Global liquid nitrogen market is expected to reach a valuation of $22.72 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
For the uninitiated, the liquid nitrogen is a cryogenic fluid used in a host of industries due to its inertness and extremely low-temperature levels. It is an important component during the completion of gas wells to fracture natural gas-bearing rock formations like tight gas reserves. Another significant application of the fluid within the energy sector involves maintenance of pressure in oil & gas reservoirs. Flash on cast plastics and rubber are also removed using liquid nitrogen. The product is also commonly used to rapidly freeze food & beverage items resulting in minimum cell damage. Moreover, the fluid even finds applications in the pharma industry in the packaging of some medicines to prevent oxidization or absorption of moisture.
Besides the abovementioned applications, other applications of liquid nitrogen highlighted in the report include its use as coolant for environmental testing of various items. It is used for extreme cooling across a plethora of industries including the food and beverage industry where cold storage is a pivotal function. Liquid nitrogen also aids in the cooling of several mechanical equipment which needs to be stored in an extremely cold environment and for rapid-freezing of food products like chicken, fruits preserved for out of season sales, and hamburger patties. Moreover, the liquid is also used in the prevention of fire in coal mines, thereby enhancing fire safety and eradicating the risk of losing a huge amount of natural resources and averting the emission of toxic gases and smoke that can harm the environment, cites the report.
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Liquid detached from the compression of nitrogen stays at a temperature close to -320°F. Due to this, the product finds its uses across numerous applications in a varied range of industries encompassing chemicals, pharmaceuticals, petroleum processing, steelmaking, ceramic and glass along with other metal refining, healthcare, paper & pulp manufacturing. The product has been witnessing an increase in end-users across various industries owing to its coldness and inertness application segments. Liquid nitrogen can absorb heat quantities that enable a rapid reduction in temperature levels since it is warmed and vaporized to ambient temperatures.
The report cites that the product’s cold nature in tandem with its inertness levels makes it the most suitable coolant for food freezing processes. In addition, the fluid is also used to treat soft and heat sensitive materials like plastics, tires, and pharmaceuticals, using the liquid at room temperature which enables them to be fractured and machined.
Speaking of the regional outlook, the Asia Pacific region is anticipated to amass a significant share of the market by the year 2025. Factors such as high investments from governments of developing nations in an effort to strengthen their base of the skilled workforce will primarily contribute to substantial market growth the region. The report cites that it is skilled but low-wage labor that’s mainly driving manufacturing and processing companies from the west to expand their base in the Asia Pacific. Additionally, recent government initiatives implemented by Indian, Chinese, and Thailand government to endorse the manufacturing sector are favoring the liquid nitrogen market growth.
Furthermore, the report provides an in-depth analysis of the liquid nitrogen market drivers, restraints, and opportunities over the estimated timeline. A detailed analysis of the market in terms of functions, processing technology, end-user landscape, regional spectrum, and competitive ranking analysis has also been included in the report. In addition, company profiles of major market contenders have been elaborated in the report highlighted under the heads of business overview, product benchmarking, financials, and recent developments of market partakers.
The key industry participants operating in the competitive landscape of the global liquid nitrogen market include Nexair LLC, Emirates Industrial Gases Co. LLC, Taiyo Nippon Sanso Corporation, Messer Group, Gulf Cryo, Southern Industrial Gas Berhad, Air Products and Chemicals, Inc., Praxair Inc., Air Liquide S.A., and the Linde group. The key growth strategies observed in this business space include launching innovative products and teaming up with other market leaders to design new products and meet the rising consumer needs and requirements, thereby augmenting the global liquid nitrogen market growth during the predicted timeline.