Liquid Nitrogen Market Research Report - Forecast till 2032

Liquid Nitrogen Market Research Report Information By Storage (Cryogenic Cylinders & Packaged Gas, Tonnage), By Technology (Cryogenic Distillation, Pressure Swing Adsorption), By End-Use Industry (Chemical, Healthcare, Food & Beverages Foundry), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.

ID: MRFR/CnM/1591-HCR | 111 Pages | Author: Priya Nagrale | March 2024         

Liquid Nitrogen Market Speak to Analyst Request a Free Sample

Global Liquid Nitrogen Market Overview


Liquid Nitrogen Market Size was valued at USD 14.8 billion in 2022. The Liquid Nitrogen industry is projected to grow from USD 15.54 Billion in 2023 to USD 22.9596576 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2032). The use of liquid nitrogen has been growing due to its role as a biological preservative in the pharmaceutical industry, for cryogenic deflashing in the rubber and plastic industry, and for various applications in the food processing industry. The chemical industry's use of liquid nitrogen is also a significant market driver that is fueling the market's growth.
Liquid Nitrogen Market Share
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Liquid Nitrogen Market Trends




  • Expanding automotive production is driving the market growth




The growth in automotive production drives the demand for liquid nitrogen market CAGR, which is increasingly used as a vehicle coolant. This is particularly relevant in rising air pollution levels and the need to reduce emissions from traditional fuel vehicles. Liquid nitrogen is emerging as a potential alternative, and its use in automobiles is expected to increase. The government's vision for developing the automotive sector, including its size, contribution to national development, technological advancement, competitiveness, and institutional structure, is well-defined. The increasing automation in the industry will further boost the demand for liquid nitrogen, making it a key market driver in the foreseeable future.


Additionally, with the rising focus on food safety, the food and beverage industry is increasingly adopting cryogenic freezing methods. Cryogenic freezing is preferred due to its eco-friendliness, faster processing time, and ability to preserve food products' quality, texture, and color. Cryogenic gases like liquid nitrogen are extensively used in the food processing industry to freeze various food products, including meat, fruits, vegetables, baked goods, dairy products, and prepared foods. The increased demand for these benefits drives the liquid nitrogen market to grow. Thus,these factors drive the Liquid Nitrogen market revenue.


Liquid Nitrogen Market Segment Insights


Liquid Nitrogen Storage Insights


The Liquid Nitrogen market segmentation, based on Storage, includes cryogenic cylinders & packaged gas tonnage. The cryogenic cylinders & packaged gas segment dominated the market; the safe Storage and transportation of liquid nitrogen are crucial, as it requires careful management of the temperature difference between the surrounding environment and the substance. There is a rising need for packaging solutions to maintain the appropriate temperature levels to address this issue.


Liquid Nitrogen TechnologyInsights


Based on technology, the Liquid Nitrogen market segmentation includes cryogenic distillation and pressure swing adsorption. The cryogenic distillation segment dominated the market; Cryogenic distillation systems deliver the highest quality and performance levels for liquid nitrogen. Due to these factors, cryogenic distillation is currently the most widely adopted technology for liquid nitrogen production.


Figure1: Liquid Nitrogen Market, by Technology, 2022&2032 (USD billion)
Liquid Nitrogen Market, by Technology
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Liquid Nitrogen End-Use IndustryInsights


Based on the end-use Industry, the Liquid Nitrogen market segmentation includes chemical, healthcare, food & beverages foundry. The chemical segment dominated the market because of the widespread usage of liquid nitrogen as a coolant and cryogenic agent in various chemical manufacturing processes. Using liquid nitrogen helps maintain a low-temperature environment in these processes, critical for achieving the desired chemical reactions and product quality.


Liquid Nitrogen Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American liquid nitrogen market area will dominate this market; the pharmaceutical industry's increasing need for liquid nitrogen to preserve biological samples drives the market's growth. This demand positively impacts the market as it represents a significant opportunity for liquid nitrogen suppliers and manufacturers will boost the market growth in this Region.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure2: LIQUID NITROGEN MARKET SHARE BY REGION 2022 (%)LIQUID NITROGEN MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe's Liquid Nitrogen market accounts for the second-largest market share due to the increased reconstruction activities in the metal manufacturing and construction sectors fuel the growing demand for liquid nitrogen in welding and cutting processes. Further, the German Liquid Nitrogen market held the largest market share, and the UK Liquid Nitrogen market was the fastest-growing market in the European Region.


The Asia-Pacific Liquid Nitrogen Market is expected to grow at the fastest CAGR from 2023 to 2032. The rise in demand for liquid nitrogen can be attributed to the expanding population and improved living standards, specifically in the food and beverage, construction, electronics, and pharmaceutical sectors. Moreover, China’s Liquid Nitrogen market held the largest market share, and the Indian Liquid Nitrogen market was the fastest-growing market in the Asia-Pacific region.


