Liquid Nitrogen Global Market 2024 To Reach $23.86 Billion By 2028 At Rate Of 6.7%
Liquid Nitrogen Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UK, September 13, 2024 /EINPresswire.com/ -- The liquid nitrogen market has experienced robust growth in recent years, expanding from $17.29 billion in 2023 to $18.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to industrial refrigeration, cryopreservation, food freezing, medical applications, metal processing.
Strong Future Growth Anticipated
The liquid nitrogen market is projected to grow strongly, reaching $23.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to emerging healthcare technologies, biotechnology and pharmaceuticals, cryogenic energy storage, space exploration, sustainable and green technologies.
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Growth Driver Of The Liquid Nitrogen Market
The increasing demand from the healthcare domain is expected to propel the growth of the liquid nitrogen market going forward. The healthcare domain helps in maintaining or restoring physical, mental, or emotional well-being by licensed healthcare professionals. Liquid nitrogen is mainly used in the healthcare domain for the removal of warts, precancerous cells, unwanted skin, and cryogenics. Liquid nitrogen is commonly used as a cryogenic liquid for the removal of diseased skin and is capable of fast freezing while contacting living cells.
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Major Players And Market Trends
Key players in the liquid nitrogen market include Air Products and Chemicals Inc., Linde PLC, Praxair Inc., NexAir LLC, Statebourne Cryogenics Ltd., Taiyo Nippon Sanso Corporation.
Product innovations are the key trends gaining popularity in the liquid nitrogen market. Major companies operating in the liquid nitrogen market are focused on developing new and innovative products to strengthen their market position.
Segments:
1) By Manufacturing Process: Cryogenic Distillation, Pressure Swing Adsorption, Other Manufacturing Processes
2) By Function: Coolant, Refrigerant
3) By Industry Vertical: Chemicals and Pharmaceuticals, Food and Beverage, Healthcare, Metal Manufacturing and Construction, Rubber and Plastic, Other Industry Verticals
Geographical Insights: North America Leading The Market
North America was the largest region in the liquid nitrogen market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the liquid nitrogen market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Liquid Nitrogen Market Definition
Liquid nitrogen is a form of the element nitrogen that is cold enough to exist in a liquid state and is used for cooling and cryogenic applications. Under high pressure, nitrogen becomes liquid nitrogen, a cryogenic liquid with a boiling point of -320.5 °F (-195.8 °C). The temperature of liquid nitrogen (LN), an inert cryogenic fluid, is 196 °C (320 °F), which is directly injected by lances into the batch water storage tank, the aggregate, or the mixer. Liquid nitrogen can be kept in the batch plant or on the project site, and if utilized there, it allows for more precise temperature control and repeated cooling of the concrete. Liquid nitrogen is used for freezing and transporting food products.
Liquid Nitrogen Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Liquid Nitrogen Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on liquid nitrogen market size, liquid nitrogen market drivers and trends, liquid nitrogen market major players, liquid nitrogen competitors' revenues, liquid nitrogen market positioning, and liquid nitrogen market growth across geographies. The liquid nitrogen market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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