FELTON, California, August 22, 2018 /PRNewswire/ --
The global Liquid Nitrogen 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.
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.
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The other factors spurring the demand for cryogenic distillation are 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.
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.
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Liquid Nitrogen Technology Outlook (Volume, Million Tons; Revenue, USD Million, 2014 - 2025)
• Cryogenic distillation
• Pressure swing adsorption
Liquid Nitrogen Function Outlook (Volume, Million Tons; Revenue, USD Million, 2014 - 2025)
Liquid Nitrogen Storage Outlook (Volume, Million Tons; Revenue, USD Million, 2014 - 2025)
• Cylinders & packaged gas
• Merchant liquid/ Bulk
Liquid Nitrogen End-use Outlook (Volume, Million Tons; Revenue, USD Million, 2014 - 2025)
• Chemicals & pharmaceuticals
• Food & beverages
• Metal manufacturing & construction
• Rubber & plastic
Liquid Nitrogen Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
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