Industry Insights
Environmental health and safety authority has provided safety measures for safe handling of liquid nitrogen. Growing chemical and metal manufacturing industries in both mature and upcoming economies are providing an opportunity for liquid nitrogen market to rise over the coming years. Increasing use of LN2 for cooling the electronic products during the manufacturing process is projected to propel the industry from 2017 to 2025.
Increasing demand for liquid nitrogen as a coolant and refrigerant among various end-use industries such as healthcare, metal fabrication, food & beverages, rubber & plastic, automotive, electronics, pharmaceuticals, and construction is projected to propel the market over the coming years.
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Technology Insights
Pressure swing adsorption (PSA) technology is expected to grow at the highest CAGR over the forecast period. This technology provides air separation process from gases without liquefaction. Rising demand for pressure swing technology owing to its low operating cost is expected to boost the market over next eight years. Increasing investments by companies such as Air Products & Chemicals Inc. and Praxair for the development of liquid nitrogen technologies is projected to propel the market over the forecast period.
Linde is one of the major companies which designs and supplies pressure swing adsorption technology. Nitrogen production installation at CP Kelco incorporated by Linde’s ECOVAR ADSOSS-N gas generation plant separates nitrogen from air using adsorption-based PSA process.
Function Insights
In medicine, LIN is used as a refrigerant to maintain low temperatures in biological materials and cryobanks, for instance, cryocans, portable devices store semen at extremely low temperatures. It is also used to store reproductive cells such as sperm & egg, preserve blood, and tissue samples.
Where as in research LN2 is used to freeze vacuum units and store cellular materials. In cooking, liquid nitrogen is used to make desserts and other related items along with storage and transportation of food products. Rising application areas of LN2 as refrigerant is expected to spur this industry over the next eight years.
End-use Insights
Liquid nitrogen is used to chill, cool, preserve, and freeze the items in food & beverage industry. Its properties help in increasing the shelf life of the products. Due to non-adverse effects on the environment and low initial investment cost on equipment over conventional mechanical freezers, it is widely expected to be used in the food & beverage industry over the forecast period.
Major areas where liquid nitrogen is used by the food industry is freezing of bakery products, meat, poultry, fish in addition to prepared meals, vegetables, and fruits. Other end-users include cryotheraphy, automotive, and electronic sectors. In electronics, it is used as a cooling agent in manufacturing products.
Regional Insights
China is the largest producer and supplier of LN2 in this region. China’s rapid urbanization is supported by strong economic growth. People in the country are migrating to urban cities with higher earnings. Asia Pacific was the second largest segment following North America, which accounted for around 23% of the total market revenue in 2016.
Rising developmental activities in Asia Pacific is projected to propel the market over the forecast period. Growing income levels is expected to boost the demand for high-end electronic products. Increasing growth in chemicals and metal manufacturing industries to supply the raw materials for manufacturing and construction sector is anticipated to augment the market.
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Report Scope
Attribute & Details
Base year for estimation
2016
Actual estimates/Historical data
2014 - 2016
Forecast period
2017 - 2025
Market representation
Volume in million tons, revenue in USD million and CAGR from 2017 to 2025
Regional scope
North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Country scope
U.S., Canada, Mexico, UK, Germany, France, Belgium, China, India, Japan, South Korea
Report coverage
Revenue forecast, company share, competitive landscape, growth factors and trends
15% free customization scope (equivalent to 5 analyst working days)
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