depends upon the quantity required by the end user. It is produced at an air separation plant.
Increasing demand for a liquid nitrogen in food preservation and chemical & pharmaceutical industry is anticipated to drive the liquid nitrogen market in the coming years. Product is used to cool and preserve items in food & beverage industry. Liquid nitrogen properties help to increase the shelf life of the product. Due to low initial investment, non-adverse effects on environment and to supply quality food to the rising population, it is likely to be used widely in food & beverage industry during the forecast period. Chemical & pharmaceutical segment shall be the fastest growing end user industry over the forecast period. Liquid nitrogen is extensively used in pharmaceutical industry to cool the reactors filled with catalyst and to retain the required temperature. Global pharmaceutical industry is likely to grow with a 6.3% CAGR over the forecast duration and shall reach to 1.12 trillion USD by 2024.
Liquid nitrogen is used in various industries such as chemicals, pharmaceuticals, food & beverage, metal manufacturing, construction, electronics, energy, rubber & plastic, healthcare and others. Among which metal manufacturing segment was the largest end-user in 2016. Increasing use of liquid nitrogen as an industrial gas in fabrication and metal refining process is projected to spur the market growth rate during the forecast timeframe. On the basis of manufacturing process, it is divided in two parts, pressure swing absorption and cryogenic distillation. Large part of liquid nitrogen is produced through cryogenic distillation technique. It is cost-effective for large-sized plants and produces high purity nitrogen and oxygen. Pressure wing absorption technique is relatively very new and more useful for medium and small-scale producers.
The cryogenic distillation activities have increased around the globe and are likely to account for the largest market share of liquid nitrogen. Cryogenic is technique of using temperature as low as -180-degree celsius in applications such as healthcare, chemical, construction, automotive, electronics and pharmaceutical. Liquid nitrogen owing to its characteristic such as low temperature is used as cryogen in cryosurgeries, cryotherapies and cryo-preservations, which are utilized for removing skin tags, curing skin, moles, skin cancer and to demolish decaying tissues.
North America led the global liquid nitrogen market in 2016. Rising development activities coupled with increasing manufacturers & suppliers in the region shall propel the product demand over the forecast period.
Asia Pacific was the second largest product market after North America and it is likely to be the fastest growing region over the forecast period. Increasing population and disposable income have spurred the demand for liquid nitrogen in construction, electronics, food & beverage and pharmaceutical sector in recent times. This region comprises about 60% of the world population due to which food processing and preservation is projected to become a major product application. Other industries in the region are also experiencing boom owing to rapid industrialization and infrastructure development. China was the largest supplier of liquid nitrogen in the region.
Europe is likely to be another attractive region due to its prominent plastic, automobile, rubber, fabrication and metal industries.
The key vendors in the liquid nitrogen market are The Linde Group, Praxair Technology Inc., Air Liquide, NexAir LLC, Taiyo Nippon Sanso Corporation, Messer Group, Air Products and chemicals, Inc., Gulf Cryo and Southern Industrial Gas Sdn Bhd. Ricardo, a UK based engineering company is developing a liquid nitrogen enhanced engine. These new engines will extend the overall life and reduce the fuel consumption. It is likely to turn out to be a huge opportunity for liquid nitrogen market over the next few years.
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