By 2025, Liquid Nitrogen Market will witness 5.8% CAGR | Air Liquide S.A., Transportation landscape, Nexair LLC, Linde Ag, Transportation landscape, Praxair Inc., Transportation landscape
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Growing demand for liquid nitrogen across distinguished end-user sectors to drive the global market
The worldwide liquid nitrogen market, needless to mention, is massively driven by the rapidly expanding food and beverages industry. The product is used to freeze the food products at a faster rate and also helps preserve and transport food efficiently. Product adoption across the sector is remarkably rising owing to the burgeoning population and high consumer inclination towards frozen foods, prompting liquid nitrogen market from food and beverages segment to amass noteworthy gains over 2018-2025.
Procuring a considerable share of global liquid nitrogen market share in 2017, chemical and pharmaceutical sector has emerged to become one of the major revenue pockets for the industry. What has contributed to the growth of this segment is proliferating use of liquid nitrogen in pharmaceutical industry over the past years. The product finds application across the industry right from raw material preparation to the final product packaging, leaving ample room for market expansion.
Elaborating further, robust product use across automobile segment has also catalyzed the growth prospects of liquid nitrogen market. Numerous reports have claimed that the automobile sector is foreseen to grow at a commendable CAGR in the upcoming years, enabling liquid nitrogen to carve its niche in billion dollar fraternity. This prodigious growth pace can be aptly credited to the rapidly penetrating automobile industry across various emerging regions, such as Asia Pacific. Key industry players have been massively adopting liquid nitrogen as an alternative for petroleum based fuel, given its environment friendly and cost effective properties.
On-site production segment to be driven by the ever expanding transportation segment
Speaking of the expanding automobile and transportation sector, reports have claimed that on-site production constituted a major proportion of the transportation segment of liquid nitrogen market in 2017. Apparently, the on-site production segment is likely to show appreciable growth trends over the stipulated time period. This is attributable to the method’s cost effective and environment friendly nature. Besides, it has been claimed that on-site production is one of most convenient modes of transportation to the end-users who are in dire requirement of liquid nitrogen in bulk and on daily basis.
Unveiling nitrogen liquid market trends across Asia Pacific
Expanding automobile, F&B, and other sectors across APAC region have established tremendous growth opportunities for liquid nitrogen market players. The region being one of the most populous economies of the world, had, in 2017, accounted for a major chunk of product demand which is anticipated to grow manifolds in the coming years. This growth is ascribed to the mounting automobile production in the region, led by China and India.
The robust presence of prominent players across the region is adding to the phenomenal growth of liquid nitrogen industry dynamics. These conglomerates are engaged in mergers, acquisitions, collaborations, new products development and launch, and other strategic moves to score an edge over the competitors. Providing a testament for the aforementioned statement, a market leader indulged in export of gases and chemicals for industrial use, Air Products and Chemicals recently launched Freshline QuickChill Injector.
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A breakthrough invention of one of its kind in cryogenic food processing solutions, Freshline QuickChill Injector makes use of liquid nitrogen to freeze sauces and liquid products in comparatively lower time. More inventions like these are expected to bring forth a revolution in the liquid nitrogen business space.
Ban on liquid nitrogen use across F&B sector to hamper market growth
Despite the endless application spectrum of liquid nitrogen, its adverse effect on human health goes undeniable. Considering this, various central governments have laid stringent reforms, such as a permanent or temporary ban, pertaining to the product use across the F&B sector. As a matter of fact, the government of Haryana introduced a ban on liquid nitrogen usage in food and drinks, keeping in mind its effect on the health of humans promoting various other state governments to follow its footsteps.
However, a strong hold in various other sectors is indisputably providing an impetus to the growth of liquid nitrogen market across the globe. Meanwhile, the product use across medical fraternity is expected to attain massive momentum by 2025 because of its deployment as a cryogen in cryotherapies, surgeries, and cryopreservation, that are fundamentally used for curing various skin ailments.
Supported by an abundance of properties, liquid nitrogen find huge scope across a plethora of expansive industries right from glass making to automobile manufacturing, as all of these rely on nitrogen in some capacity, directly or indirectly.
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