Bulk & Specialty Chemicals

Phosphate esters market to garner hefty returns from hydraulic fluid applications over 2018-2025, North America to emerge as lucrative investment hub

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Endowed with a wide application spectrum, the growth prospects of the global phosphate esters market have been witnessing an upsurge in the recent years. The wide range of structures and links of phosphate esters that can be developed to adapt to specific applications and functional properties have in turn resulted into wide range of commercially valuable products. With the globally flourishing agricultural and construction industries, the demand for phosphate esters as a raw material in surfactants, agrochemicals, lubricants, fire retardants, and plasticizers have significantly favored this business sphere.

U.S. phosphate esters market size, by application, 2014 – 2025 (USD Million)

U.S. phosphate esters market size, by application, 2014 – 2025 (USD Million)

Elaborating further, it is prudent to mention that the emerging move away from the low molecular weight orthophthalate PVC plasticisers is set to have a significant impact on this industry expansion. The tightening of regulations coupled with the rapid emphasize on product development activity for alternatives that offer better properties have in turn impelled several companies to go the whole hog and take advantage of this situation.

Unveiling the application landscape of the global phosphate esters industry

Speaking of the application spectrum, estimates claim that the fire-retardant segment accounted for more than 20% of the overall phosphate ester market share in 2017. The rapidly growing population and construction sector are the most pivotal factor driving this application segment. The demand for phosphate esters as multifunctional additives for metal working fluids has also favored the segment growth.

Besides the fire-retardant application, two prominently emerging application segments of the global phosphate esters industry are the hydraulic fluids and agrochemicals. Reliable reports claim that the trend of fusion prototype and miniaturization in industrial and consumer goods segment will positively impact the demand for phosphate esters in the ensuing years. Phosphate ester hydraulic fluids are widely used in steel mill equipment, flight deck elevators, and aircraft catapult systems and including control fluid for steam turbines and hydraulic doors on blast furnaces. Consistent demand for these applications have significantly uplifted the growth of the hydraulic fluid segment, which according to reports will surpass a remuneration portfolio of USD 500 million by 2025.

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The agrochemical application segment is further likely to gain traction, given the rising demand for nitrogen and phosphate based fertilizers. In the recent years, aromatic phosphate esters are witnessing remarkable demand as adjuvants in compositions for agrochemical use in combination with at least one surfactant and agrochemical. Another prominent factor that has strongly propel the agrochemical application segment is the increasing consolidation of the agrochemical industry players.

Recently for instance, Eastman Chemical Company signed a deal with a global specialty chemicals leader Clariant to develop and distribute Eastman Chemical’s Tamisolve NxG solvent – a low toxic and highly effective solvent used in the agrochemical industry. both the companies are expected to leverage their expertise and utilize their individual strengthen in developing more sustainable, efficient, and innovative agrochemicals for farmers worldwide. If industry analysts are to be believed, such deals in extension, will deliver significant business benefits to the global phosphate esters industry players.

BASF SE, Lanxess AG, Israel Chemical Ltd, Solvay S.A., Lakeland Laboratories Ltd., Ashland Inc., Daihachi chemical company, Akzo Nobel N.V., and Elementis PLC are some of the other prominent companies operating the global phosphate ester market.

North America to merge as a major revenue pocket

In terms of volume, with U.S. at its foray, North America phosphate ester market is anticipated to register a CAGR of 7.5% over 2017-2025. The massive investment in research and development in industrial equipment and manufacturing components, particularly in the U.S., is poised to accelerate the regional industry expansion in the ensuing years. The overall use of non-halogenated phosphorus esters in myriad industrial applications is also expected to favor the product demand. Estimates claim that this surge in demand has mainly triggered the regional business for triaryl phosphate ester, which is alone forecast to exceed USD 350 million by 2025. The data also significantly goes on to validate that North America phosphate ester market is all set to experience a growing investment interest from potential stakeholders in the coming years.

