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Liquid Nitrogen Market to Reach $11.1 Billion by 2026: IndustryARC

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Liquid Nitrogen Market to Reach $11.1 Billion by 2026: IndustryARC

September 17
07:47 2022
Liquid Nitrogen Market to Reach $11.1 Billion by 2026: IndustryARC
Market Research Reports, Business Consulting Services & Analytics
Liquid Nitrogen Market size is forecast to reach $11.1 billion by 2026, after growing at a CAGR of 6.2% during 2021-2026. The rapid growth of the chemical & pharmaceutical industry has increased the demand for liquid nitrogen; thereby, fueling the market growth.

Liquid Nitrogen Market size is forecast to reach $11.1 billion by 2026, after growing at a CAGR of 6.2% during 2021-2026. Liquid nitrogen is extensively used as the cryogenic fluid in the immersion freezing of foods and is produced using cryogenic distillation. Due to its ability to rapidly cool things and is safe to add it to food constituents, liquid nitrogen is often used to preserve food, biological and medical products. In addition, it is non-toxic and inert to food products and their constituent which is expected to increase the market demand. The Leidenfrost effect associated with liquid nitrogen is a major hindrance for the liquid nitrogen industry. The Liquid Nitrogen Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

 

Competitive Landscape:

The top 5 players in the Liquid Nitrogen industry are –

1. Taiyo Nippon Sanso Corporation

2. Air Products and Chemicals Inc.

3. Gulf Cryo

4. Emirates Industrial Gases Co. LLC

5. Southern Industrial Gas Berhad

 

Interested in knowing more relevant information? Click here:

https://www.industryarc.com/pdfdownload.php?id=15532

 

Segmental Analysis:

1. The coolant segment held the largest share in the liquid nitrogen market in 2020 up to 68%. Liquid nitrogen is a cryogenic liquid, which when in contact with living cells can cause rapid freezing.

2. Europe region held the largest share in the liquid nitrogen market in 2020 up to 33%, owing to the increasing demand for liquid nitrogen from the chemical and pharmaceutical industry in the region.

3. According to the European Chemical Industry Council (CEFIC), with an annual investment of EUR 10 billion in R&I in 2018, the highest value since 2000. In 2018, the world turnover of chemicals was estimated at EUR 3,347 billion.

4. The cryogenic distillation segment held the largest share in the liquid nitrogen market in 2020, as it is the largely used technology to produce liquefied industrial gases due to its low investment cost and lesser utility consumption. Cryogenic air separation is the most cost-effective technology for larger plants and for producing very high purity oxygen and nitrogen using the Joule-Thomson effect.

5. Cryogenic storage tanks are thus primarily used for liquid nitrogen storage. Furthermore, its unique support system ensures strength and durability without sacrificing the thermal efficiency of the tank, which is the major factor driving the demand for a cryogenic storage tank for storage purposes during the forecast period.

6. The Chemical & Pharmaceutical segment held the largest share in the liquid nitrogen market in 2020 and is growing at a CAGR of 5.4% over 2021-2026, owing to increasing usage of liquid nitrogen in the chemical & pharmaceutical industry. Liquid nitrogen is used for cryotherapy to treat malignant skin lesions such as keratosis.

 

Report Coverage

Report Attributes

Details

By Technology

Cryogenic Distillation, Pressure Swing Adsorption

By Storage

Dewar, Cryogenic Liquid Cylinder, and Cryogenic Storage Tank

By End-Use Industry

Chemicals, Healthcare, Food & Beverages, Metal Manufacturing, Building & Construction, Rubber & Plastic

By Geography

North America, Europe, Asia-Pacific, South America and Rest of World

 

Get more detailed information about these segments in the report. Buy it here:

https://www.industryarc.com/reports/request-quote?id=15532

 

Market Drivers and Challenges:

1. Increasing Automotive Production: As a result of widely increasing air pollution throughout the world & vehicle emissions have a major contribution towards the same, it is very essential to engineer or design an alternative to the present traditional gasoline vehicles.

2. Flourishing Food & Beverage Industry: Freezing is the foundation of food preservation and its core technology.

3. Drawbacks of Liquid Nitrogen: Liquid nitrogen’s advantageous freezing property also has harmful impacts associated with it.

 

Why IndustryARC?

IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. Get detailed report on preferred market as per your specific requirements and our research experts would customize the report for you.

Email: [email protected]

USA: (+1) 614-588-8538,  (+1) 815-656-4596

 

Similar Reports:

A. Nitrogen Oxide Sensor Market

https://www.industryarc.com/Report/15592/nitrogen-oxide-sensor-market.html

B. Cryotherapy and Cryosurgery Market

https://www.industryarc.com/Report/204/Cryotherapy-and-Cryosurgery-Market-Analysis-Report.html

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Website: https://www.industryarc.com/Report/15532/liquid-nitrogen-market.html

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