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CHEMICALS AND ADVANCED MATERIALS

Liquid Nitrogen Market Segmentation by Storage Type (Cylinder, and Packaged Gas); by Function (Coolant, and Refrigerant); by Technology (Cryogenic Distillation, and Pressure Swing Adsorption); and by End-User (Chemical and Pharmaceutical, Healthcare, Transportation, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Liquid Nitrogen Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·    March 2021- Air Liquide declared to invest USD 99.4 million to establish hydrogen and nitrogen units in Kazakhstan.

·    February 2021- Inox Air Products announced to contribute USD 265.55 million for assembling 8 new air partition units all across India. The new plants will be established in Gujarat, Maharashtra, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Andhra Pradesh, and West Bengal.

Global Liquid Nitrogen Market Highlights 2022 – 2030

The global liquid nitrogen market is estimated to garner a substantial amount of revenue by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the rising demand for LN2 in industrial gas and electronic product applications, and rapidly growing infrastructural activities around the world. Furthermore, the world is witnessing an upsurge in development of sophisticated new technologies for manufacturing liquid nitrogen, which in turn is projected to offer profitable opportunities to the market in the imminent time.

Liquid Nitrogen MarketIncreasing urbanization and industrialization, and escalating demand for liquid nitrogen as a refrigerant and coolant among several end user industries including food and beverages, healthcare, metal fabrication, and construction, are primarily expected to drive market growth in the upcoming years. According to the World Bank, 56.15 percent of the total population of the world lived in urban areas in 2020, up from 55.714 percent and 55.272 percent in 2019 and 2018 respectively.  CLICK TO DOWNLOAD SAMPLE REPORT

Urban Population

The market is segmented by end user into chemical and pharmaceutical, healthcare, transportation, and others, out of which, the chemical and pharmaceutical segment is anticipated to hold the largest share in the global liquid nitrogen market. This can be accounted to the high demand for liquid nitrogen from the industry as a result of its properties such as chemical inertness, non-toxicity and inflammability. Apart from this, rapid expansion of medical sector in China and India over the last few years is also evaluated to boost the market segment growth in the future. Additionally, on the basis of function, the coolant segment is assessed to grab the most significant share during the forecast period, which can be credited to the rise in usage of liquid nitrogen as a coolant in a wide range of industry verticals, including metal manufacturing and healthcare.

Major Macro-Economic Indicators Impacting the Market Growth

Chemicals

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Liquid Nitrogen Market Regional Synopsis

On the basis of geographical analysis, the global liquid nitrogen market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the robust progress of chemical and pharmaceutical industries, especially in China, Japan and India, and increasing demand for electronic products in the region. According to the statistics by the Department of Chemicals & Petro-Chemicals of the Government of India, the production of major chemicals in India registered 9459 Thousand MT in the year 2012-13, and is further estimated to reach 14884 Thousand MT in the year 2025-26. In addition, presence of large and diverse domestic drug industry is also predicted to boost APAC’s market growth in the coming years. Moreover, the market in North America is assessed to acquire the largest share during the forecast period ascribing to the growing number of manufacturers and suppliers of liquid nitrogen, and rising research and development activities associated with the product.

Liquid Nitrogen Market

The global liquid nitrogen market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global liquid nitrogen market includes the following segments:

By Storage Type

  • Cylinder
  • Packaged Gas

By Function

  • Coolant
  • Refrigerant

By Technology

  • Cryogenic Distillation
  • Pressure Swing Adsorption

By End-User

  • Chemical and Pharmaceutical
  • Healthcare
  • Transportation
  • Others

Growth Drivers

  • Rising Demand for LN2 in Industrial Gas and Electronic Product Applications
  • Growing Infrastructural Activities Around the World

Challenges

  • Harmful Impacts of Liquid Nitrogen on the Body

Top Featured Companies Dominating the Market

  • Air Liquide SA
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Taiyo Nippon Sanso Corporation
  • Messer Group
  • Emirates Industrial Gases Co. Ltd.
  • Nexair LLC
  • Air Products Inc
  • Inox Air Products
  • Gulf Cryo
  • Praxair Inc.
  • The Linde Group

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