Liquid Nitrogen Market 2021 | Global trend, segmentation and forecast to 2025
Major players operating in the Liquid Nitrogen Market includes, Linde Ag, Messer Group, Praxair Inc., Nexair LLC, Air Liquide S.A., Taiyo Nippon Sanso Corporation, Gulf Cryo, Air Products and Chemicals Inc., Sothern Industrial Gas Berhad and Emirates Industrial Gas Co. LLC.
Delaware, United States – August 9, 2021 /MarketersMedia/ —
The global liquid nitrogen market has witnessed a significant expansion over the last few years, ever since the first nitrogen liquification in 1883 and its applications for industrial processes surfaced. As per speculations, the value of liquid nitrogen market, by the end of 2025, is touted to generate a revenue of USD 17.2 billion, which does not come by as a surprise, considering the product’s adoption across food and beverages, pharmaceutical, automobile, manufacturing, and oil and gas sectors.
Growing demand for liquid nitrogen across distinguished end-user sectors to drive the global market
The worldwide liquid nitrogen market, needless to mention, is massively driven by the rapidly expanding food and beverages industry. The product is used to freeze the food products at a faster rate and also helps preserve and transport food efficiently. Product adoption across the sector is remarkably rising owing to the burgeoning population and high consumer inclination towards frozen foods, prompting liquid nitrogen market from food and beverages segment to amass noteworthy gains over 2018-2025.
Procuring a considerable share of global liquid nitrogen market share in 2017, chemical and pharmaceutical sector has emerged to become one of the major revenue pockets for the industry. What has contributed to the growth of this segment is proliferating use of liquid nitrogen in pharmaceutical industry over the past years. The product finds application across the industry right from raw material preparation to the final product packaging, leaving ample room for market expansion.
Elaborating further, robust product use across automobile segment has also catalyzed the growth prospects of liquid nitrogen market. Numerous reports have claimed that the automobile sector is foreseen to grow at a commendable CAGR in the upcoming years, enabling liquid nitrogen to carve its niche in billion dollar fraternity. This prodigious growth pace can be aptly credited to the rapidly penetrating automobile industry across various emerging regions, such as Asia Pacific. Key industry players have been massively adopting liquid nitrogen as an alternative for petroleum based fuel, given its environment friendly and cost effective properties.
On-site production segment to be driven by the ever expanding transportation segment
Speaking of the expanding automobile and transportation sector, reports have claimed that on-site production constituted a major proportion of the transportation segment of liquid nitrogen market in 2017. Apparently, the on-site production segment is likely to show appreciable growth trends over the stipulated time period. This is attributable to the method’s cost effective and environment friendly nature. Besides, it has been claimed that on-site production is one of most convenient modes of transportation to the end-users who are in dire requirement of liquid nitrogen in bulk and on daily basis.
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Unveiling nitrogen liquid market trends across Asia Pacific
Expanding automobile, F&B, and other sectors across APAC region have established tremendous growth opportunities for liquid nitrogen market players. The region being one of the most populous economies of the world, had, in 2017, accounted for a major chunk of product demand which is anticipated to grow manifolds in the coming years. This growth is ascribed to the mounting automobile production in the region, led by China and India.
The robust presence of prominent players across the region is adding to the phenomenal growth of liquid nitrogen industry dynamics. These conglomerates are engaged in mergers, acquisitions, collaborations, new products development and launch, and other strategic moves to score an edge over the competitors. Providing a testament for the aforementioned statement, a market leader indulged in export of gases and chemicals for industrial use, Air Products and Chemicals recently launched Freshline QuickChill Injector.
A breakthrough invention of one of its kind in cryogenic food processing solutions, Freshline QuickChill Injector makes use of liquid nitrogen to freeze sauces and liquid products in comparatively lower time. More inventions like these are expected to bring forth a revolution in the liquid nitrogen business space.
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