All in all, thriving of the cusp of expanding application and regional landscape, the global phosphate esters industry is expected to continue on a lucrative roadmap in the years ahead. A presumption bearing testimony to the same id of Global Market Insights, Inc., that claims the overall phosphate esters market to exceed a valuation of USD 3 billion by 2025.

Author NameOjaswita Kutepatil

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Silanes market to gain momentum via rising product demand in construction, escalating silane deployment in solar PV manufacturing to expedite the industry trends

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With a major surge witnessed in the construction industry, the global silanes market is also expected to witness significant growth trends as silane finds wide application in the construction industry for its favorable adhesion and noise insulation properties. Apart from its use in construction, silane also acts as a good medium for improving performance of paints and coating by imparting crosslinking abilities for coatings to adhere to a wide variety of substrates.

U.S. silanes market size, by application, 2013 – 2024 (USD Million)
U.S. silanes market size, by application, 2013 - 2024 (USD Million) ?

Such properties are desirable not only in the construction industry but also in automotive, paints and coatings, packaging etc. which has provided silanes industry with a wide expansion scope. Moreover, silanes are used as a precursor to elemental silicon which in turn has found widespread application in the electronics industry as the chief element in semiconductors. The myriad applications of silane in industries that are rapidly expanding have helped propel the silanes market, which is expected to surpass $3.9 billion by 2024 in terms of valuation.

According to a report compiled to predict the dominating trend for global construction by 2030, it was noted that U.S., China and India would be the leading countries that world impart a major boost to the global construction industry. It is anticipated that by 2030 the global construction output will grow almost by 85% and generate almost $15.5 trillion in terms of revenue with the three leading countries accounting for 57% of the total growth. The U.S. construction market is expected to expand faster than the China construction market with an annual growth rate of 5% and the former will overtake the latter within the next 15 years.

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Meanwhile construction rates in India will eventually overtake that of Japan and by 2021 become the third largest construction market in the world. In fact, the Indian construction market is anticipated to grow almost twice as fast as China with the urban Indian population estimated to reach 165 million by 2030, Delhi becoming the world’s second largest city with 10.4 million people. By 2030, Indonesian construction industry is also expected to overtake that of Japan and in Latin America, Mexico will overtake Brazil.

With such positive growth statistics, predictable that silanes market will witness significant expansion over 2018-2024. Silane is extensively used in the promotion of fiberglass and mineral wool adhesion, materials that are widely used in the construction industry. Mineral wool is used to promote acoustic insulation in the residential and commercial buildings as well as for thermal insulation which helps in energy conservation. Therefore, the silane market is growing with the heavy demand created in the construction industry.

Speaking of energy conservation and increasing energy efficiency in buildings, various government initiatives have been launched that ensure that builders adhere to the strict rules of constructing buildings that are help in the conservation of energy and bringing down the carbon footprint of buildings. For instance, the Indian Ministry of Power recently launched the ECO Niwas Samhita that is essentially a code for energy conservation in construction of residential buildings. The move has been undertaken keeping in mind the significantly expanding building sector and the fact that in the coming 10 to 15 years, residential buildings will create the highest demand for energy. With the code being implemented with an intension of saving up to 125 billion units of electricity per annum by 2030, it is imperative that materials like silane will be used extensively to achieve such energy efficient construction ends, clearly adding a major boost to the silanes industry.

Silane also finds application in the manufacturing of solar cells and considering the booming solar energy industry in North America and Europe, it is anticipated that the silane market will register major growth trends through the deployment of increased solar power application in the two regions. Notably, the global solar photovoltaic capacity, which was 5 GW in 2005, has increased to 306.5 GW in 2016 with Germany alone having installed 41.3 GW of solar PV. In 2016, the solar PV market in the U.S. has been estimated to have worth $4.7 billion with solar technologies being heavily funded and the Solar Investment Tax Credit adding to the incentives of investing in solar power expansion.

With solar power being one of the most intensively used form of renewable energy, silanes market will garner momentum on account of the product being a constituent of solar PV and amass significant growth in terms of revenue over 2018-2024.

