Liquid Nitrogen Market Overview:
The liquid nitrogen market is required to show critical development at a CAGR of around 5% during the effective time frame, 2019 – 2025, and arrive at a worth of USD 20.56 Billion by 2025.
Liquid nitrogen is a cryogenic liquid. Cryogenic liquids are condensed gases that have limits beneath 130°F. Liquid nitrogen is mass-created in liquefaction plants by pre-cooling the nitrogen in the environmental air utilizing a multi-pressure refrigeration cycle; gases other than nitrogen, like oxygen, argon, and carbon dioxide, are isolated from climatic air through cycles like cryogenic air partition, layer dissemination, and assimilation. Liquid nitrogen is idle, dry, scentless, non-combustible, and non-poisonous gas utilized for a few applications, such as cryotherapy in the medical services industry, freezing measure food in the food and drink industry making high-temperature superconductors in the force area.
The primary considerations preferring the development of the liquid nitrogen market size is the developing medical services industry globally, particularly in Asia-Pacific, expanding interest for prepared food, and metal creation measures in the foundry business that utilizes fluid nitrogen for metal therapy.
Besides, Liquid nitrogen is an organic additive in the drug business and for cryogenic in the elastic and plastic industry, which is relied upon to set out worthwhile development open doors for the worldwide liquid nitrogen market during the figure time frame. Notwithstanding, nitrogen being an asphyxiant gas, can cause a few medical problems like retching, unsteadiness, queasiness, loss of awareness, and even demise.
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Major Market Players
- Linde (Germany)
- Asia Industrial Gases Pte. Ltd (Singapore)
- Southern Industrial Gas Sdn Bhd (Malaysia)
- Air Liquide (France)
- nexAir LLC (US)
- Taiyo Nippon Sanso Corporation (Japan)
- Praxair Technology, Inc. (US)
- Air Products and Chemicals, Inc. (US)
- Gulf Cryo (the UAE)
- AMCS Corporation (US)
- Statebourne Cryogenics Ltd (UK)
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Segment Overview
- By Function
The coolant segment held the most significant offer at the liquid nitrogen market price in 2020, up to 68%. Liquid nitrogen is a cryogenic fluid, which, when in touch with living cells, can cause quick freezing. Inferable from this property, liquid nitrogen is broadly utilized as a coolant in rotational embellishment. Liquid nitrogen is a viable and advantageous refrigerant because of its accessibility, minimal expense, and idle properties. Every one of these broad qualities of fluid nitrogen as coolant is the key factor expected to help the interest for liquid nitrogen in different locales during the estimated time frame.
- By Technology
The cryogenic refining segment held the biggest offer in the liquid nitrogen market in 2020. The generally utilized innovation to deliver condensed modern gases because of its low venture cost and lesser utility utilization. Cryogenic air detachment measures are regularly utilized in huge or medium-scale plants to create nitrogen, oxygen, and argon as gases or potentially liquid items. Furthermore, cryogenic refining frameworks give the best return and quality exhibitions of liquid nitrogen. Accordingly, inferable from these variables, cryogenic refining is the most utilized technology for creating liquid nitrogen.
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Recent Developments
February 2021– INOX Air Products, India’s largest manufacturer of industrial and medical gases, announced the plans to invest over Rs 2,000 crore to construct eight new air separation units across the country. The investment is likely to be the first greenfield investment in India with this large capacity in the industrial gases sector. The transaction follows a multilayer growth in demand in the medical sector due to the growing COVID cases. The company says it looks forward to the government’s production and infrastructure sector support.
The latest plants by INOXAP will be deliberately situated in the vicinity of high-demand growth areas in Gujarat, West Bengal, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh, Tamil Nadu, and Maharashtra. The plant will produce liquid argon, liquid nitrogen, and liquid oxygen and will be contracted during FY22-24. The mass availability of medical and industrial gases will guarantee consistent supply for electronic production and the pharmaceutical sector, besides helping iron, automobile, and steel industries boost their manufacturing. The projects will produce over 1000 direct and indirect employment opportunities in their corresponding regions.
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