LONDON–(BUSINESS WIRE)–#GlobalLiquidNitrogenMarket–The global liquid nitrogen market size is expected to grow by USD 4.55 billion during 2020-2024, progressing at a CAGR of over 5% during the forecast period.
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The safety concerns in the F&B industry is one of the major factors propelling market growth. However, factors such as hazards associated with liquid nitrogen will hamper market growth.
Technavio’s liquid nitrogen market forecast identifies the rising safety concerns in the food and beverage industry to be one of the primary growth factors for the liquid nitrogen market. Owing to the increasing population and the competitive commodity branding of various products, the food and beverage industry is witnessing significant growth. The food processing process for food items including meat, fruits, vegetables, baked food, and dairy products includes the utilization of liquid nitrogen. Since cryogenic freezing is eco-friendly, fast, less time-consuming, and does not alter the quality, texture, and color of the food product, it is preferred over traditional freezing. This will boost the growth of the liquid nitrogen market, which according to our liquid nitrogen industry analysis will grow during the forecast period.
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Global Liquid Nitrogen Market: End-user Landscape
In the chemical industry, liquid nitrogen finds a wide array of applications such as pressurizing gas and transporting liquids by propelling them through pipelines. Its other applications include making chemicals inert, cooling the reactors, shielding chemicals from exposure to oxygen, treatment of volatile organic compounds (VOC). In the pharmaceutical and biotechnology sector, liquid nitrogen is used to freeze medicines, chemical formulations, and biologicals samples for subsequent studies and research. The freezing property of cryogenic liquid nitrogen helps in maintaining a low temperature in freeze dryer chambers and condensers. These factors are expected to fuel the growth of the liquid nitrogen market in the chemicals, pharmaceutical, and biotechnology (CPB) segment during the forecast period.
Global Liquid Nitrogen Market: Geographic Landscape
North America was the largest liquid nitrogen market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increase in development activities, growth of the end-user industries, increasing number of manufacturers and suppliers, and joint ventures and new manufacturing plants in North America will significantly drive liquid nitrogen market growth in this region over the forecast period. 44% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for liquid nitrogen in North America. Market growth in this region will be faster than the growth of the market in South America.
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Companies Covered
- Air Products and Chemicals Inc.
- AMCS Corp.
- Asia Industrial Gases Pte. Ltd.
- Gulf Cryo Holding CSC
- L Air Liquide SA
- Linde plc
- Messer Group GmbH
- nexAir LLC
- Statebourne Cryogenics Ltd.
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Taiyo Nippon Sanso Corp.
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- Market share assessments for the regional and country-level segments
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- Competitive landscaping mapping the key common trends
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Liquid Nitrogen Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist in liquid nitrogen market growth during the next five years
- Estimation of the liquid nitrogen market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the liquid nitrogen market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of liquid nitrogen market, vendors
Table of Contents:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Food and beverages – Market size and forecast 2019-2024
- Metal manufacturing and construction – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by End-user
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Air Products and Chemicals Inc.
- AMCS Corp.
- Asia Industrial Gases Pte. Ltd.
- Gulf Cryo Holding CSC
- L Air Liquide SA
- Linde plc
- Messer Group GmbH
- nexAir LLC
- Statebourne Cryogenics Ltd.
- Taiyo Nippon Sanso Corp.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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