Liquid Nitrogen Market | Acumen Research and Consulting

Liquid Nitrogen Market Highlights

• Global liquid nitrogen market revenue is poised to garner USD 30.3 billion by 2032 with a CAGR of 5.9% from 2024 to 2032
• North America liquid nitrogen market value occupied around USD 6.55 billion in 2023
• Asia-Pacific liquid nitrogen market growth will record a CAGR of more than 6.5% from 2024 to 2032
• Among function, the coolant sub-segment generated more than USD 11.8 billion revenue in 2023
• Based on storage, the merchant liquid/ bulk sub-segment generated around 38% market share in 2023
• Increasing adoption in the renewable energy sector, particularly for energy storage solutions is a popular liquid nitrogen market trend that fuels the industry demand 

Liquid nitrogen is used as cooling element in transportation and freezing of liquids and chemicals in chemical industries. It is also used to freeze medicines and formulations, to cool reactors loaded up with catalyst during fix works and keep up the required cold response temperatures in pharmaceutical industries. Liquid nitrogen is also used in food & beverages industry in automatic freezing systems for the purpose of preserving and transportation of food. The global market is anticipated to grow at substantial CAGR above 6% throughout the liquid nitrogen market forecast period. Furthermore, market players are primarily focusing on developing new innovative technologies that will supplement growth of the liquid nitrogen market.

Global Liquid Nitrogen Market Dynamics

Market Drivers

• Growing demand in the food and beverage industry for preservation
• Expansion of the healthcare sector, especially in cryopreservation
• Rising use in electronics and semiconductor manufacturing
• Increased industrial gas applications in metallurgy and chemical processing

Market Restraints

• High production and storage costs
• Safety concerns related to handling and transportation
• Stringent environmental regulations affecting production processes

Market Opportunities

• Innovations in cryogenic technology for medical and industrial applications
• Expansion into emerging markets with growing industrial sectors
• Development of environmentally-friendly production methods

Liquid Nitrogen Market Report Coverage

Liquid Nitrogen Market Insights

Growing liquid nitrogen demand in healthcare industry, rapidly growth in the healthcare industry, growing applications of electronics devices, rising population and technological advancements are some of the fundamental factors that are driving the liquid nitrogen market growth globally. Speedily growing healthcare industry across the world is expected to drive the growth of the liquid nitrogen market over the forecast period. Liquid nitrogen is used to maintain low temperature in healthcare industry; hence the demand for liquid nitrogen is increasing in the medical sector.

Furthermore, technological advancements, rising population, enhanced cold chain facilities and modernized manufacturing processes are some of the fundamental factors supplementing the growth of the liquid nitrogen market across the globe. Growing usage of electronic devices in the healthcare industry and technological innovations are expected to fuel the global market growth over the liquid nitrogen industry forecast period. Liquid nitrogen is broadly used in the healthcare industry for various applications such as cryotherapy, cryosurgery, preserving and transportation of tissues and cells. Demand for liquid nitrogen is increasing with the growing developments in the healthcare industry and is anticipated to boost during the forecast period. However, the high cost associated with the liquid nitrogen transportation may hamper the growth of the global liquid nitrogen market.

Liquid Nitrogen Market Segmentation

The worldwide market for liquid nitrogen is split based on technology, function, storage, end-use, and geography.

Liquid Nitrogen Technologies

• Cryogenic Distillation
• Pressure Swing Adsorption
• Others

According to liquid nitrogen industry analysis, cryogenic distillation is the most popular technology, accounting for the majority of the market share. This method requires cooling air to extremely low temperatures, at which point nitrogen condenses and may be separated from other gases such as oxygen and argon. The technology is extremely effective at producing high-purity nitrogen, making it the favored choice in areas such as healthcare, electronics, and food processing. Its ability to create huge amounts of liquid nitrogen with few contaminants has resulted in widespread usage. Compared to other technologies such as pressure swing adsorption (PSA), cryogenic distillation provides higher output and consistency, especially in large-scale industrial applications requiring high-purity nitrogen.

Liquid Nitrogen Functions

• Coolant
• Refrigerant

The cooling function dominates the liquid nitrogen market due to its vital role in a variety of sectors. Because of its exceptionally low boiling point (-196°C), liquid nitrogen is commonly employed as a coolant and is particularly useful in applications needing quick cooling. Metalworking, electronics production, and medical research all rely on liquid nitrogen to rapidly cool equipment, preserve biological samples, and freeze materials. The coolant function is especially important in cryosurgery and cryopreservation, where accurate and controlled cooling is required. The coolant segment dominates the liquid nitrogen industry due to its adaptability and effectiveness in sustaining low temperatures.

Liquid Nitrogen Storage

• Cylinders & packaged gas
• Merchant liquid/ Bulk
• Tonnage
• Others

Among liquid nitrogen storage alternatives, the merchant liquid/bulk category is the largest. This technique of storage is preferred because it can meet large-scale industrial requirements by providing enormous amounts of liquid nitrogen in bulk. Food processing, healthcare, and manufacturing industries all require regular, high-volume supplies, which bulk storage can deliver efficiently. The merchant liquid system typically involves storing liquid nitrogen in massive cryogenic tanks, which allows for easy transport and distribution to a variety of end users. Its supremacy stems from the growing demand for dependable and cost-effective storage solutions, particularly in industries where significant amounts of liquid nitrogen are required for continuous operations.

Liquid Nitrogen End-Uses

• Chemicals & Pharmaceuticals
• Healthcare
• Food & Beverages
• Metal Manufacturing & Construction
• Rubber & Plastic
• Others

In the liquid nitrogen market, the chemicals and pharmaceuticals category is the largest end-use sector. This dominance is due to the vital function liquid nitrogen plays in a variety of applications within these industries. It is vital in pharmaceuticals for cryopreservation, which involves storing biological samples, vaccines, and other sensitive materials at extremely low temperatures. Liquid nitrogen is used in the chemical industry for inerting procedures, which inhibit undesired reactions by displacing oxygen in chemical reactions, hence ensuring safety and product integrity. This segment's large share of the liquid nitrogen market is driven by the steady demand for high-purity nitrogen as well as the need for precise temperature control in chemical processes and medication manufacture.

Liquid Nitrogen Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of LATAM

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Liquid Nitrogen Market Regional Analysis

In terms of liquid nitrogen market analysis, Asia-Pacific is anticipated to grow at highest growth rate during the forecast period owing to the rapid growth of end-use industries in the region. Pharmaceutical industry is the major product end-user and forecasted to create immense opportunities in the near future in Asia-Pacific. Factors such as increase in the expansion of advanced technologies and population in the countries such as India and China are anticipated to boost the regional market growth during the liquid nitrogen industry forecast period. The growing penetration of liquid nitrogen in the industries like pharmaceutical & biotechnology, chemical and food & beverages has augmented in transportation and preserving of the goods in the region. Due to the infrastructural developments and rapid industrialization in the region, the demand for liquid nitrogen is increasing rapidly.

Liquid Nitrogen Market Players

Some of the top liquid nitrogen companies offered in our report includes Parker Hannifin Corporation, Messer Group GmbH, Gulf Cryo, Air Products and Chemicals, Inc., SOL Group, Yingde Gases Group Company Limited, Praxair, Inc., Taiyo Nippon Sanso Corporation, Linde plc, Air Liquide S.A., and Chart Industries, Inc.