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.
For Further Information: http://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 for major share of the total volume in 2016
Read our Blog: http://www.grandviewresearch.com/blogs/bulk-chemicals
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
- US.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Belgium
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central & South America
- Middle East & Africa
Browse Press Release of this Report: http://www.grandviewresearch.com/press-release/global-liquid-nitrogen-market
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.
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