Author NameParoma Bhattacharya

Global strontium market to derive exceptional proceeds from medical & dental applications over 2018-2025, APAC to emerge as a crucial revenue pocket

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Owing to a widespread application portfolio along with the increase in pyrotechnic activities, the global strontium market has been observing a remarkable growth over the last few years. Numerous research studies have revealed that strontium plays a crucial role in keeping bones healthy. It slows the rate of bone loss, assists in calcium absorption, prevents bone pain, helps in restoring alkaline state, enhances resistance to fracture, regulates bone breakdown, and boosts bone formation. Natural strontium has proved to be helpful in relieving the bone pain in patients with metastatic bone cancer, as per reliable sources.

U.S. Strontium Market Size, By Application, 2014 – 2025 (USD Million)

U.S. Strontium Market Size, By Application, 2014 - 2025 (USD Million)

It has also been found that supplementation with strontium deposits the mineral in the bone lesions, essentially suggesting a possibility of utilizing the element to mineralize areas in which cancer-associated bone loss has occurred. Owing to all the superior properties and benefits mentioned above, strontium is being widely used in medical and dental applications in the recent times. In fact, as per the research report by Global Market Insights, Inc., the medical and dental application segment is slated to account for nearly a tenth of the overall revenue share of the global strontium industry by the end of 2025.

Speaking along similar lines, several biotech and pharmaceutical majors have focused on developing products fortified with strontium chloride to mitigate cancer bone pain in patients suffering from painful skeletal metastases. The biotechnology acceleration development firm Q BioMed Inc., for instance, recently filed a supplemental regulatory application with the U.S. FDA to receive the approval to construct its new production unit, which would develop non-opioid injectable named Strontium Chloride Sr89 Injection USP.

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For the record, FDA has already approved the drug which reduces bone pain in patients suffering from bone metastases. The survival rates of patients with prostate and breast cancers, which are at high risk of developing bone metastases, would witness an uptick owing to the development of superior drugs and injectables such as Strontium Chloride Sr89 Injection USP. This would, in turn, fortify the medical and dental applications segment of the strontium industry in the upcoming years.

Increasing usage of strontium in pyrotechnic across the APAC nations set to boost the valuation of global strontium industry

The increasing usage of firecrackers on festive occasions in Asian nations such as China and India have resulted in strong demand for pyrotechnic operations in this region. In this regard, it would be prudent to mention that the colors of most modern fireworks involve metal chlorides – one of the most prominent being strontium chloride. These pyrotechnic operations are majorly deployed in several entertainment activities along the likes of sports events, concerts, and various ceremonies, essentially boosting the Asia Pacific strontium industry share which is estimated to register an annual growth rate of 6.5 percent over the projected time frame.

While the growth in pyrotechnic activities is on the rise, the usage of synthetic strontium is likely to decrease as stringent government regulations are being implemented to curb pollution across several nations. Moreover, steps are being taken by prominent research organizations to develop eco-friendly firecrackers (devoid of strontium nitrate) to reduce air and noise pollution.

In this context, it would be imperative to take note of the less polluting firecrackers recently developed by CSIR, the premier national R&D organization of India. Needless to mention, the development of green crackers, e-crackers and less polluting firecrackers would diminish the demand for strontium for pyrotechnic activities, essentially limiting the growth prospects of strontium industry in the times to come.

Companies such as Chemalloy Co, NOAH Technologies Corporation, Shenzhou Jiaxin Chemical Co., Prochem Inc., Joyieng Chemical Limited, Canteras Industriales, Química del Estroncio, BassTech International, Solvay, and Sakai Chemical Industry Co., constitute the competitive landscape of strontium market. Driven by strong growth in medical and dental applications segment along with the increasing usage of strontium in pyrotechnic activities, the strontium industry is set to garner substantial proceeds in the years ahead.

