Liquid Nitrogen Market Worth 16.14 Billion USD by 2020
PUNE, India, January 28, 2016 /PRNewswire/ --
The report "Liquid Nitrogen Market by End-Use Industry (Chemicals & Pharmaceuticals), by Storage, Distribution & Transportation (Cylinder & Packaged Gas), by Function (Coolant, Refrigerant), by Production Technology (Cryogenic Distillation) - Global Forecast to 2020" published by MarketsandMarkets, The Liquid Nitrogen Market size is projected to grow from USD 12.48 Billion in 2015 to USD 16.14 Billion by 2020, at a CAGR of 5.28%.
Browse 200 market Tables and 54 Figures spread through 222 Pages and in-depth TOC on "Liquid Nitrogen Market"
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Factors such as increasing demand for electronic products and growing demand from the healthcare sector drive the Liquid Nitrogen Market. Growth of the chemical industry in the developing and under-developed regions provides an opportunity to the Liquid Nitrogen Market to grow even further.
Chemicals & pharmaceuticals segment to gain maximum traction during the forecast period.
The chemicals & pharmaceuticals segment is projected to be the fastest-growing end-use industry in the next five years. Furthermore, due to the growth of the pharmaceuticals industry, liquid nitrogen is extensively used to cool reactors filled with catalyst at the time of repair works and retain the required cold reaction temperatures. The Liquid Nitrogen Market is also projected to witness growth in the healthcare, food & beverages, and rubber & plastic sectors, during the forecast period.
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To be used as a Coolant will be the major function of liquid nitrogen during the forecast period
The report segments the global Liquid Nitrogen Market on the basis of function into coolants and refrigerants. The coolant is estimated to contribute the largest market share in the Liquid Nitrogen Market during the forecast period. Liquid nitrogen has an extremely low temperature and hence serves as an ideal coolant in several applications of different end-use industries.
Cryogenic distillation to account as the largest used process to manufacture Liquid Nitrogen Market
The cryogenic distillation process is expected to dominate the Liquid Nitrogen Market with the largest market share. It is the most widely used technique for producing high purity oxygen, nitrogen, and argon on an industrial scale, and is a cost-effective technology solution for plants with high production rate. Whereas, the pressure swing adsorption technique is expected to play a key role in changing the liquid nitrogen landscape by growing at the highest CAGR during the forecast period.
Asia-Pacific is estimated to be the fastest growing region.
North America is estimated to have the largest market share in the Liquid Nitrogen Market during the forecast period. Asia-Pacific is projected to grow at the highest CAGR from 2015 to 2020. The Asia-Pacific region is expected to post high growth in the Liquid Nitrogen Market due to growing developmental activities, and rapid economic expansion in countries such as China and India. With increasing income of the people in this region, the demand for high-end products has been growing fast. Convenience food products, aerated beverages, and electronics are few of the applications, which find growth in the region, resulting in higher demands of liquid nitrogen. The metal and chemicals industry in the Asia-Pacific region are growing rapidly to fulfill the demand from the construction and manufacturing sector.
The major vendors in the Liquid Nitrogen Market include 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).
The scope of the report covers detailed information regarding the major factors influencing the growth of the Liquid Nitrogen Market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, joint ventures, and recent developments associated with the Liquid Nitrogen Market.
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