Global Liquid Nitrogen market outlook 2024, Forecast To 2033
5 Feb, 2024
The liquid nitrogen market has witnessed strong growth, escalating from $17.29 billion in 2023 to $18.44 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period is attributed to industrial refrigeration, cryopreservation, food freezing, medical applications, and metal processing. Foreseeing strong growth in the next few years, the market size is projected to reach $23.86 billion in 2028, supported by an expected CAGR of 6.7%. This growth in the forecast period is linked to emerging healthcare technologies, biotechnology and pharmaceuticals, cryogenic energy storage, space exploration, and sustainable and green technologies. Major trends in the forecast period include cryotherapy and aesthetic procedures, biobanking and biopreservation, cryogenic storage solutions, cryogenic cooling, and rocket propulsion.
Global Liquid Nitrogen Market Key Driver
The liquid nitrogen market is expected to thrive with the increasing demand from the healthcare domain. Liquid nitrogen, crucial for cryogenic applications in healthcare, saw positive growth in 2021, as reported by BlackRock Inc. This ongoing demand for cryogenic applications in healthcare is expected to drive the growth of the liquid nitrogen market in 2023, 2024, and 2028.
Get A Free Sample Of The Global Liquid Nitrogen Market ReportGlobal Liquid Nitrogen Market Segments
The global liquid nitrogen market covered in this report is segmented –
1) By Manufacturing Process: Cryogenic Distillation, Pressure Swing Adsorption, Other Manufacturing Processes
2) By Function: Coolant, Refrigerant
3) By Industry Vertical: Chemicals and Pharmaceuticals, Food and Beverage, Healthcare, Metal Manufacturing and Construction, Rubber and Plastic, Other Industry Verticals
By Geography: The regions covered in the Liquid Nitrogen market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the liquid nitrogen market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the liquid nitrogen market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Liquid Nitrogen Industry Players
Air Products and Chemicals Inc., Linde plc, Praxair Inc., NexAir LLC, Statebourne Cryogenics Ltd., Taiyo Nippon Sanso Corporation, Gulf Cryo, Emirates Industrial Gases Co. LLC, Southern Industrial San Bhd, Universal Industrial Gases Inc., Yingde Gases Group, Messer Group, AMCS Corporation., Air Liquide S.A., The Linde Group, Asia Industrial Gases Pte. Ltd., MVS Engineering Pvt. Ltd., Airgas Inc., Cryogenic Industries Inc., Chart Industries Inc., Cryofab Inc., Cryoquip Inc., Cryostar SAS, Buzwair Industrial Gases Factories, INOX Air Products Pvt. Ltd., Yateem Oxygen, Fujitsu Limited, Cryomech Inc.
Get The Full Global Liquid Nitrogen Market ReportLiquid Nitrogen Market Overview
Liquid nitrogen is a form of the element nitrogen that is cold enough to exist in a liquid state and is used for cooling and cryogenic applications. Under high pressure, nitrogen becomes liquid nitrogen, a cryogenic liquid with a boiling point of -320.5 °F (-195.8 °C). The temperature of liquid nitrogen (LN), an inert cryogenic fluid, is 196 °C (320 °F), which is directly injected by lances into the batch water storage tank, the aggregate, or the mixer. Liquid nitrogen can be kept in the batch plant or on the project site, and if utilized there, it allows for more precise temperature control and repeated cooling of the concrete. Liquid nitrogen is used for freezing and transporting food products.
Liquid Nitrogen Global Market Report 2023 provides data on the global liquid nitrogen market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The liquid nitrogen market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.