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
(2017-2022). 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
Ø
Praxair Inc.
Ø
Gulf Cryo
Ø
Air Liquide S.A.
Ø
Linde Ag
Ø
Nexair LLC
Ø
Messer Group
Ø
Emirates Industrial Gases Co.
LLC.
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Taiyo Nippon Sanso Corporation
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Southern Industrial Gas Berhad
Ø
Air Products and Chemicals Inc.
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.
Global 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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