Liquid Nitrogen Market Size

Liquid Nitrogen Market Size

Liquid Nitrogen Market size was more than USD 10 billion in 2017 and will witness 5.8% CAGR during the forecast timespan.

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Rapidly growing healthcare industry across the globe shall fuel the liquid nitrogen demand over the forecast period. Increasing electronics device applications in healthcare industry has led to increasing liquid nitrogen demand, as liquid nitrogen in healthcare industry is used to maintain low temperature. Product usage in the metal fabrication industry is increasing over the past few years. It used as a protection against corrosion and to prevent any additional heat generation. Positive outlook of the metal fabrication industry on account of robust industrialization and urbanization in Asia Pacific and the Middle East shall help the liquid nitrogen market to grow further in near future.

Chemical & pharmaceutical was the largest end-user in 2017 and it is forecast to grow with a prominent CAGR. Liquid nitrogen is used in a chemical & pharmaceutical industry to cool reactors filled with catalyst. Rubber & plastic was another major end-user segment of the industry as liquid nitrogen in rubber manufacturing is used as a refrigerant in deflashing systems. Due to its ultracool temperature, it eliminates the need for pre-cooling and can quickly reduce the flash temperature, reducing cycle times and improving transportability. Ultracold, inert nitrogen can also help reduce heat produced in your grinding process, resulting in high-quality, very fine, uniformly sized particles

Automotive manufacturers are engaged in R&D to make liquid nitrogen compatible engines in order to curb vehicular carbon emissions. Any commercial product usage in the future across automobile industry will create an exponential demand in near future. Nitrogen engines will be environment friendly and will create a zero pollution as emissions from nitrogen engines will be air. However, hazards associated with the liquid nitrogen handling are likely to hamper its demand over the forecast timespan. Additionally, worker safety organizations may create strict regulations for liquid nitrogen manufacturing as many accident cases are registered at manufacturing plant due to tremendous pressure in enclosed space.