March 23, 2022 08:16 ET | Source: Facts & Factors Facts & Factors
NEW YORK, United States, March 23, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Liquid Nitrogen Market By Component (Refrigerant and Coolant), By Manufacturing Method (Pressure-Swing Adsorption and Cryogenic Distillation), By Transportation, Distribution, & Storage (Merchant Liquid Distribution, Cylinder & Packaged Distribution, and Tonnage Distribution), By End-Use (Healthcare, Rubber & Plastic, Pharmaceuticals & Chemicals, Food & Beverage, Metal Manufacturing & Construction, and Others), and By Region - Global and Regional Market Overview, Market Insights, Holistic Analysis, Historical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global Liquid Nitrogen Market size & share was estimated at USD 17.5 billion in 2021 and it is predicted to reach around USD 22.8 billion by 2028, at a compound annual growth rate (CAGR) of about 4.8% during the forecast period 2022 to 2028.”
What is Liquid Nitrogen? How big is the Liquid Nitrogen Market?
Liquid nitrogen is a fractional distillation of liquid air that shares the two chemical bonds of nitrogen. It has a temperature of 196°C and is an inert cryogenic fluid. Nitrogen is inert, odorless, colorless, non-inflammable, and non-corrosive. Commercially, liquid nitrogen is made by compressing and condensing nitrogen gas to a temperature below its evaporation point, which is roughly 196°C. Cryogenic refrigeration is the most typical application of liquid nitrogen. Because liquid nitrogen contains a high percentage of air, 80 percent, it is simple to create and has a high thermal capacity with a long retention time. This liquid acts as a coolant in vacuum pumps, superconductors, and other equipment & materials.
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Global Liquid Nitrogen Market: Growth Drivers
The global liquid nitrogen market is expected to be driven in the near future by food preservation and rising demand for liquid nitrogen from pharmaceutical & chemical firms. Food processing and preservation are becoming increasingly important in order to feed the world's growing population with high-quality food. Cooling or freezing a food product to increase its shelf life is a common method of preservation. However, high shipping costs and direct engagement with liquid nitrogen are among the liquid nitrogen market's constraints. When moving liquid nitrogen, extreme caution and care must be exercised. Liquid nitrogen is benign and inert, yet it functions as a basic asphyxiant and is able to produce nausea, dizziness, unconsciousness, or even death if inhaled in large concentrations.
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The global liquid nitrogen market is segregated on the basis of the component, manufacturing method, transportation, distribution, & storage, end-use, and region. By component, the market is divided into refrigerant and coolant. Coolant is anticipated to witness the fastest function in the liquid nitrogen market as it is employed in numerous end-use sectors such as metal manufacturing & construction, health care, pharmaceuticals, and chemicals.
By manufacturing method, the market is classified into pressure-swing adsorption and cryogenic distillation. The cryogenic distillation segment contributed to the biggest market share because it is a cost-effective technology for producing liquid nitrogen. Large and medium-scale manufacturing plants frequently employ this technology. By transportation, distribution, & storage, the market is segmented into merchant liquid distribution, cylinder & packaged distribution, and tonnage distribution. Liquid nitrogen is best stored in poorly ventilated places. Liquid nitrogen storage and handling is a huge problem, and care must be taken to avoid dangers & hazards such as spillage, burns, personal injury, container failure, and container damage. Cryogenic storage is primarily used to store liquid nitrogen. During the projection period, cylinder and packaged gas are expected to increase at the fastest CAGR.
By end-use, the market is divided into healthcare, rubber & plastic, pharmaceuticals & chemicals, food & beverage, metal manufacturing & construction, and others. Pharmaceuticals & chemicals were the market’s largest end-user, and it is predicted to rise at a rapid CAGR during the forecast period.
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Some of the main competitors dominating the global liquid nitrogen market are;
Key Insights from Primary Research:
Key questions answered in this report:
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North America is expected to dominate the global liquid nitrogen market in terms of region, owing to an increase in the number of liquid nitrogen suppliers in the region. Another attractive region for the liquid nitrogen industry is the Asia Pacific. The region, which contains roughly 60% of the world's population, is expected to become a key use for liquid nitrogen in food preservation and processing. Other sectors in the Asia Pacific are booming as a result of fast industrialization and infrastructure development. Europe is another appealing region because of its significant automotive, metals and fabricators, and rubber & plastic sectors.
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The global liquid nitrogen market is segmented as follows:
By Transportation, Distribution, and Storage
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