Liquid Nitrogen Market Statistics, Business Opportunities, Competitive Landscape, and Analysis Report
The global liquid nitrogen market is expected to proceed at a robust 5% CAGR over the forecast period from 2022 to 2030, according to the latest research report from Market Research Future (MRFR). The liquid nitrogen market is studied in full detail in the report, which takes a look at the historical growth trajectory of the global liquid nitrogen market to zero in on the major drivers enabling growth of the market. The key drivers and restraints affecting the global liquid nitrogen market are studied in the report.
Liquid nitrogen is widely used as a refrigerant and coolant, as it is a cryogenic fluid with a boiling below -130 F. The healthcare and pharmaceutical industries have emerged as major end users of liquid nitrogen in recent years due to the growing use of liquid nitrogen for keeping medical devices and pharmaceuticals safe and protected from heat and moisture. Processing live samples is also a crucial task made easier by the use of liquid nitrogen, as liquid nitrogen can preserve live samples quite easily due to its low boiling point and strong refrigerant effect. The food and beverage industry is also a major end user of liquid nitrogen, as liquid nitrogen is used to preserve processed food as well as to keep cold food items such as ice cream from melting. The growing international trade of frozen agricultural and food products is likely to remain a key driver for the global liquid nitrogen market over the forecast period.
The liquid nitrogen market also benefits considerably from the growing demand for liquid nitrogen in cryogenic deflashing of plastic and rubber products. The rubber and plastics industries have both exhibited stable growth over the last few years due to the growing demand for rubber and plastic products in industrial applications, and are thus likely to remain key end users of liquid nitrogen over the forecast period. On the other hand, the liquid nitrogen industry is likely to undergo some changes in the coming years, in terms of the regulatory landscape around the use and transportation of liquid nitrogen. Liquid nitrogen can scald and heavily injure anyone who comes into contact with it, making it a highly dangerous product to transport and store. This is likely to lead to a significant onslaught of regulations intended to make the liquid nitrogen industry safer and more secure.
Competitive Analysis:
Leading players in the global liquid nitrogen market include Asia Industrial Gases Pte Ltd., Statebourne Cryogenics Ltd., AMCS Corporation, Southern Industrial Gas Sdn Bhd, Gulf Cryo, Air Products and Chemicals Inc., Messer Group GmbH, Taiyo Nippon Sanso Corporation, nexAir LLC, Air Liquide, Praxair Technology Inc., and Linde.
In October 2019, a hospital in Karnataka, India performed a pedicle cryotherapy procedure on a cancer patient, using liquid nitrogen to freeze and remove cancerous growths on the patient’s bones. Such new applications could also emerge as vital for the global liquid nitrogen market over the forecast period.
Segmentation:
The global liquid nitrogen market has been segmented by storage, technology, application, end-use industry, and region.
Based on storage, the global liquid nitrogen market is segmented into cryogenic cylinders packaged gas, tonnage, and others.
Based on technology, the global liquid nitrogen market is divided into cryogenic distillation and pressure swing adsorption.
Based on application, the global liquid nitrogen market has been bifurcated into coolant and refrigerant.
By end-use industry, the global liquid nitrogen market has been segmented into chemical, healthcare, food beverages, metallurgy, and others.
Regional Analysis:
North America is likely to dominate the global liquid nitrogen market over the forecast period, followed by Europe. Asia Pacific is expected to exhibit the strongest growth rate over the forecast period.
The growing pharmaceutical industry in North America is a major driver for the liquid nitrogen market, as this has provided the industry with significant scope to expand into sample storage applications. Asia Pacific is also likely to witness significant growth in the consumption of liquid nitrogen in the pharmaceutical industry over the forecast period.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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