liquid nitrogen market shall grow with a highest CAGR during the forecast timespanm
Food & beverages industry in the liquid nitrogen market was the major product end-user in 2017 and forecast to grow with a prominent CAGR in next few years. Growing population, technological advancements, streamlined manufacturing processes and improved cold chain facilities shall fuel the growth of pharmaceutical industry in coming years.
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However, high cost related to the liquid nitrogen transportation is likely the hamper the product demand during the forecast period. In addition, increasing fuel prices may hamper the liquid nitrogen market demand in near future. Upward trend in the fuel prices increases the bulk and packaged liquid nitrogen transportation cost and may propel demand for on-site production, particularly in gigantic chemical and pharmaceutical manufacturing facilities.
On-Site production was having the largest market share in liquid nitrogen market in 2017 and forecast to grow with a highest CAGR. This can be attributed to the various benefits of the on-site production, such as low cost, easy availability of the product and flexibility in the production. Packaged liquid nitrogen demand will gain the significant market share in the global market, owing to the strong distribution network and increase product applications in the various end-use segments.
Chemical & pharmaceutical was the largest end-use segment in liquid nitrogen market and it shall create the major chunk of product demand over the forecast period. This can be attributed to the usage of the liquid nitrogen in chemical and pharmaceutical manufacturing. Liquid nitrogen in metal fabrication used to reduce the heat generated while manufacturing the metals. Owing to its high-pressure properties liquid nitrogen finds major application in the oil & gas. It is used in both onshore and offshore operations. Liquid nitrogen is used to prevent flammable gases from igniting and to protect the tubulars from downhole corrosion. In addition, it used to support the drilling operations of shale gas.
Asia Pacific liquid nitrogen market shall grow with a highest CAGR during the forecast timespan, owing to the growth of end-use industries in the region. China is having the largest market share in global automobile manufacturing and is growing with prominent CAGR. Pharmaceutical is the largest product end-user and shall create the major liquid nitrogen demand in near future.
North America was another major region in 2017 and will grow with a significant growth rate. This can be attributed to the rapidly increasing oil & gas industry in the region. Liquid nitrogen plays an important role in discovery and manufacturing of shale gas. Since 2014, the U.S. have started the production of shale gas from its northern regions at rapid pace. This increased production of oil & gas in North America is likely to fuel the liquid nitrogen market growth in the region.
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