Author NameSaif Ali Bepari

Tool steel market to accrue remarkable proceeds from injection molding applications, global industry remuneration to cross USD 6.5 billion by 2024

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Owing to the augmented demand for forging and cutting instruments worldwide, the overall tool steel market has witnessed notable growth in recent years from the aerospace, automotive, energy and food & packaging segments. Properties like wear resistance, higher thermal conductivity and cost-effective production have considerably influenced the product usage rate. Increasing consumption of packaged food products and automobiles has encouraged manufacturers to undertake expansion activities, further boosting the tool steel market revenues. Prominent applications of the products including injection molding and die work are expected to provide remarkable thrust to the development of the tool steel industry.

U.S. Tool Steel Market Size, By Product class, 2017 & 2024, (Kilo Tons)

U.S. Tool Steel Market Size, By Product class, 2017 & 2024, (Kilo Tons)

Technically, injection molding is a method used to produce a broad range of items, from high precision components to disposable consumer goods and food packaging. As the world has seen a consistent rise in the sale of food products due to the growing population and an upsurge in disposable incomes, manufacturers of packaging have become lucrative customers for the tool steel market. Reports show that in 2016, an estimated US$2.47 trillion worth of packaged food had been sold globally, with the number projected to reach US$2.64 trillion in 2019. This affirms a positive outlook for the food and packaging segment and huge consumption prospects for the tool steel industry.

Expounding on the opportunities for the food and packaging industry, North America is anticipated to record nearly 23% increase in food consumption by 2024. On the other hand, countries like China, India and Italy will show a varied increase in food intake over the forecast timespan, ranging from 10% increase for Italy to a massive 89% for India. As evident, the tool steel industry could experience an enormous adoption rate with the swelling packaged food demand. Packaging made using injection molding technique can be used for processed food, salad & fruits, cheese and other such products that are sold in clear, custom colored and freezable grade food containers.

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Constant demand for such products will supplement the proliferation of the packaging industry, eventually driving the tool steel market growth. For instance, the cheese market was estimated to be valued at US$95.2 billion worldwide in 2016 and the OECD-FAO has forecast that global cheese consumption will have grown by more than 17% by 2024. Similar rise in the consumption of other processed food products will warrant an increase in the deployment of injection molding for food packaging over the coming years. Traditionally, plastic has been used for injection molded containers but rising environmental concerns associated with plastic waste have hampered the industry popularity to some extent.

However, innovations pertaining to packaging materials have gradually reinforced the position of injection molded food containers and subsequently the tool steel industry, as the development of bioplastics have attracted food companies who were moving away from using plastic. Citing an example, Green Dot’s biodegradable resins offer an eco-friendly alternative to be used in injection molding for producing disposable packaging containers. The material can apparently be formed, processed and customized according to the product requirements, besides helping to maintain their physical integrity.

The UN has said that almost 22% to 43% of plastic produced ends up in landfills. Biodegradable materials can help lower these hazards and further promote the use of injection molded containers, the production of which could significantly benefit the global tool steel market. Essentially, bioplastics could also be crucial for producing components of consumer durables through the injection molding process, in addition to developing key automotive parts in the future. With a number of component manufacturers upgrading their capacities to keep up with rising demand, injection molding will remain a key application area for tool steel products.

In a nutshell, the expanding food and packaging segment along with the ceaseless demand for durable consumer goods and automobiles are expected to push the global tool steel market valuation above US$6.5 billion by 2024. The industry is comprised of key suppliers including Baosteel Group, BOHLER, Buderus Edelstahl GmbH, Hitachi Metals, Ltd., Dongbei Special Steel Group Co., Ltd, Sandvik and Voestalpine.

Author NamePankaj Singh

Global tungsten market to exceed US$8.5 billion valuation by 2025, aerospace components to emerge as a major end-user segment

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Owing to continuous demand from users across a wide application spectrum, the global tungsten market has proliferated from the critical properties of the metal, like resistance to corrosion and wear as well as flexibility. The metal is quite important in the production of stellites, superalloys and heavy metal alloys which are used to make components of automobiles, aircrafts, gamma and X-ray machines, golf clubs, darts and many others. Rising consumer spending on vehicles, travel and leisure activities along with healthcare services will inadvertently bolster demand for the tungsten industry. Factors like globally increasing consumption of steel and augmented production of aircrafts will drive the expansion of the tungsten market.

