Liquid Nitrogen Market Segmentation:
Technology
The cryogenic distillation segment in the liquid nitrogen market is expected to hold a significant share of 53% during the forecast period, accredited to the growing use of cryogenic distillation technology in the production of automotive semiconductors and other semiconductor devices. Additionally, this technique enables the cost-effective production of industrial gases including nitrogen, argon, and oxygen. Moreover, it is frequently used to produce liquified industrial gases because of its low initial investment and minimum utility demand. For instance, in 2020 over 74 thousand people were employed by an industrial gas company, Linde. Also, the company made over 27 billion dollars in revenue. Also, cryogenic distillation is used in the purification of gases such as argon, oxygen, carbon monoxide, and light hydrocarbons. These factors are escalating the growth of the segment.
End-User
Chemical & pharmaceutica segment in Liquid nitrogen market is expected to account for remarkable revenue share by the end of 2035. Liquid nitrogen is the nitrogen element in the liquid form prepared with the help of fractional distillation of liquid air. It is odourless, colorless, inert, non-toxic, and inflammable. These properties of liquid nitrogen raise its demand in the chemical and pharmaceutical industry. When making medications, nitrogen is usually utilized to transport the reaction mixture from one container to another. It is essential to use safe, inert gas when delivering liquid or powdered drugs as doing so could be harmful. According to a report, the pharmaceutical industry has grown significantly over the last 20 years, and in 2022, global pharma revenues reached USD 1.48 trillion. Thus, the expansion of the pharmaceutical industry is also escalating the market growth.
Our in-depth analysis of the global liquid nitrogen market includes the following segments:
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