Global Liquid Nitrogen Market to be Driven by Rising Demand in Chemical and Pharmaceutical Industries in the Forecast Period of 2021-2026

iCrowd Newswire
17 Sep 2021, 06:33 GMT+10

The new report by Expert Market Research titled, 'Global Liquid Nitrogen Market Report and Forecast 2021-2026', gives an in-depth analysis of the global liquid nitrogen market, assessing the market based on its end uses, function, coolant, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.

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The key highlights of the report include:

Market Overview (2016-2026)

Forecast CAGR (2021-2026): 4%

In the past, the chemical and pharmaceutical industries were the primary end-users, and these industries are expected to grow rapidly in the coming years. In the chemical and pharmaceutical sectors, liquid nitrogen is used to cool catalyst-filled reactors. Rubber and plastic are another important end-user division of the industry, as liquid nitrogen is used as a refrigerant in deflashing systems in rubber manufacturing. Its ultracool temperature eliminates the need for pre-cooling and allows it to quickly lower the flash temperature, reducing cycle times and improving transportability. In addition, ultracold, inert nitrogen can help reduce the amount of heat generated during the grinding process, resulting in high-quality, very small, uniformly formed particles.

Industry Definition and Major Segments

Liquid nitrogen is used as a cryogen in a variety of applications where low temperatures are needed. It is commonly used in cryosurgery, cryotherapies, and cryopreservation to dissolve decayed tissues and extract warts, moles, skin stains, verrucas, and some skin cancers. It is also used as a coolant to shrink mechanical gears temporarily during device building, resulting in better intrusion suits.

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On the basis of function, the market is bifurcated into:

Coolant

Refrigerant

By technology, the market is bifurcated into:

Cryogenic distillation

Pressure swing adsorption

On the basis of storage, the market is divided into:

Cylinders and packaged gas

Merchant liquid

Tonnage

Others

Based on end-use, the market is segmented into:

Chemical and pharmaceutical

Healthcare

Food and beverage

Metal manufacturing

Construction

Rubber

Plastic

Others

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On the basis of regional markets, the industry is divided into:

1 North America1.1 United States of America1.2 Canada2 Europe2.1 Germany2.2 United Kingdom2.3 France2.4 Italy2.5 Others3 Asia Pacific3.1 China3.2 Japan3.3 India3.4 ASEAN3.5 Others4 Latin America4.1 Brazil4.2 Argentina4.3 Mexico4.4 Others5 Middle East & Africa5.1 Saudi Arabia5.2 United Arab Emirates5.3 Nigeria5.4 South Africa5.5 Others

Market Trends

Over the forecast period, the industry's growth will be boosted significantly by the leading players' rising emphasis on expanding their footprint across key emerging markets and increasing their production potential. Linde plc (NYSE: LIN) is a global chemical corporation based in Guildford, England. By market share and sales, it is the largest industrial gas group. On July 7, 2020, Linde will open a state-of-the-art hydrogen and carbon monoxide facility in Clear Lake, Texas (TX), as well as a new air separation centre in LaPorte, Texas. The plants can supply oxygen, nitrogen, and carbon monoxide to Celanese, as well as hydrogen to other customers, through Linde's U.S. Gulf Coast pipeline system, according to a newly signed long-term agreement. Business growth is expected to be supported by such innovations in the coming years.

Key Market Players

The major players in the market are Linde plc, Air Products Inc., Praxair Technology, Taiyo Nippon Sanso Corporation, and Southern Industrial Gas Sdn Bhd. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.