Liquid Nitrogen Market projecting a CAGR of 5.58% during the forecast period, 2020-2026
Published | March 2020
According to BlueWeave Consulting, the global Liquid Nitrogen market has reached 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. The market is growing owing to various factors. The ability of liquid nitrogen to work as coolant has propelled the market of liquid nitrogen during the forecast horizon to a great extent.
Furthermore, the rise in the demand for the liquid nitrogen in the transport and food industries is driving the liquid nitrogen market. Besides, the use of advanced technology is also boosting the global market of liquid nitrogen. The cumulative demand from the chemical and pharmaceutical industries for liquid nitrogen is a key factor expected to impel the global liquid nitrogen market over the forecast period. The extensive application areas of Liquid Nitrogen in the healthcare industry are also expected to propel the growth of the global Liquid Nitrogen market. Additionally, the increasing product acceptance from the food and beverage industry is another factor expected to propel long-term target market growth. Besides, the 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 period.
However, the high transport value is the primary reason that is hindering the growth of the global market for liquid nitrogen. Furthermore, the high production costs are also one of the significant factors that hold back the global 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.
The chemicals & pharmaceuticals segment in End-use Industry is expected to grow at a very high CAGR during the forecast horizon
Based on End-use Industry, 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 the 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 foresee growth in the healthcare, food & beverages, and rubber & plastic sectors in the forecast horizon.
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 prominence since the liquid nitrogen is utilized for supplying the high-quality food to the rising population globally. Preservation often involves the food product being cooled or frozen, which enhances its shelf-life.
Asia-Pacific accounts for the lion’s share of the global Liquid Nitrogen market during the anticipated period.
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.
Browse Detailed Table of Contents, “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”
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.