Market Synopsis:
Market Research Future (MRFR)
speculates that the global liquid nitrogen market is predicted to garner USD 17
billion, registering a CAGR of 6% during the forecast period (2017-2025). The
ability of liquid nitrogen to act as a coolant is fueling the market growth
throughout the appraisal period. Liquid nitrogen is referred to as a cryogenic
fluid which causes rapid freezing. It is colorless, odorless, non-flammable,
and non-corrosive in nature and is also termed as LIN, LN2, or LN. liquid nitrogen
is produced or generated at an air separation plant and can be obtained by
pressure swing adsorption. It is non-toxic in nature and is ideal for
preserving biological, food, and medical products.
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Competitive Dashboard:
·
Praxair Inc.
·
Gulf Cryo
·
Air Liquide S.A.
·
Linde Ag
·
Nexair LLC
·
Messer Group
·
Emirates Industrial Gases Co. LLC.
·
Taiyo Nippon Sanso Corporation
·
Southern Industrial Gas Berhad
·
Air Products and Chemicals Inc.
Industry Updates:
February 25, 2019: Soon before
commissioning of the bullet train and the launch of a high-speed train, Vande
Bharat Express, the first working prototype model of Magnetic Levitation train,
named Meglev Train was exhibited at Raja Rammana Center for Advanced Technology
in Indore. The head of Accelerator Magnet Technology Division said that this
particular technology can be a game changer in the field of transportation. The
aluminum plate used at the bottom of the engine act as coils and rotor as a
stator. The superconductivity is created with the use of liquid nitrogen at 180
degree Celsius.
Market Potential and Pitfalls:
The global liquid nitrogen market
is estimated to expand at a rapid pace throughout the assessment period. Liquid
nitrogen has the ability to act as a coolant, which acts as a major driver to
the growth of the market. With the augmenting demand for liquid nitrogen in the
food and transport industry, the market is flourishing across the globe. The
rising demand in the chemical industry is bolstering the market growth. Liquid
nitrogen is extensively used as a coolant in freezing as well as in the transportation
of chemicals and liquid in the chemical sector. It is also used to freeze
formulations and medicines, to maintain the cold reaction temperatures in the
pharmaceutical industry, and to cool reactors which are filled with catalyst
during repair works. Liquid nitrogen is also largely used in the F&B
industry in mechanical freezing systems such as refrigeration units for
transportation and preservation of food items. Such factors are anticipated to
bolster the global liquid nitrogen market in the coming years.
The increased use of liquid
nitrogen in the healthcare industry is anticipated to contribute to the market
growth. It is a cryogenic fluid which is extensively used in the healthcare
sector for applications such as cryotherapy and cryosurgery. Liquid nitrogen is
also used to preserve and transport cells, tissues, blood platelets, and
cooling of magnets in magnetic resonance imaging. As the healthcare sector is
developing, the demand for liquid nitrogen is increasing.
On the contrary, a high value for
transportation is considered one of the major concerns impeding the growth of
liquid nitrogen across the globe. Moreover, the high production cost of liquid
nitrogen is vitiating the market growth throughout the appraisal period.
Hazards associated with liquid nitrogen is another major factor likely to deter
the market growth in the coming years.
Liquid Nitrogen Market: Segmental Analysis:
The global liquid nitrogen market
has been segmented on the basis of function, production technology, and end-users.
By mode of function, the global
liquid nitrogen market has been segmented into refrigerant and coolant. Among
these, the segment for coolant is estimated to expand at the highest rate
throughout the appraisal period as liquid nitrogen serves as an ideal coolant
at low temperature.
By mode of production technology,
the global liquid nitrogen market has been segmented into pressure swing
adsorption and cryogenic distillation. Among these, the cryogenic distillation
is considered to occupy the largest market share as it is extensively used high
purity oxygen, argon, and nitrogen for industrial purposes.
By mode of end-users, the global
liquid nitrogen market has been segmented into pharmaceutical, chemicals, food
& beverages, and others. Among these, the chemicals & pharmaceuticals
segment is presumed to dominate the global market owing to the growth in the
pharmaceutical sector across the globe.
Regional Insights:
Geographically, the Liquid
Nitrogen Market span across regions namely, Europe, Asia Pacific, North
America, and Rest-of-the-World (RoW).
Considering the global scenario,
the North American region is considered to dominate the global liquid nitrogen
market throughout the appraisal period. The growth is credited to the rapid
expansion of the oil and gas industry. Liquid nitrogen plays a crucial role in
the manufacturing and discovery of shale gas. In this region, the U.S. has
initiated the production of shale gas from the northern regions. This is
predicted to augment the production of oil and gas in this region, which is
estimated to propel the liquid nitrogen market.
The Asia Pacific region is
presumed to expand at the fastest rate owing to the economic expansion and
developmental activities in this region. With rising awareness regarding the
use of liquid nitrogen in economies like India and China, the market is sure to
expand. Moreover, the growth of the end-use industries in this region is
further contributing to the market growth. For instance, China has the largest
share in automobile manufacturing which is likely to create demand for liquid
nitrogen in the future.
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NOTE: Our team of researchers are studying
Covid19 and its impact on various industry verticals and wherever required we
will be considering covid19 footprints for a better analysis of markets and
industries. Cordially get in touch for more details.
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