Liquid Nitrogen Market to Reach value of USD 23.61 billion by 2029 and grows at a CAGR of 5.00 % : NEXAIR. (U.S.), Air Liquide S.A. (France),Gulf Cryo (UAE)

Liquid nitrogen Market is widely used as the cryogenic fluid in the immersion and it is produced by using cryogenic distillation. Liquid nitrogen is frequently used to preserve food, biological, and medical items due to its capacity to rapidly chill and be safe for food ingredients. Furthermore, it is non-toxic and inert to food goods and their constituents in nature, which is expected to raise market demand. The fast expansion of the chemical and pharmaceutical industries has increased demand for liquid nitrogen, propelling market development. Furthermore, the flourishing food and beverage industry is also anticipated to significantly drive the liquid nitrogen market during the forecast period. Data Bridge Market Research analyses that the liquid nitrogen market was valued at USD 15.98 billion in 2021 and is expected to reach USD 23.61 billion by 2029, registering a CAGR of 5.00 % during the forecast period of 2022 to 2029.

Nitrogen is a diatomic element which has found in the atmosphere and is present in the gaseous state at normal temperature. Liquid nitrogen is a cryogenic liquid and it is liquefied at a very low temperature at near negative 320 degrees Fahrenheit or negative 196 degrees Celsius. Liquid nitrogen is odour less, colourless and non-flammable liquid which is prepared by the process which has known as pressure swing absorption. Liquid nitrogen has an extensive range of applications including cooling agent

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Some of the major players operating in the Liquid Nitrogen market are:

Air Products and Chemicals Inc. (U.S)
Linde Plc (Germany)
Praxair Technology Inc., (U.S.)
NEXAIR. (U.S.)
Air Liquide S.A. (France)
Taiyo Nippon Sanso Corporation (Japan)
Gulf Cryo (UAE)
Emirates Industrial Gases Co. LLC. (UAE)
Southern Industrial San Bhd (Malaysia)
Universal Industrial Gases Inc, (USA)
Yingde Gases Group (China)
Messer Group (Germany)
AMCS Corporation (US)
Statebourne Cryogenics (US)
AIGA (Singapore)

COVID-19 Impact on Liquid Nitrogen Market

COVID-19 has hindered the growth of the liquid nitrogen market. The transportation industry has been hit hard by the epidemic as a result of global lockdowns. However, owing to the ongoing pandemic, the healthcare industry has witnessed vast growth due to increase the health concerns. This may further rise the demand for the liquid nitrogen market, as the demand for medical devices is expected to increase in the upcoming years.

Recent Development

In February 2021, Inox Air Products declared to invest USD 2,000 crore to build plants, this company will build eight new air separation units all across India. These new plants will be in states such as Madhya Pradesh, Uttar Pradesh, Andhra Pradesh, Gujarat, Maharashtra, Tamil Nadu, and West Bengal.

In March 2021, Bluefors and Linde signed an agreement which is to create cooling solutions for the large-scale quantum computers.

As of June 2021, Inox Air Products declared that it proposed a plant at Hosur and will be commissioned and operational in December 2022, which will produce liquid nitrogen and others.

Global Liquid Nitrogen Market Scope

The liquid nitrogen market is segmented on the basis of function, production technology, storage, distribution and transportation and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Function

Coolant
Refrigerant

Production Technology

Cryogenic Distillation
Pressure Swing Adsorption

Storage, Distribution and Transportation

Cylinders and Packaged Gas
Merchant Liquid/Bulk
Tonnage

End-use Industry

Healthcare
Food and Beverages
Chemicals and Pharmaceuticals
Metal Manufacturing and Construction
Rubber and Plastic

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Liquid Nitrogen Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

Increase in demand due to adverse properties

Liquid nitrogen is highly used in the chemical and pharmaceutical industry because of their adverse properties such as colorless, chemically unreactive, non-toxic, odorless and inflammable. These properties is expected to driving the growth of liquid nitrogen market.

Increasing demand from healthcare domain
Liquid nitrogen used in removal of warts, unwanted skin, precancerous cells and cryogenics. Liquid nitrogen is commonly considered the cryogenic liquid capable of fast freezing within the contact of living cells. Which is expected to driving the growth of liquid nitrogen market.

Growing food and beverage industry

Rapid modernization, increases the popularity of packaged food significantly due to this increase the concern about food preservation. Liquid nitrogen being chemically unreactive which plays a vital role in freezing and cooling the food products and thereby increasing their shelf life.

Increasing automotive production

Increasing air pollution all over the world and vehicle emissions have a major concern. It is very essential to engineer an alternative to the current traditional gasoline vehicles. Liquid vehicles fueled by nitrogen can act as a brilliant alternative. Thus, liquid nitrogen is highly used in automobiles as a coolant.

Opportunities

Rising the usage of product

The market for liquid nitrogen is growing in the electronics industry due to increased product usage in the manufacturing of flat panel displays, light emitting diodes, and semiconductors, which will further boost various opportunities that will lead to the growth of the liquid nitrogen market over the forecast period.

Various application of liquid nitrogen

Rise in demand for frozen ice-cream from developing end use industries and developed economies is trending in the market. However, rise in applications in cryotherapies, cryopreservation and cryosurgeries for moles, curing skin, removing the skin tags and skin cancers is offering opportunities to the market.

Restraints/ Challenges

The freezing property of liquid nitrogen also has harmful impacts. The liquid nitrogen vapour could rapidly freeze skin tissues and cause cold burns. If a person swallows a bit of liquid nitrogen then it can cause irritation in the stomach. The elongated use of liquid nitrogen might cause various health issues, including loss of consciousness, vomiting, nausea, etc. So, these are some factors which are hampering the liquid nitrogen market growth.

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