Liquid Nitrogen Market Share Estimated to Hit USD 22.72 Billion by 2026: Polaris Market Research
The global liquid nitrogen market is anticipated to reach USD 22.72 billion by 2026 according to a new study published by Polaris Market Research.
Liquid nitrogen is used in several industries owing to its inertness and extremely low temperature levels. It is a vital component during completion of gas wells o fracture natural gas bearing rock formations such as tight gas reserves. Maintenance of pressure in oil & gas reservoirs is yet another of its applications in the energy sector. Removal of flash on cast plastics and rubber is done using liquid nitrogen. Rapid freezing of food & beverage items resulting in minimum cell damage. Used as a shield liquid or gas in packaging of some particular medicines to keep it safe from adsorption of moisture or oxidation.
Liquid nitrogen’s other assorted applications include its use as coolant for environment testing of several items. It is also used for combating fire in coal mines thus enhancing ire safety eliminating the risk of losing huge quantity of natural resources and stopping the release of toxic gases and fumes that might damage the environment. It is applicable for extensive cooling in several industrial processes and for the food industry where cold storage of crucial importance. Liquid nitrogen also helps in cooling several types of mechanical equipment which are required to be kept extremely cold environment and also for snap-freezing food products such as hamburger patties, chicken and fruits preserved for out of season.
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Liquid removed from the compression of nitrogen remains in temperature nearby -320°F. Owing to this, the product has numerous applications in a wide range of industries including pharmaceuticals, chemicals, ceramic and glass, petroleum processing, steelmaking along with other metal refining, paper & pulp manufacturing, and healthcare. Owing to its inertness and coldness application segments of the product has been increasing in several end-use industries. As liquid nitrogen is warmed and vaporized to ambient temperatures, it absorbs heat quantities that allow the temperature level to come down quickly and instantly. The combination of the product’s coldness and inertness makes it the potential coolant for food freezing. Soft and heat sensitive materials are also treated using liquid nitrogen at room temperature which allows them to be fractured and machined. Some of these examples include plastics, tires, pharmaceuticals and even metals.
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Asia Pacific region is projected to augment for substantial demand by 2025. The region is anticipated to experience significant growth over the forecast period, owing to the heavy investments made by the governments of emerging nations to strengthen their base of skilled workforce. This is one of the reasons that manufacturing and processing companies for the west have started setting their base in the region for skilled but low wage labors. The recent government initiatives taken by Indian, Thailand, and Chinese government to promote the manufacturing sector are acting in favor of the market.
Top Market Players
Some of leading industry participants operating currently includes Nexair LLC, Taiyo Nippon Sanso Corporation, Emirates Industrial Gases Co. LLC, Messer Group, Southern Industrial Gas Berhad, Gulf Cryo, Air Products and Chemicals, Inc., Air Liquide S.A., Praxair Inc., and the linde group.
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