IMARC Group has recently released a new research study titled “Liquid Nitrogen Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global liquid nitrogen market size reached US$ 19.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 30.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.
Global Liquid Nitrogen Market Trends:
The global liquid nitrogen market is experiencing significant growth due to various drivers, including advancements in technology, expanding healthcare and pharmaceutical sectors, and the rising demand in the food and beverage (F&B) industry. Moreover, the increasing product use in electronics and semiconductor manufacturing, the growing metal fabrication industry, and enhanced oil recovery needs are boosting the market growth. Furthermore, the burgeoning chemical sector, escalating demands for cryopreservation, the importance in the automotive industry, and the rise of the renewable energy sector. These factors collectively propel the market forward.
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Factors Affecting the Growth of the Liquid Nitrogen Industry:
Advancements in Technology: The global liquid nitrogen market is significantly influenced by technological advancements, which enhance the efficiency of liquid nitrogen production, storage, and transportation. Innovations in cryogenic technology have led to improved insulation methods, minimizing liquid nitrogen evaporation and ensuring more sustainable handling. Modern technology also facilitates the development of sophisticated equipment for various applications, such as cryogenic freezers, which are crucial in healthcare for preserving biological samples.
Expanding Healthcare and Pharmaceutical Sectors: The healthcare and pharmaceutical sectors are pivotal in driving the demand for liquid nitrogen. It is extensively used for the cryopreservation of biological samples, including blood, stem cells, and reproductive cells, which is vital for medical research, regenerative medicine, and fertility treatments. The expansion of biobanks and the increasing investment in biomedical research necessitate reliable cryogenic storage solutions to preserve the integrity and viability of biological specimens over long periods. As these sectors continue to grow, propelled by technological innovations and the increasing importance of biologics, the demand for liquid nitrogen is expected to surge correspondingly.
Rising Demand in the Food and Beverage Industry: Liquid nitrogen plays a critical role in the food and beverage industry, primarily in the preservation and processing of food products. It is used for rapid freezing, which ensures the quality, texture, and nutritional value of food by minimizing the formation of ice crystals that can damage cell structures. This method is ideal for a wide range of products, including meats, seafood, fruits, and ready-to-eat meals. Moreover, liquid nitrogen is employed in the packaging of perishable goods, creating an inert atmosphere that extends shelf life and maintains freshness, thereby meeting the industry's stringent safety and quality standards.
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Key Companies:
- 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)
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.
Regional Insights:
- North America
- Asia-Pacific
- Europe
- Latin America
- 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.
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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