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 research report on Liquid Nitrogen Market: 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: 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
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Belgium
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central &
South America
- Middle East
& Africa
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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