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The liquid nitrogen market is expected to expand exponentially in tandem with the global industrial gas market. In various applications where low temperatures are needed, liquid nitrogen is used as a cryogen. It is commonly used in cryosurgery, cryotherapies, and cryopreservation to dissolve decayed tissues and remove warts, moles, skin marks, verrucas, and certain skin cancers. Furthermore, it is used as a coolant in the temporary shrinking of mechanical gears during system construction, resulting in improved intrusion suits. During the forecast era, this feature is expected to boost demand for liquid nitrogen.
The chemical and pharmaceutical industries were the main end-users in the historical period, and they are expected to expand at a rapid pace in the coming years. In the chemical and pharmaceutical industries, liquid nitrogen is used to cool catalyst-filled reactors. Another big end-user division of the industry was rubber and plastic, as liquid nitrogen in rubber production is used as a refrigerant in deflashing systems. Because of its ultracool temperature, it reduces the need for pre-cooling and can rapidly lower the flash temperature, thus, lowering cycle times and improving transportability. Ultracold, inert nitrogen can also aid in the reduction of heat produced during the grinding process, resulting in high-quality, very thin, uniformly shaped particles.
The growing focus of the leading players on expanding their presence across the key developing markets and increasing their production capacity is expected to significantly boost the industry growth over the forecast period. Linde plc (NYSE: LIN) is a multinational chemical company headquartered in Guildford, United Kingdom. It is the largest industrial gas company by market share and revenue. Linde announced the opening of a cutting-edge hydrogen and carbon monoxide facility in Clear Lake, Texas (TX), as well as a new air separation centre in LaPorte, TX, on July 7, 2020. Under a recently negotiated long-term deal, the plants will provide oxygen, nitrogen, and carbon monoxide to Celanese, as well as hydrogen to other customers through Linde's U.S. Gulf Coast pipeline system. Such developments are expected to favour the market growth in the coming years.
Market Breakup by Function, Technology, Storage, End Use, and Region:
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The major players in the global liquid nitrogen market are Linde plc, Air Products Inc., Praxair Technology, Inc, Taiyo Nippon Sanso Corporation, and Southern Industrial Gas Sdn Bhd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, technological advancements, and capacity expansions of the major players.
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