Global Liquid Nitrogen Market 2017-2021
About Liquid Nitrogen
Liquid nitrogen is colorless, odorless, inert, non-corrosive, and non-flammable. It has extremely low temperature and does not support life. The use of nitrogen is more in its gaseous state, but it is converted into a liquid for storage and transportation as it is more cost-effective. Liquid nitrogen is stored and transported in diverse types of containers depending on the use and quantity. The various containers are dewar, cryogenic liquid cylinder, and cryogenic storage tanks.
Technavio’s analysts forecast the global liquid nitrogen market to grow at a CAGR of 5.38% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global liquid nitrogen market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Liquid Nitrogen Market 2017-2021
Technavio recognizes the following companies as the key players in the global liquid nitrogen market: Air Liquide, Air Products and Chemicals, The Linde Group, Praxair Technology, and TAIYO NIPPON SANSO.
Other Prominent Vendors in the market are: AIR WATER, Asia Technical Gas, Bombay Oxygen Corporation, BUZWAIR INDUSTRIAL GASES FACTORIES, Goyal MG gases, Gulf Cryo, MESSER Group, Southern Industrial Gas Sdn Bhd, and Yingde Gases.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Liquid nitrogen as a potential source of primary power. Liquid nitrogen is used as a coolant, but it has potential to be used as a source of primary power. The initiative was taken up by an innovative UK consortium. The initiative was to build a hybrid bus with a conventional diesel engine that would run on liquid nitrogen. HORIBA MIRA and Dearman partnered for this venture, with Dearman providing a zero emission Dearman engine. The trial was a success. The major drive behind this was to address urban air pollution challenges and showcase efficiency.”
According to the report, one of the major drivers for this market is Increasing use of cryosurgery and cryotherapy. Cryosurgery and cryotherapy are treatment techniques of using low temperature on the affected parts of the skin such as warts, seborrheic keratosis, and actinic keratosis. The technique is also being used for treating certain types of cancers. The advantage of this method is that the process is fast, requires less time, and does not leave any scar on the surface. The market for these techniques is expected to grow over $4 billion during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is Hazards associated with liquid nitrogen. There are many hazards associated with liquid nitrogen such as exposure to cold temperature causing severe burns and massive tissue damage and over pressurization caused when small amounts of liquid nitrogen expand into large volumes of gas. The expansion occurs when liquid nitrogen is exposed to inadequately vented equipment as it has 700x expansion ratio. When liquid nitrogen is exposed in a closed environment, it may lead to suffocation, dizziness, nausea, vomiting, and death.
Air Liquide, Air Products and Chemicals, The Linde Group, Praxair Technology, TAIYO NIPPON SANSO, AIR WATER, Asia Technical Gas, Bombay Oxygen Corporation, BUZWAIR INDUSTRIAL GASES FACTORIES, Goyal MG gases, Gulf Cryo, MESSER Group, Southern Industrial Gas Sdn Bhd, and Yingde Gases.