S. Tungsten Market Size, By Application, 2014 – 2025 (USD Million)

U.S. Tungsten Market Size, By Application, 2014 – 2025 (USD Million)

Technically, several key areas in an aircraft require the placement of additional weight precisely for providing vibration dampening in various forms, such as static and dynamic balancing of propellers and rotor blades, and also as ballast. The tungsten industry has been a major benefactor of the exponential development in aerospace segment, with tungsten heavy alloys ideally suited for applications in all kinds of aircraft, from small planes and larger jets to helicopters. Though the quality of tungsten metal and its alloys being supplied to the aviation companies is concern, suppliers have put more focus to ensure that manufacturers receive the top quality material, notably evolving the global tungsten market.

Components used in the aviation sector are commonly subjected to considerable wear and friction, high temperatures ant must be durable for lowering the time and money spent in aircraft maintenance. As such, tungsten used in manufacturing parts offer the necessary reliability to a plane and enhance control abilities for a pilot, propagating the critical nature of the tungsten market. Indicating a significantly positive outlook for the aviation sector, Airbus had revealed in a forecast report that over the next 20 years, there would be requirement of over 37,400 new freight and passenger aircrafts.

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Valued at nearly US$5.8 trillion, these aircrafts represent a worldwide growth of the travel and tourism industry, as well as lucrative prospects for the tungsten market and other ancillary segments. The same report has informed that despite any external factors affecting the aerospace segment, air traffic has grown over the last two decades and is expected to almost double over the next 15 or so years. Global GDP is considered to be a prominent indicator expanding the growth of aviation and it is predicted that 50% of the air traffic increase will instigate in Asia-Pacific, while U.S. and Europe will together account for 30% of the increase.

Elaborating on the opportunities for the tungsten industry, there will be accelerated efforts to replace older planes to improve the efficiency of fleets and comply with the stringent passenger safety standards. It is noted that out of the total new aircrafts required by 2037, almost 30% would be for the replacement of aging fleet. With aircraft needed to be upgraded in both commercial and defense segments, the need for new and recycled tungsten alloys will propel the overall industry revenues in the next few years. For instance, major airplane manufacturer Boeing had recently secured a US$9.2 contract from the U.S. Air Force to deliver its next fleet of combat training aircrafts.

Speaking further to demonstrate the rising demand for aircrafts, in November 2018 Boeing had entered into an agreement to sell around 300 planes to China, which would be worth US$37 billion, with a large number of these aimed at fleet growth. Similar contracts being inked between aviation companies and aircraft manufacturers across the globe will yield tremendous returns for the tungsten market. Tightening international standards, in addition to increased scrutiny of aircraft performance and quality of components will influence the development of the tungsten industry.

All in all, the augmenting demand for aircrafts, along with the continuous application of tungsten alloys in the automotive segment will boost the valuation of the tungsten market, anticipated to surpass US$8.5 billion by 2025. The competitive hierarchy of the industry is comprised of key suppliers like China Minmetals Corporation, H.C. Starck, Japan New Metals Company, Wolfram Company JSC, Wolfram Bergbau-und Hutten and Specialty Metals Resources SA.

Author NamePankaj Singh

A succinct outline of the global industrial solvents market in terms of the application landscape: paints & coatings to emerge as a prominent revenue ground

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The global industrial solvents market is anticipated to make promising gains in the forthcoming years, on account of burgeoning demand for printing inks, paints & coatings, and cosmetics products across the globe. In addition to this, industrial solvents are also widely used in the pharmaceutical sector, impelling the industry share. For instance, pet shampoos utilize solvents to dissolve a medicinal drug for topical treatment, provide moisture, and soften animal hair & skin.

