[FURL=https://www.industryarc.com/Report/15532/liquid-nitrogen-market.html?utm_source=briefingwire&utm_medium=Pressrelease&utm_campaign=Paidpressrelease]Liquid Nitrogen Market[/FURL] size is forecast to reach $11.1 billion by 2026, after growing at a CAGR of 6.2% during 2021-2026. Liquid nitrogen is extensively used as the cryogenic fluid in the immersion freezing of foods and is produced using cryogenic distillation. Due to its ability to rapidly cool things and is safe to add it to food constituents, liquid nitrogen is often used to preserve food, biological and medical products. In addition, it is non-toxic and inert to food products and their constituent which is expected to increase the market demand. The Leidenfrost effect associated with liquid nitrogen is a major hindrance for the liquid nitrogen industry. The rapid growth of the chemical & pharmaceutical industry has increased the demand for liquid nitrogen; thereby, fueling the market growth. Furthermore, the flourishing food & beverage industry is also expected to drive the liquid nitrogen market substantially during the forecast period.Key Takeaways
Europe dominates the liquid nitrogen market, owing to the flourishing chemical industry in the region. According to the European Chemical Industry Council (CEFIC), the European chemical industry is still a world leader and a highly innovative sector. And from 2017 to 2018, European chemical sales rose by 2.8 percent.
In the electronics industry, the market for liquid nitrogen is also growing for the development of flat panel displays, light-emitting diodes, and semiconductors. According to Ministerio De Industria, Comercio Y Turismo, Spain is one of the most important ICT markets by volume in Europe i.e. €108,862 Million. Thus, the increasing electronics sector will propel market growth over the forecast period.
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Liquid Nitrogen Market Segment Analysis – By Geography
Europe region held the largest share in the liquid nitrogen market in 2020 up to 33%, owing to the increasing demand for liquid nitrogen from the chemical and pharmaceutical industry in the region. The European chemical industry continues to innovate, according to the European Chemical Industry Council (CEFIC), with an annual investment of EUR 10 billion in R&I in 2018, the highest value since 2000. In 2018, the world turnover of chemicals was estimated at EUR 3,347 billion.
Liquid Nitrogen Market Drivers
Increasing Automotive Production
Flourishing Food & Beverage Industry
Liquid nitrogen market top 10 companies are Praxair Inc., Air Liquide S.A., The Linde Group, Messer Group, Nexair LLC., Taiyo Nippon Sanso Corporation, Air Products and Chemicals Inc., Gulf Cryo, Emirates Industrial Gases Co. LLC, and Southern Industrial Gas Berhad.
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