Pune, India -- (SBWIRE) -- 10/12/2017 -- Market Highlights
Liquid nitrogen is formed at very low temperature in a liquefied form and is produced by simultaneously removing the heat and compressing the air. It allows freezing in first instance and it can be stored and transported easily in suitable environment.
Such nitrogen is best for preserving food, biological and medical products. Various drivers which are responsible for the growth of liquid nitrogen market are growing demand of electronic products and growing demand from healthcare sector. Metal fabrication, automotive, and lighting are other factors which drives the growth of these segment. There is an opportunity for the growth of liquid nitrogen due to growing chemical industries in developing and under-developed region.
North America is going to witness the largest market share during 2016 to 2022 due to growing demand of liquid nitrogen in the region across various end-use industries. Asia-Pacific is going to witness the fastest growth due to growth in the developmental activities and rapid economic expansion. The demand for liquid nitrogen is increasing due to increase in income level of individual in this region. Growth in the food & beverages and electronics industries in the countries of China and India has fueled the demand for such liquid nitrogen in the region of APAC.
Liquid Nitrogen Market is expected to grow over the CAGR of around 6% during the period 2016 to 2022
The key players of global liquid nitrogen market are Linde Ag (Germany), Praxair Inc. (U.S.), Air Liquide S.A. (France), Nexair LLC (U.S.), Taiyo Nippon Sanso Corporation (Japan), Messer Group (Germany), Air Products and Chemicals Inc. (U.S.), Gulf Cryo (United Arab Emirates), Emirates Industrial Gases Co. LLC. (United Arab Emirates), and Southern Industrial Gas Berhad (Malaysia).
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Market Research Analysis
The market is highly application based. It is dependent on the usage in the end-use industries. Chemical & Pharmaceutical are the dominating segment, by end-user due to growing demand of liquid nitrogen in this region. In pharmaceutical industry, liquid nitrogen is widely used as a cool reactors which are filled with catalyst during the repair work which helps to maintain the required temperature. Liquid nitrogen is also expected to witness growth in different segments such as healthcare, food & beverages, and rubber & plastic sectors.
The factors contributing to the growth of liquid nitrogen are high demand of electronic products and increasing demand from healthcare sector. Growing chemical industry plays a major role in the growth of the liquid nitrogen because it is extensively used in chemical industries.
One of the factors which drive the growth of liquid nitrogen is growing demand from healthcare sector. This is due to the growth in the pharmaceutical industry and the extensive use of liquid nitrogen as a cool reactors. Other factors which drives the growth of this segment are growing demand of electronic products, metal fabrication, automotive, and lighting. There is also rapid increase in the demand due to rapid urbanization, growing industrialization, increase in infrastructure and medical activities. In developing and under-developed region due to growing chemical industry, there is an opportunity for liquid nitrogen to grow rapidly.
Taste the market data and market information presented through more than 50 market data tables and figures spread in 110 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on "Global Liquid Nitrogen Market Research Report - Forecast to 2022"
The report has been analyzed based on function, production technology, end-use and region. On the basis of function, coolant is expected to witness the highest market share between 2016 to 2022. This is because coolant is widely used in different end-use industry. Based on production technology, cryogenic distillation witnesses the highest market share because it is useful for high purity oxygen, nitrogen and argon for various industries. On the basis of end-use, chemical & pharmaceutical sector is expected to grow at a fastest rate market and dominate the market because of the growth in the pharmaceutical industry.
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