According to the findings of a research study made available by Radiant Insights, Inc., the global liquid nitrogen (LN2) market is projected to register a high growth rate over the forecast period (from 2016 to 2022). Growing demand for liquid nitrogen from the industrial gas and electronic goods industries is expected to be amajor growth driving factor for the global market. Moreover, high demand in different application sectors such as metals and fabrication, healthcare, automotive, and construction is expected to augment market growth over the next few years.
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In addition, rapid medical, industrial, and infrastructural development activities are likely to spur the growth of this market over the forecast period. Rising demand for LN2 as a refrigerant and coolant from various end-use sectors including electronics and automotive is also estimated to fuel the market in future.
In the recent past, a ground-breaking hybrid buscalled CE power, which runs on both liquid nitrogen and diesel, has successfully completed a rigorous series of tests and trials.The bus features a zero-emission and high-efficiency Dearman Engine, powered by LN2, along with a traditional diesel engine. Developed by engineers at HORIBA MIRA Ltd. as part of an Innovate UK consortium, CE power is reportedly the first ever vehicle to be powered by LN2. It uses alternative propulsion to tacklegrowing air pollution concerns. Its hybrid system allows it to decrease tail-pipe emissions, thereby enhancing local air quality.
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Based on region, the market is divided into Asia Pacific (APAC), Southeast Asia, North America, Latin America, Europe, and Middle East and Africa (MEA). North America accounted for a substantial market share in the past and is expected to witness high growth even during the forecast period. This is mainly due to various developmental activities being undertaken in the region. In addition, rising number of suppliers and manufacturers in this region is projected to propel market growth.
The global liquid nitrogen market is categorized on the basis of storage and transportation, function, end user, and region. Based on storage and transportation, the market is categorized into tonnage distribution, cylinder and packaged distribution, and merchant liquid distribution.Based on function, the market is segmented into refrigerant and coolant.By end user, the market is categorized into metal manufacturing and construction, chemicals and pharmaceuticals, healthcare, food and beverages, rubber and plastic, and others.
The APAC region is estimated to witness rapid growth over the coming years. Various emerging nations in this region, including China and India, have been witnessing remarkable economic growth. Factors such as growing population base and improved standards of living have also contributed toward market development in the construction, food and beverages, pharmaceutical, and electronics sectors. In addition, rapid growth in the chemicals and metal manufacturing industry to provide raw materials for the construction and manufacturing sector is projected to boost market growth in future.
Emirates Industrial Gases Co., LLC; Southern Industrial Gas Sdn. Bhd.; Air Products and Chemicals, Inc.; Taiyo Nippon Sanso Corp.; Air Liquide S.A.; and Gulf Cryo Holding C.S.C are some of the prominent manufacturing companies inthe global liquid nitrogen market.
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About Radiant Insights, Inc
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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