Liquid Nitrogen Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the Liquid Nitrogen market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The liquid nitrogen industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Liquid Nitrogen industry to benefit clients and increase the market sector. In recent years, the Liquid Nitrogen industry has offered some of the most significant medical advantages. Major players in the Liquid Nitrogen market, including Linde (Germany), Praxair Technology, Inc. (US), Air Liquide (France), nexAir LLC (US), Taiyo Nippon Sanso Corporation (Japan), Messer Group GmbH (Germany), Air Products and Chemicals, Inc. (US), Gulf Cryo (the UAE), Southern Industrial Gas Sdn Bhd (Malaysia), AMCS Corporation (US), Statebourne Cryogenics Ltd (UK), and Asia Industrial Gases Pte. Ltd (Singapore)., and others are attempting to increase market demand by investing in research and development operations.


Air Products and Chemicals, Inc. is a multinational corporation based in Allentown, Pennsylvania that primarily specializes in the chemicals and sale of gases for industrial applications. As a world leader in the industrial gases sector, Air Products recently announced the opening of a new oxygen and nitrogen plant in a province, further increasing the company's production capacity and strengthening its supply position in this crucial industrial hub. The plant will support a leading manufacturer in producing high-tech display materials under a long-term contract.


INOX Air Products (INOX AP) is an industrial gas company based in India and formed as a joint venture between Inox Leasing and Finance Limited and Air Products & Chemicals. The company specializes in the production, trade, and supply of industrial and medical gases.INOX Air Products is the largest manufacturer of these gases in India and has recently announced plans to invest over Rs 2,000 crore to construct eight new air separation units across the country. This investment is expected to be the first greenfield investment in the industrial gases sector in India, with a significant capacity.


Key Companies in the liquid nitrogen market include




  • Linde (Germany)




  • Asia Industrial Gases Pte. Ltd (Singapore)




  • Southern Industrial Gas Sdn Bhd (Malaysia)




  • Air Liquide (France)




  • nexAir LLC (US)




  • Taiyo Nippon Sanso Corporation (Japan)




  • Praxair Technology Inc. (US)




  • Air Products and Chemicals Inc. (US)




  • Gulf Cryo (the UAE)




  • AMCS Corporation (US)




  • Statebourne Cryogenics Ltd (UK)




Liquid Nitrogen Industry Developments


February 2023: The price of liquid nitrogen increased by 10% in the United States due to increased demand from the healthcare and food industries.

March 2023: A new company, Liquid Nitrogen Solutions, was founded in India to supply liquid nitrogen to the growing market there.

April 2023: The European Union announced plans to invest €1 billion in the development of liquid nitrogen production facilities.

May 2023: A study by the National Bureau of Economic Research found that the use of liquid nitrogen in the food industry could save up to $10 billion per year in food waste.

June 2023: China's Ministry of Industry and Information Technology issued a new regulation requiring all liquid nitrogen producers to meet stricter safety standards.


Liquid Nitrogen Market Segmentation


Liquid Nitrogen Storage Outlook




  • Cryogenic Cylinders & Packaged Gas




  • Tonnage




Liquid NitrogenTechnology Outlook




  • Cryogenic Distillation




  • Pressure Swing Adsorption




Liquid Nitrogen End-Use Industry Outlook




  • Chemical




  • Healthcare




  • Food & Beverages Foundry




Liquid Nitrogen Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America




 

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 14.8 billion
Market Size 2023 USD 15.54 billion
Market Size 2032 USD 22.9596576 billion
Compound Annual Growth Rate (CAGR) 5.00%(2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Storage, Technology,End-Use Industry, and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  Linde (Germany), Praxair Technology, Inc. (US), Air Liquide (France), nexAir LLC (US), Taiyo Nippon Sanso Corporation (Japan), Messer Group GmbH (Germany), Air Products and Chemicals, Inc. (US), Gulf Cryo (the UAE),
Key Market Opportunities liquid nitrogen is used as a biological preservative in the pharmaceutical industry and for cryogenic deflashing in the rubber & plastic industry
Key Market Dynamics Increasing application of liquid nitrogen in the food processing industry Applications in the chemical industry




Frequently Asked Questions (FAQ) :

The Liquid Nitrogen market was valued at USD 14.8 Billion in 2022

The market is projected to grow at a CAGR of 5.00% during the forecast period, 2023-2032

North America had the largest share of the market

The key players in the market are Linde (Germany), Praxair Technology, Inc. (US), Air Liquide (France), nexAir LLC (US), Taiyo Nippon Sanso Corporation (Japan), Messer Group GmbH (Germany), Air Products and Chemicals, Inc. (US), Gulf Cryo (the UAE)

The Cryogenic Cylinders & Packaged Gas Liquid Nitrogen category dominated the market in 2022

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid