DUBLIN, Feb. 3, 2016 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/nz4njx/liquid_nitrogen) has announced the addition of the "Liquid Nitrogen Market by End-Use Industry, by Storage, Distribution & Transportation, by Function, by Production Technology - Global Forecast to 2020" report to their offering.
This report projects that the liquid nitrogen market size will grow from USD 12.48 Billion in 2015 to USD 16.14 Billion by 2020, at an estimated CAGR of 5.28%.
The increasing demand in various applications such as metal fabrication, electronics, healthcare, automotive, and lighting are the major factors driving the growth of the liquid nitrogen industry. Additionally, with rapid urbanization, growth in infrastructural activities, and increasing industrialization and the medical sector across the globe, there is a rapid increase in the demand for liquid nitrogen. Liquid nitrogen is used in electronics, fabrication of specialty alloys, lasers, metals, and other industrial applications. The chemicals & pharmaceuticals segment is projected to have the largest market share and dominate the liquid nitrogen market from 2015 to 2020, as various applications in these industries use liquid nitrogen. Chemicals and medical & healthcare sectors are to play a key role in changing the liquid nitrogen landscape and grow at a high rate during the forecast period.
Coolant is projected to form the fastest-growing function in the liquid nitrogen market as it is used in many end-use industries such as metal manufacturing & construction, chemicals & pharmaceuticals, and healthcare. The cylinder & packaged distribution mode is projected to account for the largest market share in the liquid nitrogen market. Verticals such as tonnage distribution and merchant liquid distribution will be key growing distribution modes during the forecast period.
North America is projected to have the largest market share and dominate the liquid nitrogen market from 2015 to 2020. Asia-Pacific offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market for liquid nitrogen. The growth of the liquid nitrogen market in this region is driven by factors such as the growth of the metal manufacturing & fabrication industry, rise in demand for electronic products from the growing population, and economic development.
However, the structural and regulatory restrictions are restraining the growth of the liquid nitrogen market. The manufacturers must take necessary precautions in the handling, storage, & transportation of liquid nitrogen as per the regulations. The major vendors in the liquid nitrogen market include Praxair Inc. (U.S.), Air Liquide S.A. (France), The Linde Group (Germany), Messer Group (Germany), Nexair LLC. (U.S.), Taiyo Nippon Sanso Corporation (Japan), Air Products and Chemicals, Inc. (U.S.), Gulf Cryo (United Arab Emirates), Emirates Industrial Gases Co. LLC. (United Arab Emirates), and Southern Industrial Gas Berhad (Malaysia).
These players adopted various strategies such as mergers & acquisitions, partnerships, joint ventures, new product developments, and business expansion to cater to the needs of the liquid nitrogen market.
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SOURCE Research and Markets