Liquid Nitrogen Market Size, By End-use Industry (Chemicals & pharmaceuticals, Food & Beverage, Healthcare, Metal manufacturing & construction, Rubber & Plastic, and Others (electronics and energy)), By Function (Coolant and Refrigerant), By Manufacturing Process (Cryogenic distillation and Pressure swing adsorption), By Storage, Distribution, and Transportation (Cylinder & packaged distribution, Merchant liquid distribution, Tonnage distribution), and by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2016-26

Published:
March 2020
Report Code:
BWC19430
Available Format:
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Pages:
170

liquid nitrogen market bwc19430

Global Liquid Nitrogen Market Forecast and Trends

The global Liquid Nitrogen market has reached USD 15.49 Billion in 2019 and estimated to reach USD 22.54 Billion in 2026 and anticipated to grow by CAGR of 5.58% during the forecast period 2020- 2026. Liquid nitrogen's ability to act as a coolant is the main reason that has fueled global market development. Besides, the increase in demand for liquid nitrogen in the transport and food industries is also driving the growth of the worldwide market for liquid nitrogen. Furthermore, rising demand from industry is also one of the key factors driving the global market.

Additionally, the use of advanced technology is also boosting the market growth. The cumulative application areas of Liquid Nitrogen in the healthcare industry are key factors expected to propel the growth of the global Liquid Nitrogen market. Increasing demand from the chemical and pharmaceutical industries for liquid nitrogen is a major factor expected to drive the global liquid nitrogen market over the forecast period. Additionally, increasing product acceptance from the food and beverage industry is another factor expected to propel long-term target market growth. Besides, rising demand from the electronics sector in the manufacture of flat panel displays, light-emitting diodes, and semiconductors is also expected to fuel target market growth over the forecast horizon.

Global Liquid Nitrogen Market Overview:

Liquid Nitrogen is a diatomic liquid that maintains the diatomic character of the covalent N bond in N2 gas after liquefaction. Liquid Nitrogen is a lightweight, colorless, transparent liquid that can be transported easily due to non-pressurization requirements. It is a cryogenic fluid which on contact with living tissue, can cause rapid freezing. It is commonly used as a refrigerant, freezing and storing foods, and so on. Nitrogen is mostly used in the form of gasses; however, it is usually processed and transported as a liquid in different forms such as Dewar, cryogenic liquid flask, and cryogenic storage tank. Continuous cryogenic distillation takes place in the process of liquefaction of gas, accompanied by nitrogen separation. Then the Nitrogen is stored as a cryogenic gas. Liquid Nitrogen can also be obtained through a process called adsorption by swing pressure.

Growth drivers

The Growing Demand for Liquid Nitrogen in Numerous Industries

The capability of liquid nitrogen to work as a coolant is the primary reason, which has fueled the growth of the global liquid nitrogen market. Further, the rise in the demand for liquid nitrogen in the transport and food industry is also driving the growth of the global liquid nitrogen market. Besides, the rising demand from the electronics sector for the manufacturing of flat panel display, light-emitting diode, and semiconductors is also anticipated to bolster the growth of the liquid nitrogen market over the forecast period.

Surging Demand in the Food Preservation

The preservation and processing of food have gained importance because of liquid nitrogen for supplying the rising population globally with high-quality food. Preservation often involves the food product being cooled or frozen, which enhances its shelf-life.

Restraints

High Production and Transportation Cost of Liquid Nitrogen

The high transport value is the main reason that is hindering the growth of the global market for liquid nitrogen. Additionally, high production costs are also one of the significant reasons that hold back market growth. Moreover, the increase in accidents in the industries when in contact with liquid nitrogen is also one of the factors that are reducing global market development.

Global Liquid Nitrogen Market: End-use Industry

Based on End-use Industry, the Liquid Nitrogen market segmented into Chemicals & pharmaceuticals, Food & Beverage, Healthcare, Metal manufacturing & construction, Rubber & Plastic, and Others (electronics and energy). The chemicals & pharmaceuticals segment is expected to be the fastest-growing end-use industry in the forthcoming years, owing to the growth of the pharmaceutical industry. Liquid Nitrogen is broadly used to cool reactors filled with a catalyst at the time of repair works and maintain the essential cold reaction temperatures. The liquid nitrogen market is projected to see growth in the healthcare, food & beverages, and rubber & plastic sectors in the forecast horizon.