U.S. Oxygenated Solvents Market Size, By Application, 2017 & 2024, (Kilo Tons)
U.S. Oxygenated Solvents Market Size, By Application, 2017 & 2024, (Kilo Tons)

Industrial solvents are often used to dissolve ingredients and empower various solutions & manufacturing processes. They offer additional value in cosmetics, paints & coatings, adhesives, and lubricants because of their high solvency rate. For instance, Isopropyl alcohol is a multi-use solvent, which is often used as disinfectant in homes, and as an industrial solvent to dissolve substances, such as resins and oils, in production processes across various industries. The growth in manufacturing sector coupled with favorable regulatory outlook, especially in emerging economies, would positively favor industrial solvents market growth in the ensuing years.

The paragraphs below explore the growth prospects of the industrial solvents market with respect to the application landscape:

Paints & Coatings

The global paints & coatings market is anticipated to witness an upswing in terms of revenue in the approaching years, due to rising adoption across the building and construction sector. The paints & coatings industry is one of the biggest consumers of industrial solvents, attributable to the capability of solvents to disperse or dissolve the components in paint formation, to create paints of the desired consistency and eliminate globs or clumps. Apart from the construction sector, paints and coatings are widely used in the automobile industry. For instance, glycol ether esters are at times added to certain spray paints to avoid drying up in mid-air. The slow-paced evaporation of this powerful solvent group enables cars and other vehicles to get a smooth and flawless paint application for an appealing and durable finish.

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In addition to the factors mentioned above, it is important to note that no single solvent has the capability of dissolving all of the film-forming ingredients employed in contemporary coatings. The application of optimal thinners and reducers is usually needed, which consists of blends of various solvents, wherein each can dissolve one or more ingredients within a given coating formula. This has been leading to increased product usage per application, thereby considerably contributing towards industrial solvents market growth.

Printing Inks

Numerous printing inks, used worldwide to print everything from books to food packs and labels, rely heavily on industrial solvents for accurate application to attain the vivid colors. In printing inks applications, solvents are implemented to regulate viscosity and permit flow without harming printing rollers. As with paints and coatings, solvents advance drying for contemporary fast-paced printing presses.

Printing inks applications have leveraged the potential of industrial solvents in a number of ways. For instance, the use of smudge-resistant ink in newspapers means no more finger staining and illegible print. Speaking of computer printer inks, they dry really very fast and are highly smudge resistant. Thus, the wide application spectrum of printing inks and brisk advancements in ink technology will create a powerful launch pad for industrial solvents market to reach new heights.

Cosmetic and Fragrances

The cosmetic industry relies heavily on industrial solvents to dissolve ingredients and increase the efficiency of products. Industrial solvents are widely used in lotions, shaving creams, face creams, and talcum powders to maintain the consistency of the product. For instance, Ethanol is hugely preferred by perfume companies as their solvent of choice due to its low odor. Indeed, the low boiling point of ethanol allows the solvent to evaporate rapidly and does not let it remain on the skin.

Likewise, acetone or Ethyl acetate is an important ingredient of nail paints and is especially looked upon for its fast-drying potential. Besides, it also finds applications in nail paint removal products, owing to its high solvency characteristic which enables the nail paint to be removed easily from the nail. Amidst this backdrop, it is prudent to mention that industrial solvents market share will soar high in the years to come, because of abundant product demand from cosmetic and fragrances applications.

Having realized the immense potential of the industrial solvents market, prominent companies such as Shell, Arkema, Honeywell, BASF, and Total have made considerable investments in R&D programs and product innovation to serve the evolving consumer demand better. Powered by the rapid expansion of the paints & coatings applications in tandem with growing infrastructure industry, the industrial solvents market is projected to attain commendable gains in the approaching years.

