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Liquid Nitrogen Market Growth by Key Players: Praxair Technology Inc., Air Liquide, NexAir LLC, Taiyo Nippon Sanso Corporation, Messer Group, Air Products and chemicals, Inc., Gulf Cryo and Southern Industrial Gas Sdn Bhd. Ricardo

08-10-2018 01:30 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Chemical Market Research

Liquid Nitrogen Market Growth by Key Players: Praxair

North America led the global liquid nitrogen market in 2016. Rising development activities coupled with increasing manufacturers & suppliers in the region shall propel the product demand over the forecast period. Asia Pacific was the second largest product market after North America and it is likely to be the fastest growing region over the forecast period. Increasing population and disposable income have spurred the demand for liquid nitrogen in construction, electronics, food & beverage and pharmaceutical sector in recent times. This region comprises about 60% of the world population due to which food processing and preservation is projected to become a major product application.

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Other industries in the region are also experiencing boom owing to rapid industrialization and infrastructure development. China was the largest supplier of liquid nitrogen in the region. Europe is likely to be another attractive region due to its prominent plastic, automobile, rubber, fabrication and metal industries.

Liquid Nitrogen Market size is likely to grow with a prominent CAGR over the forecast timespan. It is the largest volume of inorganic chemical sold in the world. Nitrogen is used mostly in the gaseous form; however, it is commonly stored and transported as a liquid form in several types of cryogenic containers such as liquid cylinder, dewar and liquid tank. Container type depends upon the quantity required by the end user. It is produced at an air separation plant.

Increasing demand for a liquid nitrogen in food preservation and chemical & pharmaceutical industry is anticipated to drive the liquid nitrogen market in the coming years. Product is used to cool and preserve items in food & beverage industry. Liquid nitrogen properties help to increase the shelf life of the product. Due to low initial investment, non-adverse effects on environment and to supply quality food to the rising population, it is likely to be used widely in food & beverage industry during the forecast period.

Chemical & pharmaceutical segment shall be the fastest growing end user industry over the forecast period. Liquid nitrogen is extensively used in pharmaceutical industry to cool the reactors filled with catalyst and to retain the required temperature. Global pharmaceutical industry is likely to grow with a 6.3% CAGR over the forecast duration and shall reach to 1.12 trillion USD by 2024.

Liquid nitrogen is used in various industries such as chemicals, pharmaceuticals, food & beverage, metal manufacturing, construction, electronics, energy, rubber & plastic, healthcare and others. Among which metal manufacturing segment was the largest end-user in 2016. Increasing use of liquid nitrogen as an industrial gas in fabrication and metal refining process is projected to spur the market growth rate during the forecast timeframe. On the basis of manufacturing process, it is divided in two parts, pressure swing absorption and cryogenic distillation.

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Large part of liquid nitrogen is produced through cryogenic distillation technique. It is cost-effective for large-sized plants and produces high purity nitrogen and oxygen. Pressure wing absorption technique is relatively very new and more useful for medium and small-scale producers.

Top key players:
The key vendors in the liquid nitrogen market are The Linde Group, Praxair Technology Inc., Air Liquide, NexAir LLC, Taiyo Nippon Sanso Corporation, Messer Group, Air Products and chemicals, Inc., Gulf Cryo and Southern Industrial Gas Sdn Bhd. Ricardo, a UK based engineering company is developing a liquid nitrogen enhanced engine. These new engines will extend the overall life and reduce the fuel consumption. It is likely to turn out to be a huge opportunity for liquid nitrogen market over the next few years.
Market share calculation in this report is not done based on companies covered in it. The calculation of liquid nitrogen market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights, Inc.
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