Liquid Nitrogen Market is Expected to Reach US$ 30.9 Billion by 2032 | CAGR of 5.2% During 2024-2032

Summary:

• The global liquid nitrogen market size reached US$ 19.4 Billion in 2023.
• The market is expected to reach US$ 30.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.
• Based on the region, the market is segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• On the basis of technology, the liquid nitrogen market share is segmented into cryogenic distillation, pressure swing adsorption, and others.
• Based on the function, the market is divided into coolant and refrigerant.
• On the basis of storage type, the market is classified into cylinders and packaged gas, merchant liquid/bulk, tonnage, and others.

• Based on the end user, the market is bifurcated into chemicals and pharmaceuticals, food and beverage, healthcare, metal manufacturing and construction, rubber and plastic, and others.
• The increasing use of liquid nitrogen in the pharmaceutical industry for drug preservation and manufacturing is driving its demand.
• The growing adoption of liquid nitrogen in the aerospace sector for material testing and cooling applications is boosting market growth.

Industry Trends and Drivers:

Medical applications: Medical applications represent one of the prime drivers of the liquid nitrogen market. The healthcare sector uses liquid nitrogen extensively for cryotherapy, cryopreservation, and medical diagnostics. In cryotherapy, liquid nitrogen is applied for the treatment of skin conditions like warts, precancerous cells, and dermatological growths by freezing and destroying abnormal tissues. In addition, the compound is widely used in cryopreservation to store biological samples, including blood, cells, and reproductive cells such as sperm and eggs, at extremely low temperatures to preserve their viability over long periods. Medical laboratories and hospitals also employ liquid nitrogen in diagnostics for certain imaging technologies and research, thereby contributing to the market expansion.

The food and beverage industry: The food and beverage (F&B) industry is commonly used in the freezing and chilling processes due to its ability to cool rapidly without the formation of large ice crystals, preserving the texture and quality of the food. Liquid nitrogen is employed in cryogenic freezing for a range of products, including meat, seafood, fruits, and vegetables, as well as ready-made meals. The increasing demand for frozen and processed foods is fueling the use of liquid nitrogen in food production. Moreover, in the beverage sector, liquid nitrogen is used in packaging to remove oxygen from containers, enhancing the shelf life of drinks such as beer, wine, and soft drinks, thus aiding the market demand.

Growth of industrial manufacturing activities: The growth of industrial manufacturing activities is also propelling the demand for liquid nitrogen. In industries such as automotive, electronics, and metallurgy, liquid nitrogen is used in cooling, purging, and shrink-fitting applications. For instance, it is employed in the metalworking sector to enhance the durability of materials by subjecting them to extremely low temperatures, which helps in reducing wear and tear. The electronics industry also uses liquid nitrogen for cooling sensitive components during production processes. Furthermore, the chemical industry relies on liquid nitrogen for inserting and purging reactors to prevent unwanted chemical reactions, thus strengthening the market demand.

Liquid Nitrogen Market Report Segmentation:

By Technology:

• Cryogenic Distillation
• Pressure Swing Adsorption
• Others

Cryogenic distillation is the largest segment by technology in the liquid nitrogen market because it is the most established and efficient method for producing high-purity liquid nitrogen in large volumes, catering to a wide range of industrial applications.

By Function:

• Coolant
• Refrigerant

Coolant is the largest segment by function because liquid nitrogen is extensively used for its cooling properties in various sectors, including healthcare, food, electronics, and industrial processes, due to its effectiveness in maintaining extremely low temperatures.

By Storage Type:

• Cylinders and Packaged Gas
• Merchant Liquid/Bulk
• Tonnage
• Others

Merchant liquid/bulk storage is the largest segment by storage type, as it allows for the economical storage and transportation of large volumes of liquid nitrogen, meeting the high demand from various end-users who require continuous and large-scale supply.

By End User:

• Chemicals and Pharmaceuticals
• Food and Beverage
• Healthcare
• Metal Manufacturing and Construction
• Rubber and Plastic
• Others

Metal manufacturing and construction is the largest segment by end user, as liquid nitrogen is crucial in these industries for processes such as cryogenic grinding, metal processing, and fabrication, providing benefits like improved material properties and enhanced process efficiency.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America is the largest market by region for liquid nitrogen, driven by the presence of a robust industrial base, advanced healthcare and technology sectors, and stringent food safety regulations, all of which contribute to high demand for liquid nitrogen across various applications.

Top Liquid Nitrogen Market Leaders:

The liquid nitrogen market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• Air Liquide S.A.
• Air Products and Chemicals Inc.
• AMCS Corporation
• Asia Industrial Gases Pte. Ltd.
• Cryomech Inc.
• Gulf Cryo
• Linde plc
• Messer Group GmbH
• Statebourne Cryogenics Ltd
• Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings Corporation)

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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