Market Analysis and Size
Liquid nitrogen is widely used as the cryogenic fluid in the immersion and it is produced by using cryogenic distillation. Liquid nitrogen is frequently used to preserve food, biological, and medical items due to its capacity to rapidly chill and be safe for food ingredients. Furthermore, it is non-toxic and inert to food goods and their constituents in nature, which is expected to raise market demand. The fast expansion of the chemical and pharmaceutical industries has increased demand for liquid nitrogen, propelling market development. Furthermore, the flourishing food and beverage industry is also anticipated to significantly drive the liquid nitrogen market during the forecast period.
Data Bridge Market Research analyses 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.
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Market Definition
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 odour less, colourless 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.
Report Scope and Market Segmentation
REPORT METRIC
DETAILS
Forecast Period
2022 to 2029
Base Year
2021
Historic Years
2020 (Customizable to 2014 - 2019)
Quantitative Units
Revenue in USD Billion, Volumes in Units, Pricing in USD
Segments Covered
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)
Countries Covered
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., 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
Market Players Covered
Air Products and Chemicals Inc. (U.S), Linde Plc (Germany), Praxair Technology Inc., (U.S.), NEXAIR. (U.S.), Air Liquide S.A. (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)
Market Opportunities
- Increase in the number of emerging markets
- Increasing number of product innovations
- Rising the usage of product
- Various application of liquid nitrogen
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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:
Drivers
- 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.
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Opportunities
- 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.
Restraints/ Challenges
The freezing property of liquid nitrogen also has harmful impacts. The liquid nitrogen vapour could rapidly freeze skin tissues and cause cold burns. If a person swallows a bit of liquid nitrogen then it can cause irritation in the stomach. The elongated use of liquid nitrogen might cause various health issues, including loss of consciousness, vomiting, nausea, etc. So, these are some factors which are hampering the liquid nitrogen market growth.
Customization Available
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