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Global Liquid Nitrogen Market Report 2024-2033: Type, Distribution Channel, Regions, Company Analysis, Forecast
Liquid Nitrogen Global Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Liquid Nitrogen industry. This report on Liquid Nitrogen market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The liquid nitrogen market size has grown strongly in recent years. It will grow from $17.29 billion in 2023 to $18.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to industrial refrigeration, cryopreservation, food freezing, medical applications, metal processing.
The liquid nitrogen market size is expected to see strong growth in the next few years. It will grow to $23.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to emerging healthcare technologies, biotechnology and pharmaceuticals, cryogenic energy storage, space exploration, sustainable and green technologies. Major trends in the forecast period include cryotherapy and aesthetic procedures, biobanking and biopreservation, cryogenic storage solutions, cryogenic cooling, rocket propulsion.
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Key Market Players:
Air Products and Chemicals Inc., Linde PLC, Praxair Inc., NexAir LLC, Statebourne Cryogenics Ltd., Taiyo Nippon Sanso Corporation, Gulf Cryo, Emirates Industrial Gases Co. LLC, Southern Industrial San Bhd are prominent players in the Liquid Nitrogen industry.
Market Drivers:
According to the Liquid Nitrogen Market Report 2023 by The Business Research Company, the key factors driving the growth of the Liquid Nitrogen market, includes Major companies operating in the wired liquid nitrogen industry are adopting strategic partnerships approach to provide essential liquid nitrogen services to individuals, businesses, and governments. A strategic partnership refers to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success.
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Market segments for Liquid Nitrogen include:
1) By Manufacturing Process: Cryogenic Distillation, Pressure Swing Adsorption, Other Manufacturing Processes
2) By Function: Coolant, Refrigerant
3) By Industry Vertical: Chemicals and Pharmaceuticals, Food and Beverage, Healthcare, Metal Manufacturing and Construction, Rubber and Plastic, Other Industry Verticals
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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