Industry Background:
Nitrogen present in a liquid state at an extremely low temperature is known as liquid nitrogen. It is colorless in nature and is a cryogenic liquid, which when in contact with living cells can cause rapid freezing. Owing to this property, liquid nitrogen is widely used as a coolant. Liquid nitrogen is used in several industries owing to its inertness and extremely low-temperature levels. Further, rising applications of liquid nitrogen in cryotherapies, cryosurgeries, and cryopreservation for curing skin, removing skin tags, skin cancers, and moles and other sectors is driving the Global Liquid Nitrogen market.
According to AMA Research, the market for Liquid Nitrogen is expected to register a CAGR of 5.25% during the forecast period to 2030. This growth is primarily driven by Rapidly Growing Healthcare Industry
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Oil & Gas Storage & Transportation sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Nexair LLC. (United States), Taiyo Nippon Sanso Corporation (Japan), Air Products and Chemicals Inc. (United States), Gulf Cryo (United Arab Emirates), Emirates Industrial Gases Co. LLC. (United Arab Emirates), Southern Industrial Gas BHD (Malaysia), Linde Ag (Germany), Praxair Inc., (United States) and Air Liquide S.A. (France), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In May 2019 VRV Asia Pacific manufactured the storage tank with a Liquid Nitrogen (LIN) shield, in a collaborative effort with Satish Dhawan Space Centre (SDSC) SHAR, under the Make in India initiative.
February 2022: INOX Air Products opened its sixth air separation plant in Hosur, India, to satisfy expanding healthcare and industrial demand. The INR 3000 million (USD 36.48 billion) plant at SIPCOT Phase II was completed in just 20 months. It will produce high-purity liquid nitrogen with a capacity of up to 150 MT per day, twice the current amount.The global market is highly competitive and consists of a limited number of providers competing. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Influencing Trend:
Demand for Bulk Liquid Nitrogen in Research Laboratories and Growing Population, Technological Advancements, Streamlined Manufacturing Processes and Improved Cold Chain Facilities
Market Growth Drivers:
Rapidly Growing Healthcare Industry, Increasing use of Electronic Device in the Medical Sector and The Demand for Liquid Nitrogen in Transport and Food Industry
Challenges:
Risk of Accidents while Coming in Contact with Liquid Nitrogen
Restraints:
Increasing Fuel Prices and High Cost of Production of Liquid Nitrogen
Opportunities:
Use in Onshore and Offshore Operations and Huge Demand of Coolants and Increasing Demand in Chemical Industry
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Liquid Nitrogen Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Liquid Nitrogen Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Liquid Nitrogen players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Liquid Nitrogen Study Sheds Light on
The Liquid Nitrogen Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Liquid Nitrogen industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Liquid Nitrogen industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.