Liquid Nitrogen Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Manufacturing Method (Cryogenic Distillation and Pressure Swing Adsorption), End-Use Industry (Aerospace & Defens

Liquid Nitrogen Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Manufacturing Method (Cryogenic Distillation and Pressure Swing Adsorption), End-Use Industry (Aerospace & Defense, Automotive, Chemical, Food & Beverages, Metal Fabrication, Pharmaceutical, Electronics & Semiconductors, and Others), and Geography

The liquid nitrogen market size is expected to grow from US$ 18.83 billion in 2023 to US$ 28.87 billion by 2031; it is estimated to register a CAGR of 5.5% from 2023 to 2031.

Liquid nitrogen (LN2) is a cryogenic liquid, inert, noncorrosive, colorless, odorless, nonflammable, and extremely cold. Although used more commonly in the gaseous state, nitrogen is stored and transported as a liquid, making it a more cost-effective way of providing product supply. Liquid nitrogen is widely used in a multitude of commercial and technical applications. It finds application in food freezing, plastic and rubber deflashing and grinding, cooling, metal treating, biological sample preservation, pulverization, and other temperature-related applications. The growing metal fabrication industry is a significant driver of the liquid nitrogen market. Metals such as iron, steel, copper, and aluminum are often heat-treated to improve their physical properties.

Based on the manufacturing method, the global liquid nitrogen market is segmented into cryogenic distillation and pressure swing adsorption. The cryogenic distillation segment held the largest share of the global liquid nitrogen market in 2023. The principle of the cryogenic distillation method is based on a cryogenic distillation of liquefied air. In this method, the air separation unit is filled with atmospheric air. Then, it is compressed in the air compressor, and after being compressed, the air is sent into the cleanup system—where impurities, including moisture, hydrocarbons, and carbon dioxide, are removed. Furthermore, the air is passed through heat exchangers where it is cooled to cryogenic temperatures. At this stage, nitrogen is directed into the high-pressure distillation column where it is physically separated from other different gases and is formed at the top of the column. Finally, nitrogen is removed from the column and moved to the low-pressure column, where it is distilled till it meets the commercial specifications for purity. The cryogenic distillation method is considered efficient and it is instrumental in generating high-purity nitrogen.

In 2023, Asia Pacific held the largest revenue share of the global liquid nitrogen market. Asia Pacific is experiencing substantial growth in the metal fabrication industry. According to the World Steel Association AISBL, the region produced 1,367.2 metric tons of steel as of 2023. This growing steel production in the region boosts the demand for liquid nitrogen. The liquid nitrogen market in Australia is driven by the growing automotive industry owing to the rising need for electric vehicles (EVs) among consumers. As per the Electric Vehicle Council of Australia Limited, purchases of EVs in the country doubled in 2023 compared to 2022. The number of EVs in the country as of 2023 accounted for over 180,000. Favorable government initiatives and policies, such as achieving net zero carbon emissions boost the usage of EVs in Australia.

A few of the key players in the liquid nitrogen market include Linde Plc, L’Air Liquide SA, Air Products and Chemicals Inc, SOL SpA, Praxair Technology Inc, Nippon Sanso Holdings Corp, Ube Corporation, AIR WATER INC, Gulf Cryo LLC, Osaka Gas Co Ltd, Tokyo Gas Chemicals Co Ltd, Messer SE & Co KGaA, nexAir LLC, ADNOC Gas, and Matheson Tri-Gas Inc. Players operating in the global market focus on providing high-quality products to fulfill customer demand. Also, they focus on adopting various strategies such as new product launches, capacity expansions, partnerships, and collaborations in order to stay competitive in the market. The liquid nitrogen market forecast can help stakeholders plan their growth strategies. In May 2024, Linde announced that it had signed a long-term agreement with H2 Green Steel for the supply of industrial gases to the world’s first large-scale green steel production plant.

The overall global liquid nitrogen market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the liquid nitrogen market.

Reasons to buy

Progressive industry trends in the liquid nitrogen market to help players develop effective long-term strategies
Business growth strategies adopted by developed and developing markets
Quantitative analysis of the liquid nitrogen market from 2021 to 2031
Estimation of the demand for liquid nitrogen across various applications
Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict the market growth
Recent developments to understand the competitive market scenario and the demand for liquid nitrogen across the globe
Market trends and outlook coupled with factors driving and restraining the growth of the liquid nitrogen market.
Decision-making process by understanding strategies that underpin commercial interest concerning the liquid nitrogen market growth
The liquid nitrogen market size at various nodes of the market
Detailed overview and segmentation of the liquid nitrogen market, as well as its dynamics in the industry
The liquid nitrogen market size across the globe with promising growth opportunities