The global liquid nitrogen market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. Increasing demand from the chemical & pharmaceutical industry and growing application in the healthcare industry is driving market growth.
- Regulatory restrictions in maintaining liquid nitrogen plant are expected to hinder the growth of the market.
- Development of new manufacturing techniques are likely to create opportunities for the market in the coming years.
- Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand from Chemical and Pharmaceutical Industry
- Liquid nitrogen is the liquefied form of the element nitrogen that's produced commercially by the fractional distillation of liquid air. It is used in many cooling and cryogenic applications.
- Because of its adverse properties like non-toxic, odorless, and colorless, its application is highly used in the chemical and pharmaceutical industry.
- The Chemical & Pharmaceutical industry leads in the application of liquid nitrogen as it is chemically inert and is not flammable.
- The boiling point of nitrogen is -195 degrees Celsius because of which its application as a coolant and refrigerant in the chemical & pharmaceutical industry is rapidly increasing.
- The Indian pharmaceutical industry was worth about USD 38 billion by June’19 and is expected to value about USD 120-130 billion by 2030 increasing the scope for this market during the coming years.
- Owing to all the above-mentioned advantages of liquid nitrogen, its market expected to grow rapidly during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for liquid nitrogen during the forecast period. In countries like China, India, and Japan because of increasing chemical & pharmaceutical industries, the demand for liquid nitrogen has been increasing in the region.
- The largest producers of liquid nitrogen are located in the Asia-Pacific region. Some of the leading companies in the production of liquid nitrogen are Linde plc, Southern Industrial Gas Sdn Bhd, MVS Engineering Pvt. Ltd, and TAIYO NIPPON SANSO CORPORATION.
- About 296 Approved Cold Chain Projects in the food processing industry have been approved in India as on May 2019 creating an increasing application of liquid nitrogen.
- Chinese pharmaceutical industry which is valued at about ~USD 145 billion currently, represents the biggest emerging market with growth tipped to reach about ~USD 200 billion by 2022, thus increasing the scope of the market.
- The aforementioned factors coupled with government support are contributing to the increasing demand for liquid nitrogen market during the forecast period.
The liquid nitrogen market is fragmented in nature. Some of the major players in the market include Air Liquide, Air Products and Chemicals, Inc, Gulf Cryo, Linde plc, and TAIYO NIPPON SANSO CORPORATION, among others.
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