Global Liquid Nitrogen Market: Function

Based on Function, the Liquid Nitrogen market bifurcated into Coolant and Refrigerant. The coolant segment is supposed to have the largest market share in the liquid nitrogen market in the forecast horizon. Liquid Nitrogen has a shallow temperature and hence functions as an ideal coolant in numerous applications of various end-use industries.


Global Liquid Nitrogen Market: Manufacturing Process

Based on Manufacturing Process, the Liquid Nitrogen market segmented into Cryogenic distillation and Pressure swing adsorption. The cryogenic distillation process is anticipated to dominate the liquid nitrogen market with a significant market share. It is the most extensively used technique to produce high purity oxygen. Nitrogen and argon on an industrial scale is an economical technology solution for plants with a high production rate. However, the pressure swing adsorption technique is expected to play a significant role in changing the liquid nitrogen landscape by surging at the highest CAGR during the forecast horizon.

Global Liquid Nitrogen Market: Storage, Distribution, and Transportation

Based on Storage, Distribution, and Transportation, the Liquid Nitrogen market segmented into Cylinder & packaged distribution, Merchant liquid distribution, and Tonnage distribution. The Cylinder & packaged distribution mode is likely to have the largest market share in the liquid nitrogen market. Industry verticals such as tonnage distribution and merchant liquid distribution will be major growing distribution modes during the forecast period.

Global Liquid Nitrogen Market: Regional insights

By geography, the global Liquid Nitrogen Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia-Pacific region is expected to grow at a very high CAGR in the liquid nitrogen market due to surging developmental activities, and speedy economic expansion in nations such as India and China. The rise in the people’s income in this region increases the demand for high-end products is growing fast. Convenience food products, aerated beverages, and electronics are few of the applications, which find growth in the region, resulting in higher demands of liquid Nitrogen.


Liquid Nitrogen Market: Competitive Landscape

The major market players in the Global Liquid Nitrogen are Praxair Inc., Air Liquide S.A., The Linde Group, Messer Group, Nexair Llc., Taiyo Nippon Sanso Corporation, Air Products and Chemicals, Inc., Gulf Cryo, Emirates Industrial Gases Co. Llc., Refrigeration & Oxygen Company Limited, Southern Industrial Gas Sdn. Bhd, Asia Technical Gas Co Pte Ltd, Buzwair Industrial Gases Factories, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.

The objective of the Study:

To analyze and forecast the global Liquid Nitrogen market size of the market in terms of value.

To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Liquid Nitrogen market into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa and their leading countries.

To outline, categorized, and forecast the global Liquid Nitrogen market based on End-use Industry, Function, Manufacturing Process, and Storage, Distribution & Transportation.

To examine competitive developments like technological advancement, services, and regulative framework within the global Liquid Nitrogen Market.

To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Scope of the Report

By End-use Industry

·         Chemicals & pharmaceuticals

·         Food & beverage

·         Healthcare

·         Metal manufacturing & construction

·         Rubber & Plastic

·         Others (electronics and energy)

By Function

·         Coolant

·         Refrigerant

By Manufacturing Process

·         Cryogenic distillation

·         Pressure swing adsorption

By Storage, Distribution, and Transportation

·         Cylinder & packaged distribution

·         Merchant liquid distribution

·         Tonnage distribution

By Region:

·         Asia Pacific

·         North America

·         Europe

·         Latin America

·         Middle East & Africa

Business Questions answered by the report

How will the market drivers, restraints, and opportunities affect the market dynamics?

What will be the market size in terms of value and volume and market statistics with a detailed classification?

Which segment dominates the market or region, and one will be the fastest-growing, and why?

A comprehensive survey of the competitive landscape and the market participant players

Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:

Additional Company Information

With five additional company detail analysis

Additional country analysis

Detailed segment analysis

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