Liquid Nitrogen Market Worth About USD 21.3 billion By 2025
The global LiquidNitrogen Market size is expected to value at USD 21.3 billion by 2025. The market is subject to witness a substantial growth due to the growing demand for liquid nitrogen in oil & gas sector and electronic devices market. Rise in the number of industry players that are strictly implementing environmental health and safety measure regulated by various governmental authorities to handle liquid nitrogen is expected to drive the growth of the market over the forecast period. Globally, the liquid nitrogen market is predicted to grow at CAGR of 4.4% in the forecast period, providing numerous opportunities for market players to invest in research and development in the market.
Increase
in number of chemical and metal manufacturers in both - developed and
developing economies across the globe are offering a lucrative opportunity for
liquid nitrogen manufacturers to generate large revenue over the upcoming
period. Additionally, rise in the use of the liquid nitrogen by electronics
manufacturers for cooling of electronic devices during various manufacturing
processes is expected to boost market demand of the liquid manufactures in the
upcoming years.
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Increasing
adoption of liquid nitrogen as a coolant and refrigerant by a number of
end-user industries like pharmaceutical, metal fabrication, and frozen food
sector are anticipated to drive the growth of liquid nitrogen industry over the
forecast period. Other applications of the liquid nitrogen extends to food
& beverages sector, rubber & plastic manufacturing, automobile sector,
electronics devices market, healthcare sector, and construction & building
industry.
Cryogenic
distillation is considered as one of the fastest growing segments in the liquid
nitrogen market with substantial revenue generation in the last couple of
years. Growing popularity of the cryogenic distillation is attributed to its
cost-effectiveness and high performance during production industrial gases such
as nitrogen, argon, and oxygen.
The
other factors spurring the demand for cryogenic distillation is increasing
utilization in the fabrication of semiconductor devices. Cryogenic distillation
is broadly adopted during the production of liquefied industrial gases because
of the factors such as low initial investment and few utility requirements.
Moreover, development of the latest techniques by prominent industry players
for purification of gases at low temperatures with help of cryogenic
distillation technology, is augmenting market growth of liquid nitrogen, in the
recent years. Applications of cryogenic distillation techniques involve
purification of industrial gases such as argon, oxygen, carbon monoxide, and
light nitrogen.
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In
addition, pressure swing adsorption (PSA) technology has witnessed substantial
growth with a significant CAGR over the forecast period. Pressure swing
adsorption (PSA) technology offers air separation for industrial gases without
requiring liquefaction. Increasing demand for pressure swing technology due to
factors such as lower operational cost and enhanced capabilities is predicted
to elevate market demand for the pressure swing adsorption (PSA) in the
upcoming period.
Substantial
investment by leading industry players in research & development for the
liquid nitrogen technologies is leading development of innovative products.
These factors are critical for sustaining the growth of liquid nitrogen
industry during the forecast period. The liquid nitrogen market is divided by
regions such as North America, Europe, Asia-Pacific, Latin America and Africa.
North
America has shown major growth in recent years owing to the rise in the
adoption of latest technologies, increase in the developmental activities,
presence of large number of manufactures & suppliers, and existence of
well-established industrial infrastructure. Asia-Pacific region is predicted to
hold the major market share in the liquid nitrogen industry with massive growth
in forecast period. Countries such as India, China, and Japan are leading the Asia-Pacific’s
market with strong economic growth in the region, ever-growing population,
rising living standards, and significant investment by leading industry players
considering potential growth opportunities in the market.
The
key players in the liquid nitrogen industry are Air Liquide S.A., The Linde
Group, Praxair Incorporations, Air Products & Chemicals Incorporations,
Taiyo Nippon Sanso Co., Messer Group Co., Emirates Industrial Gases
Corporations, Gulf Cryo Co., Southern Industrial Gas BerhadSdn. Bhd., and
Nexair LLC.
Market
Segment:
Liquid
Nitrogen Technology Outlook (Volume, Million Tons; Revenue, USD Million, 2014 -
2025)
• Cryogenic distillation
• Pressure swing adsorption
• Others
Liquid
Nitrogen Function Outlook (Volume, Million Tons; Revenue, USD Million, 2014 -
2025)
• Coolant
• Refrigerant
• Cylinders & packaged gas
• Merchant liquid/ Bulk
• Tonnage
• Others
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