Liquid Nitrogen Market Forecasts to 2030 – Global Analysis By Function (Refrigerant and Coolant), Storage (Merchant Liquid, Tonnage, Cylinders & Packaged Gas and Other Storages), Technology, End User and By Geography

Liquid Nitrogen Market Forecasts to 2030 – Global Analysis By Function (Refrigerant and Coolant), Storage (Merchant Liquid, Tonnage, Cylinders & Packaged Gas and Other Storages), Technology, End User and By GeographyAccording to Stratistics MRC, the Global Liquid Nitrogen Market is accounted for $18.79 billion in 2023 and is expected to reach $31.78 billion by 2030 growing at a CAGR of 7.8% during the forecast period. The liquefied form of the element nitrogen, known as liquid nitrogen, is created commercially by fractional distillation of liquid air. Its properties include being inert, colourless, odourless, non-flammable, and nontoxic. It is made at air separation and liquefaction factories using pressure swing adsorption and cryogenic distillation, and it are typically kept in LN Dewars, cryogenic liquid cylinders, and cryogenic tanks. Since liquid nitrogen has an exceptionally low temperature and is inert, it may be used as a refrigerant, coolant, and preservative. Among other things, it can be used in cryopreservation, cryosurgery, metallurgy, food processing, and electronics manufacture.

According to the Associated General Contractors of America (AGC), the construction industry contributes substantially and creates structures worth approximately USD 1.4 trillion annually.

Market Dynamics:

Driver:

Increasing demand in healthcare and medical sector

Cryopreservation, cryosurgery, and biomedical research all make extensive use of liquid nitrogen. Liquid nitrogen, for instance, is used to store and preserve reproductive cells like sperm and eggs in the area of assisted reproductive technology. The larger usage of liquid nitrogen was influenced by both the rising incidence of infertility and the rising demand for reproductive therapies. Liquid nitrogen is also widely used in the medical sector for the delivery and storage of vaccinations, blood components, and tissue samples. The above aforementioned factors are accelerating the market growth.

Restraint:

Environmental concerns

Liquid nitrogen manufacturing and delivery include energy-intensive methods that may increase greenhouse gas emissions. Pressure to adopt sustainable practices and lessen its impact on the environment mounted on the sector. As a result, innovations like nitrogen recovery systems and environmentally friendly refrigeration options were created and adopted, reducing energy usage and increasing efficiency. The market for liquid nitrogen faced complications because of environmental worries about the emissions and carbon footprint linked to industrial gasses.

Opportunity:

Expanding food industry

Food and beverage items can have distinctive textures and qualities because to the use of liquid nitrogen dosage. Liquid nitrogen may be used to swiftly chill items, giving them a smoother texture or a distinctive crunch. They can also be frozen to preserve their original texture after thawing. Liquid nitrogen can enable a cryogenic system to freeze food in minutes as opposed to the hours often needed with conventional systems because of its own extremely low temperature. The market is expanding as a result of factors including quick freezing, bacterial growth suppression, low dehydration, significantly reduced quantitative losses, and strong conservation of original qualitative qualities.

Threat:

High operational costs

The overall costs escalated primarily because of the capital expenditure needed for cryogenic facilities, specialized equipment, and energy-intensive operations. Costs were also raised by the requirement for stringent safety procedures and adherence to laws while handling and storing cryogenic materials. Smaller enterprises had difficulties as a result of the high operating expenses related to their manufacture, storage, and shipping, which also moderated the market expansion.

Covid-19 Impact

COVID-19 has thwarted the market from broadening. Due to international constraints, the transportation sector has been plagued by the epidemic. Since early March 2020, the number of people using public transit in the IGC nations has decreased by 80%. There is typically any worldwide movement. The market for liquid nitrogen has been impacted by brexit. However, because of the ongoing epidemic and the resulting rise in health concerns, the healthcare sector has experienced tremendous development. This can increase the market's need for liquid nitrogen even further.

The cryogenic distillation segment is expected to be the largest during the forecast period

The cryogenic distillation segment is estimated to have a lucrative growth. For the production of industrial gases like nitrogen, argon, and oxygen, cryogenic distillation is a practical and affordable approach. The market is expected to rise as a result of its expanding use in semiconductor device manufacture. Because it requires little upfront investment and little energy, this method is frequently used to liquefy industrial vapors. Cryogenic distillation technique for low-temperature gasses has been developed by Polaris Company as a purification method. Gases including argon, oxygen, carbon monoxide, and light hydrocarbons may all be purified via cryogenic distillation.

The food & beverages segment is expected to have the highest CAGR during the forecast period

The food & beverages segment is anticipated to witness the fastest CAGR growth during the forecast period. In the food and beverage business, liquid nitrogen is used to chill, cool, preserve, and freeze the products. Its qualities aid in extending the items' shelf lives. Utilizing liquid nitrogen to remove heat from other operations might assist limit the growth of microorganisms, shorten cycle durations, and/or boost industrial output. Over the course of the projection period, it is anticipated that it will be employed extensively in the food and beverage sector due to its lack of negative environmental consequences and lower initial equipment investment costs than traditional mechanical freezers.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the booming chemical and pharmaceutical industries in countries such as China, India, and Japan. The largest developing market is the Chinese pharmaceutical sector. Around 5,000 manufacturers, many of which are small- or medium-sized businesses, make up the nation's expansive and diversified domestic drug sector. India's chemical industry is anticipated to expand strongly. Within the next five years, the country will see the development of a large number of chemical factories. It also has significant market participants including TAIYO NIPPON SANSO CORPORATION, Southern Industrial Gas Sdn Bhd, and Linde PLC. In addition, the country's aging population and expanding middle class are contributing factors for the market growth.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. The increasing investment and development activities might be linked to the region's strong market presence. Strong economic growth has been occurring in the region's emerging economies. Demand in the food and beverage, construction, electronics, and pharmaceutical industries has been boosted by rising population and living standards. This region's growing manufacturing base and supplier base are anticipated to drive market growth.

Key players in the market

Some of the key players profiled in the Liquid Nitrogen Market include Statebourne Cryogenics Limited, Southern Industrial Gas Sdn Bhd, Air Liquide, MVS Engineering Pvt. Limited, Air Products Inc., Taiyo Nippon Sanso Corporation, Bombay Oxygen Investments Limited, Linde PLC, Buzwair Industrial Gases Factories, Gulf Cryo, Cryomech Inc., Ellenbarrie Industrial Gases Limited, Praxair India Pvt. Ltd., Yateem Oxygen, RoboGas, Air Water Inc., Cryotec Anlagenbau GmbH, Matheson Tri-Gas Inc, Parker Hannifin Corporation and SOL Group.

Key Developments:

In March 2023, Air Liquide announced the expansion of its liquid nitrogen production facility in the United States. The expansion is expected to increase the company's liquid nitrogen production capacity by 50%.

In February 2023, Praxair announced the acquisition of BOC's liquid nitrogen business in the United States. The acquisition is expected to strengthen Praxair's position in the liquid nitrogen market and expand its customer base.

In January 2023, Linde announced the launch of a new liquid nitrogen production facility in China. The facility is expected to be the largest liquid nitrogen production facility in China.

Functions Covered:
• Refrigerant
• Coolant

Storages Covered:
• Merchant Liquid
• Tonnage
• Cylinders & Packaged Gas
• Other Storages

Technologies Covered:
• Pressure Swing Absorption
• Cryogenic Distillation

End Users Covered:
• Rubber & Plastic
• Food & Beverages
• Electronics
• Chemicals
• Healthcare
• Metal Manufacturing
• Pharmaceuticals
• Construction
• Transportation
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements