Sellbyville, DE -- (SBWIRE) -- 02/05/2019 -- Liquid Nitrogen Market size was more than USD 10 billion in 2017 and is forecast to exceed USD 17 billion by 2025 with witness 5.8% CAGR during the forecast timespan; according to a new research report by Global Market Insights.

The liquid nitrogen market has been continually expanding over the last few years, ever since nitrogen was first liquified in 1883 and its usage in industrial processes surfaced. By 2025, the value of the liquid nitrogen market is estimated to be $17 billion, which does not come as a huge surprise, given the product's deployment in the food, healthcare, manufacturing, oil and gas and various other sectors. In regions such as Europe and North America, the liquid nitrogen industry has reached maturation as the application of LN2 in these regions is much more widespread than in regions like Asia Pacific or South America where the liquid nitrogen market is gaining ground.

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Oil and gas to come up as a profitable revenue ground for liquid nitrogen industry:

For the liquid nitrogen market, the oil & gas industry is one of the most prominent end-use spaces. With a commendable boost in shale oil and gas sectors in recent years and spike in hydraulic fracturing, enhanced oil recovery, which greatly involves the use of nitrogen, has witnessed revived interest adding traction to the liquid nitrogen market.

Liquid Nitrogen Market, Transportation by End-user

o On-Site Production
o Bulk Liquid
o Packaged

Liquid Nitrogen Market by End-user

- Automotive
- Chemical & Pharmaceutical
- Rubber & Plastic
- Food & Beverages
- Healthcare
- Metal Fabrication
- Oil & Gas
- Others

Global liquid nitrogen market will be driven by rapidly growing pharmaceutical industry. Liquid nitrogen finds use pharmaceutical industry in many different processes and applications starting from raw material preparation to packaging. Pharmaceutical is a one of the largest and significantly growing industry across the globe. Food & beverages industry was the major product end-user in 2017 and forecast to grow with a prominent CAGR in next few years. Growing population, technological advancements, streamlined manufacturing processes and improved cold chain facilities shall fuel the growth of pharmaceutical industry in coming years.

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However, high cost related to the liquid nitrogen transportation is likely the hamper the product demand during the forecast period. In addition, increasing fuel prices may hamper the liquid nitrogen market demand in near future. Upward trend in the fuel prices increases the bulk and packaged liquid nitrogen transportation cost and may propel demand for on-site production, particularly in gigantic chemical and pharmaceutical manufacturing facilities.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Bee Hua Industrial Gases Sdn Bhd
2. Emirates industrial gases
3. Gulf Cryo
4. Air Products
5. Messer Group
6. Taiyo Nippon Sanso
7. nexAir, LLC
8. Air Liquide
9. Praxair, Inc
10. The Linde Group

On-Site production was having the largest market share in liquid nitrogen market in 2017 and forecast to grow with a highest CAGR. This can be attributed to the various benefits of the on-site production, such as low cost, easy availability of the product and flexibility in the production. Packaged liquid nitrogen demand will gain the significant market share in global liquid nitrogen market, owing to the strong distribution network and increase product applications in the various end-use segments.

Chemical & pharmaceutical was the largest end-use segment in liquid nitrogen market and it shall create the major chunk of product demand over the forecast period. This can be attributed to the usage of the liquid nitrogen in chemical and pharmaceutical manufacturing. Liquid nitrogen in metal fabrication used to reduce the heat generated while manufacturing the metals. Owing to its high-pressure properties liquid nitrogen finds major application in the oil & gas. It is used in both onshore and offshore operations. Liquid nitrogen is used to prevent flammable gases from igniting and to protect the tubulars from downhole corrosion. In addition, it used to support the drilling operations of shale gas.

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Asia Pacific liquid nitrogen market shall grow with a highest CAGR during the forecast timespan, owing to the growth of end-use industries in the region. China is having the largest market share in global automobile manufacturing and is growing with prominent CAGR. Pharmaceutical is the largest product end-user and shall create the major liquid nitrogen demand in near future.

North America was another major region in 2017 and will grow with a significant growth rate. This can be attributed to the rapidly increasing oil & gas industry in the region. Liquid nitrogen plays an important role in discovery and manufacturing of shale gas. Since 2014, the U.S. have started the production of shale gas from its northern regions at rapid pace. This increased production of oil & gas in North America is likely to fuel the liquid nitrogen market growth in the region.

Global liquid nitrogen market comprises many large multinational players as well as mid-scale and small-scale vendors. Some prominent players operating in the industry are Taiyo Nippon Sanso Corporation, Southern Industrial Gas Berhad, Emirates Industrial Gas Co. LLC, Air Liquide S.A., Nexair LLC, Messer Group, Linde Ag, Gulf Cryo, Praxair Inc. and Air products and Chemical Inc.