As indicated by Acumen Research and consulting, the global liquid nitrogen market size is evaluated to reach around USD 17 billion by 2026 and CAGR to develop around 6% over the estimate time frame. Simple nitrogen at an extremely low temperature in a liquid state is called as liquid nitrogen. Liquid nitrogen is used as cooling element in transportation and freezing of liquids and chemicals in chemical industries. Growing liquid nitrogen demand in healthcare industry, rapidly growth in the healthcare industry, growing applications of electronics devices, rising population and technological advancements have boosted the growth of the global liquid nitrogen market. The Europe market is likely to expand at noteworthy CAGR due to growing product usage in the food & beverage. Rising utilization of electronic devices in the healthcare and automotive industries in the region are some of the factors responsible for the growth of the regional market.
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Growing Adoption in the Automotive and Healthcare Industry Technological Advancements to Drive the Global Liquid nitrogen Market Growth
Automotive and healthcare industries are expected to grow rapidly over the forecast period. Growing usage of electronic devices in the healthcare industry and technological innovations are expected to fuel the global liquid nitrogen market growth over the forecast period. Liquid nitrogen is broadly used in the healthcare industry for various applications such as cryotherapy, cryosurgery, preserving and transportation of tissues and cells. Demand for liquid nitrogen is increasing with the growing developments in the healthcare industry and is anticipated to boost during the forecast period. Furthermore, growing manufacturing of automobile across the globe is also positively influencing the growth of the market globally. Automotive manufacturers are mainly focusing on R&D in order to make liquid nitrogen companionable engines to control the carbon emission in the vehicles. Usage of any commercial product across the automobile industry is anticipated to create lucrative opportunities in the market in near future. Nitrogen engines are environment friendly with the zero pollution chances as nitrogen engines emits air, thereby increasing the demand for the liquid nitrogen.
Asia Pacific to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global liquid nitrogen market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is anticipated to grow at highest growth rate during the forecast period owing to the rapid growth of end-use industries in the region. Pharmaceutical industry is the major product end-user and forecasted to create immense opportunities in the near future in Asia Pacific. Factors such as increase in the expansion of advanced technologies and population in the countries such as India and China are anticipated to boost the regional market growth during the forecast period. The growing penetration of liquid nitrogen in the industries like pharmaceutical & biotechnology, chemical and food & beverages has augmented in transportation and preserving of the goods in the region. Due to the infrastructural developments and rapid industrialization in the region, the demand for liquid nitrogen is increasing rapidly. Europe is anticipated to be the topmost revenue generating region and grow at significant CAGR during the forecast period owing to the growing product usage in the food & beverage. Owing to the rapidly increasing oil & gas industry and ongoing technological developments in the metal fabrication processes, North America is anticipated to grow at significant rate during the forecast time frame. Continuous technological advancements in the food processing and preservation methods are supplementing the growth of the liquid nitrogen market in North America. Developing regions such as Middle East and Africa and Latin America are also expected to grow at significant pace during the forecast period.
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Taiyo Nippon Sanso Corporation, Air Liquide S.A., Southern Industrial Gas Berhad, Gulf Cryo and Praxair Inc. are Likely to Continue to Lead the Global Liquid Nitrogen Market
The liquid nitrogen market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Southern Industrial Gas Berhad, Linde Ag, Messer Group, Taiyo Nippon Sanso Corporation, Emirates Industrial Gas Co. LLC,Air Liquide S.A., Air products, Gulf Cryo and Chemical Inc., Praxair Inc., and Nexair LLC.
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