May 08, 2020
According to the research report titled ‘Liquid Nitrogen Market Size By Transportation, By End-user Industry Analysis Report, Regional, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025’, available with Market Study Report LLC, worldwide liquid nitrogen market is expected to cross USD 17.2 billion by the year 2025.
Rapid expansion of food & beverage industry and rising adoption of liquid nitrogen in chemical and pharmaceutical industries are major factors driving the market growth. The product is used in food & beverage industry to freeze the food items quickly as well as to preserve and transport them. Whereas, in pharmaceutical industry, liquid nitrogen finds application from preparing raw materials to packaging of the final product. However, strict regulatory scenario pertaining to the use of liquid nitrogen in food & beverage industry may act as a restraining factor to the overall market growth.
As per transportation type, on-site production segment held a substantial market share in 2017 and is predicted to expand considerably during the forecast period. On-site production helps in eradicating remoteness as well as provides flexibility during production processes. Moreover, on-site production is environment friendly and cost-effective.
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Citing the end-use landscape, automobile sector is slated to witness lucrative growth in the forthcoming years. Automotive manufacturers are emphasizing on developing engines which run on liquid nitrogen as it is an eco-friendly and cost-effective substitute to petroleum-based fuel. Rapid expansion of automotive industry in Asia-Pacific will create noticeable growth avenues for the market. Meanwhile, market share from rubber & plastic manufacturing sector is reckoned to record momentous growth, primarily due increasing production of rubber & plastic.
Considering the geographical landscape, Asia-Pacific liquid nitrogen industry is expected to grow significantly during the forecast period. Increasing automobile manufacturing is favoring the market outlook.
Alternatively, liquid nitrogen market in North America is projected to register moderate growth through 2025 owing to growing demand for convenience food products and well-established food & beverage industry.
Air Products & Chemical Inc., Praxair Inc., Nexair LLC, Gulf Cryo, Linde AG, Emirates Industrial Gas Co., Southern Industrial Gas Berhad, Messer Group, Taiyo Nippon Sanso Corp. and Air Liquide S.A. are the major contenders in global liquid nitrogen market.