New York, July 18, 2023 (GLOBE NEWSWIRE) -- The global Liquid Nitrogen Market is expected to witness significant growth at a CAGR of 5.9% during the forecast period of 2023-2030. This growth is attributed to the increasing use of liquid nitrogen in various cryotherapy applications.
According to a recent report by Consegic Business Intelligence, the liquid nitrogen market is poised for strong expansion and is expected to reach USD 28,596.96 million by 2030. The market, which was valued at USD 18,205.36 million in 2022, is projected to grow at a compound annual growth rate of 5.9% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the liquid nitrogen market.
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Liquid nitrogen is a colorless, odorless, and non-flammable cryogenic liquid. It is extremely cold and is used in a variety of applications, including in the preservation of biological samples, cooling of computer components, and scientific research among others. The demand for liquid nitrogen is increasing owing to its wide range of uses in various industries, including healthcare, food and beverage, chemicals, and electronics manufacturing, among others.
Overall, the liquid nitrogen market is expected to continue growing in the coming years, driven by the increasing demand for cryotherapy, the growing trend of food preservation, and the development of new applications of liquid nitrogen.
Global Liquid Nitrogen Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 28,596.96 Million |
| CAGR (2023-2030) | 5.9% |
| By Manufacturing Process | Cryogenic Distillation and Pressure Swing Adsorption |
| By Application | Coolant and Refrigerant |
| By End-Use Industry | Food and Beverage, Chemical, Pharmaceutical, Construction, Rubber, Metal and Mining, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Air Products and Chemicals, Inc., Linde plc, Praxair Technology, Inc., NEXAIR, TAIYO NIPPON SANSO CORPORATION, Gulf Cryo, Greco Gas Inc., Air Liquide, Messer North America, Inc., and Ellenbarrie industrial Gases |
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Global Liquid Nitrogen Market Segmentation Details:
Based on Manufacturing Process, in 2022, the pressure swing adsorption segment contributed the largest market shares in the liquid nitrogen market. The pressure swing adsorption process for liquid nitrogen production offers cost-effectiveness, on-demand production, energy efficiency, high purity, environmental friendliness among others. Hence, these benefits are increasing the adoption of PSA process in various end-use industries, in turn proliferating the market growth.
Based on Application, in 2022, the coolant segment contributed the largest market shares in the liquid nitrogen market. The growth of the segment is attributed to the growing use of liquid nitrogen in semiconducting applications as well as manufacturing and testing of semiconducting materials. For instance, according to the report published by the Semiconductor Industry Association (SIA), the global semiconductor industry sales amounted to USD 574.1 billion in 2022accounting for an increase of 3.3% compared to 2021. Thus, the growing demand for semiconductors from consumers is a significant factor fostering segment growth.
Based on End-Use Industry, in 2022, the food and beverage segment contributed the largest market shares in the liquid nitrogen market. Liquid nitrogen is becoming an increasingly important gas in the food processing industry. It allows the food packets to have increased shelf life and prevent the food items from losing their texture. Hence, the growing need for slowing food deterioration and improving longevity has registered a high demand for liquid nitrogen, in turn accelerating market growth.
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Based on Region, in 2022, North America accounted for the largest share contribution of 38.15% to the market growth driven by the growing advancements in medical technologies. In addition to this, the rising prevalence of skin cancer patients is another significant factor contributing to the market growth. Furthermore, the increasing demand for packaged and convenience food products, along with the growing trend of food preservation, is expected to drive the demand for liquid nitrogen in the region.
Competitive Landscape
As per the research, Air Products and Chemicals, Inc., Linde plc, and Gulf Cryo are the major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the liquid nitrogen market is expected to grow steadily due to the increasing product usage in various medical and healthcare applications. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
Recent Developments
- In April 2022, Air Products and Chemicals, Inc. acquired Air Liquide’s industrial gases business in the UAE and Bahrain. Through this acquisition, the company aims to expand into the Middle Eastern markets.
- In November 2021, Messer announced to install new liquid nitrogen cryogenic technologies for chilling and freezing applications at 2022 IPPE.
Key Market Takeaways
- The global liquid nitrogen market size is estimated to exceed USD 28,596.96 million by 2030 with a CAGR of 5.9% during the forecast period (2023-2030).
- Based on manufacturing process, the pressure swing adsorption segment accounted for the highest market share in the liquid nitrogen market statistics in 2022.
- Based on application, the coolant segment accounted for the highest market share in the liquid nitrogen market statistics in 2022.
- Based on end-use industry, the food and beverage segment accounted for the highest market share of 21.01% in the liquid nitrogen market statistics in 2022.
- Asia Pacific is expected to grow at the fastest CAGR of 6.7% during the forecast period due to the growing adoption of smartphones, tablet, and other consumer electronics.
- North America accounted for the highest market share of 38.15% and was valued at USD 6,945.34 million, and is expected to reach USD 10,932.62 million in 2030.
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List of Major Global Liquid Nitrogen Market:
- Air Products and Chemicals, Inc.
- Linde plc
- Praxair Technology, Inc.
- NEXAIR
- TAIYO NIPPON SANSO CORPORATION
- Gulf Cryo
- Greco Gas Inc.
- Air Liquide
- Messer North America, Inc.
- Ellenbarrie industrial Gases
Global Liquid Nitrogen Market Segmentation:
- By Manufacturing Process
- Cryogenic Distillation
- Pressure Swing Adsorption
- By Application
- Coolant
- Refrigerant
- By End-Use Industry
- Food and Beverage
- Chemical
- Pharmaceutical
- Construction
- Rubber
- Metal and Mining
- Others
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Frequently Asked Questions in the Liquid Nitrogen Market Report
- What was the market size of liquid nitrogen in 2022?
- In 2022, the market size of liquid nitrogen was USD 18,205.36 million.
- What will be the potential market valuation for liquid nitrogen by 2030?
- In 2030, the market size of liquid nitrogen is expected to reach 28,596.96 million.
- What is the key restraint hampering the growth of the liquid nitrogen market?
- The environmental impact associated with the production of liquid nitrogen is likely to limit the market growth.
- What is the dominating segment in the liquid nitrogen market, by application?
- In 2022, the coolant segment accounted for the highest market share in the overall liquid nitrogen market.
- Based on current market trends, which geographical region contributed the largest share in the market?
- North America accounted for the largest market share in the liquid nitrogen market.
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