1st October 2019 – 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.
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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.
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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