Liquid nitrogen is a cryogenic fluid that can cause rapid freezing on contact with living tissue. Liquid nitrogen is a compact and colorless clear liquid and to be easily transported due to non-requirement of pressurization.
Growing adoption of liquid nitrogen from various end-use industries such as chemical and pharmaceutical, food and beverages, is a major factor expected to drive growth of the target liquid nitrogen market over the forecast period. However, the high cost of production and transportation is a major factor expected to hinder growth of the target market.
The global liquid nitrogen market has been segmented on the basis of manufacturing process, function, storage, end-use industry, and region. On the basis of the manufacturing process, the target market is segmented into cryogenic distillation and pressure swing adsorption. On the basis of function, the target market is segmented into the coolant and refrigerant. The coolant segment is projected to witness highest growth in the target market during the forecast period.
On the basis of storage, the target market is segmented into cylinder & packaged, merchant liquid, and tonnage. The cylinder & packaged segment is projected to witness highest growth in the target market during the forecast period. On the basis of end-use industry, the target market is segmented into chemicals & pharmaceuticals, food & beverage, healthcare, metal manufacturing & construction, rubber & plastic, and others. The other segment is further bifurcated into electronics and energy. The chemicals & pharmaceuticals segment is projected to witness highest growth in the target market during the forecast period.
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On the basis of region, the global liquid nitrogen market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America is accounted for the highest share in terms of revenue and is expected to dominate the liquid nitrogen market over the forecast period. The Asia Pacific market is estimated to register a highest CAGR during the forecast period, owing to increasing adoption of liquid nitrogen in electronic and metal manufacturing & construction industries in the region. The Europe market is anticipated to register a significant share in terms of revenue in coming years, followed by Latin America and Middle East & Africa.
Key players operating in the global liquid nitrogen market include The Linde Group, Refrigeration & Oxygen Company Limited, Air Liquide, Gulf Cryo, Air Products and Chemicals, Inc., Messer Group GmbH, SOUTHERN INDUSTRIAL GAS SDN. BHD., TAIYO NIPPON SANSO CORPORATION, Asia Technical Gas Co Pte Ltd, and BUZWAIR INDUSTRIAL GASES FACTORIES.