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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