Market Introduction
After the careful analysis of the
current trends across the globe, the worldwide collection of liquid nitrogen
market will be USD 17 Billion by 2022. The market size is set to expand at a CAGR
of approximately 6% during the forecast period (2017-2022).
Growth Factors and Key Barriers
The primary drivers in the market
growth include the surging demand in the chemical industry, especially in Asia Pacific.
Liquid nitrogen also finds numerous applications in pharmaceuticals &
biotechnology, food & beverage, healthcare, metal manufacturing, etc. among
others.
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Increasing Application in
Healthcare Industry
Liquid nitrogen refers to
nitrogen that is in liquid state and is produced at low temperatures, by the
fractional distillation of air. Liquid nitrogen is a cryogenic fluid that has
widespread use in the healthcare industry for applications such as cryotherapy,
cryosurgery, etc. In the healthcare sector, it can also be used for preserving
and transportation of tissues, blood platelets, cells, along with the cooling
of magnets in magnetic resonance imaging. Thus, with the continuous
developments within the healthcare industry, the demand for liquid nitrogen is
set to rise, augmenting the market position of liquid nitrogen.
Accelerated Demand in Chemical Industry
Liquid nitrogen can be utilized
as a coolant in freezing as well as for the transportation of chemicals and
liquids in the chemical industry. Also, the product is used for freezing
medicines and formulations, maintaining the required cold reaction temperatures
in pharmaceutical industry and for cooling the reactors that are filled with
catalyst during repair works. Besides this, liquid nitrogen is used in food
& beverages industry in the mechanical freezing systems such as
refrigeration units for the preservation and transportation of food. As the
global population rises at an alarming rate, the evolving industrial activities
are leading to an increasing consumption of liquid nitrogen. Hence, the sum of
all these factors will play a prominent role in the growth of the liquid
nitrogen market in the years to come.
Market Segmentation
The market for liquid nitrogen is
segmented on the basis of function, production technology, and end-use.
The liquid nitrogen market, on
the basis of function, is segmented into coolant and refrigerant. Out of these,
coolant will be surging with the largest market share during the forecast
period, on account of the fact that low temperature liquid nitrogen is an ideal
coolant that is used across various industries.
Depending on the production
technology, the market is considered for cryogenic distillation and pressure
swing adsorption. Here, cryogenic distillation is poised to note the largest
market share since it is mostly used for high purity oxygen, argon and nitrogen
across various industries.
The end-users in the liquid
nitrogen market are chemicals, pharmaceutical, food and beverage and others.
The chemicals & pharmaceutical segment, among all the end-users, will be
showcasing a lucrative growth pattern as a result of the expanding pharmaceutical
industry around the world.
Regional Insight
Region-wise, the global Liquid
Nitrogen Market can be segmented into Europe, Asia Pacific (APAC), North
America, and the Rest of the World (ROW).
Dominating the global market is
the region of North America, which notes the rising developmental activities
along with the surge in the number of manufacturers and suppliers in the
region. In addition to this, frozen ice-cream is one of the most popular food
products in the region, which elevates the demand for liquid nitrogen as it is
used for producing frozen ice-cream.
The fastest-growing region in the
global liquid nitrogen market is set to be Asia Pacific, backed by the
increasing development activities as well as the quick pace of the economy in
the region. Expanding population size and improving living standards is
bolstering the market demand in construction, food & beverages,
pharmaceutical and electronics sectors. China is considered to be the largest
producer as well as supplier of LN2 in the region, supported by rapid urbanization
and people migrating to urban cities with higher earnings.
The constantly expanding chemicals
and metal manufacturing industries that supply raw materials for manufacturing
and construction sector will be instrumental in the growth of the regional
market in Europe. Also, massive demand for coolants in countries like Germany
and France will provide a significant push to the market in the region in the
forthcoming years.
Top Companies
The top companies competing in
the global liquid nitrogen market include Southern Industrial Gas Berhad
(Malaysia), Nexair LLC (U.S.), Taiyo Nippon Sanso Corporation (Japan), Linde Ag
(Germany), Air Products and Chemicals Inc. (U.S.), Praxair Inc. (U.S.), Air
Liquide S.A. (France), Emirates Industrial Gases Co. LLC. (United Arab
Emirates), Messer Group (Germany), Gulf Cryo (United Arab Emirates), among
others.
Recent Developments
March 2019
Energy storage company Highview
Power is partnering up with engineering and construction company TSK to carry
out the development of large-scale cryogenic energy storage projects. The
technology is expected to enable a significant shift from thermal and nuclear
power to renewables, using low temperature liquids like liquid nitrogen so that
surplus power can be stored by using electricity for freezing them.
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