Author NameNikita Chaurasia

Enumerating liquid nitrogen market trends in terms of the end-use landscape: F&B sector to emerge as one of the most remunerative growth avenues by 2025

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The liquid nitrogen market has been continually expanding over the last few years, ever since nitrogen was first liquified in 1883 and its usage in industrial processes surfaced. By 2025, the value of the liquid nitrogen market is estimated to be $17 billion, which does not come as a huge surprise, given the product’s deployment in the food, healthcare, manufacturing, oil and gas and various other sectors. In regions such as Europe and North America, the liquid nitrogen industry has reached maturation as the application of LN2 in these regions is much more widespread than in regions like Asia Pacific or South America where the liquid nitrogen market is gaining ground.

U.S. liquid nitrogen market size, by transportation, 2014 – 2025 (USD Million)
U.S. liquid nitrogen market size, by transportation, 2014 - 2025 (USD Million)

How is the F&B sector contributing to the growth of liquid nitrogen market?

The food industry is one of the major beneficiaries of the widespread usage of liquid nitrogen and the growth of food freezing over the past 30 years has in turn added to the growth of the overall liquid nitrogen market. The food industry utilizes two kinds of freezing namely cryogenic freezing where freezing is achieved with the use of liquid nitrogen and mechanical freezing, where foods are frozen using traditional freezing devices like spiral freezers, bed freezers etc. Cryogenic freezing has been garnering greater traction due to its lower capital costs and cheap production prices. Food companies have been able to lower their capital cost almost to zero while gaining large refrigeration capacity by renting cryogenic storage tanks from gas companies and buying liquid nitrogen as required.

Leaders in the food industry have been relying on the usage of liquid nitrogen for the freezing of poultry, dairy, meats and bakery products as well as of microwave meals, pasta, fruits and vegetables as the rapid freezing of food items with liquid nitrogen has various marketable benefits. Liquid nitrogen prevents the formation of crystals on foods besides preventing oxygen from reaching the food surface thus curbing bacteria growth which needs oxygen to grow and multiply. Where mechanical freezers can cause dehydration of products cryogenic freezers can avoid any dehydration, which in turn provides producers with a better yield. As the advantages of using Cryogenic freezing become more apparent, the liquid nitrogen market is expected to record a significant growth through the food industry over the next few years.

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Unveiling liquid nitrogen market trends from the pharmaceutical sector:

In the pharma industry, liquid nitrogen application has gained major headway especially with the use of the product in cryoablation, a process that destroys cancer cells through freezing. Cryoablation has gained momentum over other procedures like radiofrequency ablation in the electrophysiology market mainly because of the simplicity of the procedure as well as due to successful clinical trial results which have sowed that patients are faced with fewer post-procedural complications in cryoablation.

Cryoablation is still a technology that can be said to be in its infancy with Medtronic being one of the only players in the cryoablation space of electrophysiology market. But recently Boston Scientific announced that it will be entering the cryoablation market as well which points that competition in the cryoablation as Boston Scientific has a much stronger portfolio. With other medical device and healthcare market players looking to expand their capabilities in early stage cancer treatment, it is predictable that liquid nitrogen market will register some major growth prospects through the increasing demand of the product in the medical space.

Oil and gas to come up as a profitable revenue ground for liquid nitrogen industry:

For the liquid nitrogen market, the oil & gas industry is one of the most prominent end-use spaces. With a commendable boost in shale oil and gas sectors in recent years and spike in hydraulic fracturing, enhanced oil recovery, which greatly involves the use of nitrogen, has witnessed revived interest adding traction to the liquid nitrogen market.

Powered by an increase in upstream activities include exploration and extraction, liquid nitrogen is among the industrial gas products used to enhance oil production rates and yields, while also lowering total costs. Many of the gas industry contenders are seen capitalizing on this demand for nitrogen products in oil and gas services in recent years as liquid nitrogen is extensively used in well stimulation, pressure testing, drill stem testing, coil tubing operations and cleaning and jetting.

Aided by its abundance of properties, the product finds scope across a plethora of expansive industries ranging from glass making to electronics manufacturing, as they all rely on nitrogen in some capacity or the other. As per Global Market Insights, Inc., the overall liquid nitrogen market is expected to collect a revenue of USD 17 billion by 2025.

Author NameParoma Bhattacharya