LONDON–(BUSINESS WIRE)–The liquid nitrogen market is expected to grow by USD 4.55 billion during 2020-2024, expanding at a CAGR of over 5%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Liquid Nitrogen Market: Safety concerns in the F&B industry to drive growth
Growing concerns over the safety of food have increased the adoption of cryogenic freezing in the food and beverage industry. This is because cryogenic freezing is eco-friendly, less time-consuming, and does not alter the quality, texture, and color of the food product. This is increasing the use of cryogenic gases such as liquid nitrogen in the food processing industry for preserving food items such as meat, fruits, vegetables, baked food, dairy products, and prepared foods. These factors are fueling the growth of the global liquid nitrogen market.
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As per Technavio, increased application of liquid nitrogen in cryogenics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Liquid Nitrogen Market: Increased Application in Cryogenics
Cryogenic activities are increasing across the world with the development of the energy sector. Industrial applications use cryogenic liquid gases such as nitrogen, carbon dioxide, argon, helium, and hydrogen. Nitrogen is the most preferred cryogenic gas out of these liquid gases. Besides, many governments across the world are introducing various initiatives to support the growth of industries such as food and beverage, chemicals, healthcare, pharmaceuticals, construction, automotive, and electronics. These factors are increasing the use of liquid nitrogen in cryogenic applications, which is driving the growth of the market.
“Increasing use of cryosurgery and cryotherapy and the development of hybrid electric vehicles will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Liquid Nitrogen Market: Segmentation Analysis
This market research report segments the liquid nitrogen market by End-user (CPB, Food and beverages, Metal manufacturing and construction, and Others) and Geography (North America, APAC, Europe, South America, and MEA).
The CPB segment led the global liquid nitrogen market in 2019. The segment is mainly driven by the increasing use of liquid nitrogen as a refrigerant. Also, the growing demand for liquid nitrogen to freeze medicines, chemical formulations, and biologicals samples is contributing to the growth of the segment.
The North American region led the liquid nitrogen market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing demand for liquid nitrogen from the healthcare, construction, and metals industries in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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