Data Bridge Market Research analyzes that the liquid nitrogen market was valued at USD 15.98 billion in 2021 and is expected to reach USD 23.61 billion by 2029
PUNE, MAHARASHTRA, INDIA, June 21, 2022 /EINPresswire.com/ — Global Liquid Nitrogen Market, By Function (Coolant, Refrigerant), Production Technology (Cryogenic Distillation, Pressure Swing Adsorption), Storage, Distribution and Transportation (Cylinders and Packaged Gas, Merchant Liquid/Bulk, Tonnage), End-use Industry (Healthcare, Food and Beverages, Chemicals and Pharmaceuticals, Metal Manufacturing and Construction, Rubber and Plastic, Others) – Industry Trends and Forecast to 2029
Liquid Nitrogen Market research report provides the best answers to many critical business questions and challenges. Additionally, the data, facts, and figures collected to generate this market report are obtained from trustworthy sources such as websites, journals, mergers, newspapers, and other authentic sources. The report has a very extensive scope that includes market scenarios, comparative pricing between major players, and the cost and profit of the specified market regions. To execute the market research study; competent and advanced tools and techniques viz SWOT analysis and Porter’s Five Forces Analysis have been employed. An all inclusive A market research report delivers an all-inclusive analysis of the market structure along with forecast of the diverse segments and sub-segments of the market. The report represents all-inclusive professional study of the industry which focuses on primary and secondary drivers, market share, competitor analysis, leading segments and geographical analysis.
LEADING PLAYERS of Global Liquid Nitrogen Market
Air Products and Chemicals Inc. (US), Linde Plc (Germany), Praxair Technology Inc., (US), NEXAIR. (US), Air Liquide SA (France), Taiyo Nippon Sanso Corporation (Japan), Gulf Cryo (UAE), Emirates Industrial Gases Co. LLC. (UAE), Southern Industrial San Bhd (Malaysia), Universal Industrial Gases Inc, (US), Yingde Gases Group (China), Messer Group (Germany), AMCS Corporation (US), Statebourne Cryogenics (US), AIGA (Singapore)
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Liquid Nitrogen Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Increase in demand due to adverse properties
Liquid nitrogen is highly used in the chemical and pharmaceutical industry because of their adverse properties such as colorless, chemically unreactive, non-toxic, odorless and inflammable. These properties is expected to driving the growth of liquid nitrogen market.
Increasing demand from healthcare domain
Liquid nitrogen used in removal of warts, unwanted skin, precancerous cells and cryogenics. Liquid nitrogen is commonly considered the cryogenic liquid capable of fast freezing within the contact of living cells. Which is expected to driving the growth of liquid nitrogen market.
Growing food and beverage industry
Rapid modernization, increases the popularity of packaged food significantly due to this increase the concern about food preservation. Liquid nitrogen being chemically unreactive which plays a vital role in freezing and cooling the food products and thereby increasing their shelf life.
Increasing automotive production
Increasing air pollution all over the world and vehicle emissions have a major concern. It is very essential to engineer an alternative to the current traditional gasoline vehicles. Liquid vehicles fueled by nitrogen can act as a brilliant alternative. Thus, liquid nitrogen is highly used in automobiles as a coolant.
Rising the usage of product
The market for liquid nitrogen is growing in the electronics industry due to increased product usage in the manufacturing of flat panel displays, light emitting diodes, and semiconductors, which will further boost various opportunities that will lead to the growth of the liquid nitrogen market over the forecast period.
Various application of liquid nitrogen
Rise in demand for frozen ice-cream from developing end use industries and developed economies is trending in the market. However, rise in applications in cryotherapies, cryopreservation and cryosurgeries for moles, curing skin, removing the skin tags and skin cancers is offering opportunities to the market.
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Market Scenario of Global Liquid Nitrogen Market
Data Bridge Market Research analyzes that the liquid nitrogen market was valued at USD 15.98 billion in 2021 and is expected to reach USD 23.61 billion by 2029, registering a CAGR of 5.00 % during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
Nitrogen is a diatomic element which has found in the atmosphere and is present in the gaseous state at normal temperature. Liquid nitrogen is a cryogenic liquid and it is liquefied at a very low temperature at near negative 320 degrees Fahrenheit or negative 196 degrees Celsius. Liquid nitrogen is odor less, colorless and non-flammable liquid which is prepared by the process which has known as pressure swing absorption. Liquid nitrogen has an extensive range of applications including cooling agent.
COVID-19 Impact on Liquid Nitrogen Market
COVID-19 has hindered the growth of the liquid nitrogen market. The transportation industry has been hit hard by the epidemic as a result of global lockdowns. However, owing to the ongoing pandemic, the healthcare industry has witnessed vast growth due to increase the health concerns. This may further rise the demand for the liquid nitrogen market, as the demand for medical devices is expected to increase in the upcoming years.
In February 2021, Inox Air Products declared to invest USD 2,000 crore to build plants, this company will build eight new air separation units all across India. These new plants will be in states such as Madhya Pradesh, Uttar Pradesh, Andhra Pradesh, Gujarat, Maharashtra, Tamil Nadu, and West Bengal.
In March 2021, Bluefors and Linde signed an agreement which is to create cooling solutions for the large-scale quantum computers.
As of June 2021, Inox Air Products declared that it proposed a plant at Hosur and will be commissioned and operational in December 2022, which will produce liquid nitrogen and others.
Liquid Nitrogen Market Scope and Market Size
The liquid nitrogen market is segmented on the basis of function, production technology, storage, distribution and transportation and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Pressure Swing Adsorption
Storage, Distribution and Transportation
Cylinders and Packaged Gas
Food and Beverages
Chemicals and Pharmaceuticals
Metal Manufacturing and Construction
Rubber and Plastic
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Liquid Nitrogen Market Regional Analysis/Insights
The countries covered in the liquid nitrogen market report are US, Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, UK, Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan , China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa.
North America dominates the liquid nitrogen market in terms of market share and revenue and will continue to flourish its dominance during the forecast period. This is due to the rising demand for liquid nitrogen in this region. The North America region dominates the liquid nitrogen market in terms of the rapid growth in the health care industry in this region
Key questions answered in this report – Global Liquid Nitrogen Market Data Survey Report
What will be the market size and the growth rate?
What are the key factors driving the Global Liquid Nitrogen Market?
Who are the key market players and what are their strategies in the Global Liquid Nitrogen Market?
What are the key market trends impacting the growth of the Global Liquid Nitrogen Market?
What trends, challenges and barriers are influencing its growth into Global Liquid Nitrogen Market?
What are the market opportunities and threats faced by the vendors in the Global Liquid Nitrogen Market?
What are the key outcomes of the five forces analysis of the Global Liquid Nitrogen Market market?
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