The
global liquid nitrogen market is expected to
reach USD 21.3 billion by 2025, according to a new report by Grand View
Research, Inc. Globally, increasing consumption of electronic goods has been a
major factor driving the market growth. In addition, growing healthcare
industry has led to increase in demand for liquid nitrogen.
Due to its low
temperature property it is used as a cryogen in cryotherapies, cryosurgeries,
and cryopreservation to remove skin tags, warts, verrucae, skin cancers, and
moles in addition to demolishing the decayed tissues. Liquid nitrogen shrink
fitting solutions are one of the best fitted solutions for joining of two
metals which cannot be welded, cemented or soldered.
Rising demand in various
application sectors including automotive, metals & fabrication, rubber
& plastic, healthcare, electronics, construction, and food & beverages
is projected to propel the market over the coming years. Rapid
industrialization, infrastructural, and medical activities is anticipated to
augment the market growth from 2017 to 2025.
Coolant function was
projected to be the largest segment over the forecast period with a market
share of 61.1% in terms of revenue in 2016. It is used in large number of
applications to maintain low temperature such as food & beverages,
electronics, chemicals, storage medium, healthcare, and metal fabrication to
maintain low temperatures.
North America is expected
to observe the biggest regional segment over the next eight years with an
estimated CAGR of around 5.4% from 2017 to 2025.Increasing number of
manufacturers and suppliers in this region is anticipated to spur the market
growth. Asia Pacific is the fastest growing segment with potential growth
opportunites. This region is expecting the rise in demand from industries such
as metal manufacturing & fabrication, construction, food & beverage,
and chemicals & pharmaceutical.
Browse full report by Grand View Research : http://www.grandviewresearch.com/industry-analysis/liquid-nitrogen-market
Further key
findings from the report suggest:
·
The
global liquid nitrogen demand exceeded 7.85 million tons in 2016 and is
expected to grow at a CAGR of 4.4% from 2017 to 2025
·
Cryogenic
distillation emerged as the largest technology segment in 2016 and is estimated
to generate revenue over USD 10.7 billion by 2025
·
Coolant
segment was projected to be the largest function segment and is anticipated to
witness moderate growth over the next eight years
·
Merchant
liquid and bulk storage segment was 3.12 million tons in 2016 and is expected
to grow at a CAGR of 4.4% over the forecast period
·
Chemicals
and pharmaceuticals segment is anticipated to be the fastest growing end-user
of liquid nitrogen as it is used from packaging to fire suppression in
pharmaceutical sector
·
The
industry in Asia Pacific is projected to witness significant growth over the
next eight years owing to various developments across major economies,
especially in the medical and food products industry. The regional market in
terms of revenue is expected to grow at a CAGR of 6.3% from 2017 to 2025
·
Key
players including, The Linde Group, Praxair Inc., Air Liquide S.A. and Air
Products & Chemicals dominated the global liquid nitrogen market while
accounting formajor share of the total volume in 2016
Browse more reports of this category by
Grand View Research: http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has
segmented the global liquid nitrogen market on the basis of technology,
function, storage, end-use, and region:
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
Liquid
Nitrogen Storage Outlook (Volume, Million Tons; Revenue, USD Million, 2014 - 2025)
·
Cylinders
& packaged gas
·
Merchant
liquid/ Bulk
·
Tonnage
·
Others
Liquid
Nitrogen End-use Outlook (Volume, Million Tons; Revenue, USD Million, 2014 -
2025)
·
Chemicals
&pharmaceuticals
·
Healthcare
·
Food
&beverages
·
Metal
manufacturing &construction
·
Rubber
&plastic
·
Others
Liquid
Nitrogen Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2014 -
2025)
·
North
America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
UK
o
Germany
o
France
o
Belgium
·
Asia
Pacific
o
China
o
India
o
Japan
o
South
Korea
·
Central
& South America
·
Middle
East & Africa
View press release of this research report by Grand View
Research: http://www.grandviewresearch.com/press-release/global-liquid-nitrogen-market
About Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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