What Factors Propelled The Growth Of The Liquid Nitrogen Market In The Past?
The liquid nitrogen market has seen considerable growth due to a variety of factors.
• In recent years, the liquid nitrogen market has experienced significant expansion. Its growth is projected to continue, advancing from a market size of $18.31 billion in 2024 to $19.47 billion in 2025, signifying a compound annual growth rate (CAGR) of 6.3%.
Factors driving this growth during the historical period include the use of liquid nitrogen in industrial refrigeration, cryopreservation, food freezing, medical applications, and metal processing.
What Is The Projected Growth And Market Size For The Liquid Nitrogen Sector?
The liquid nitrogen market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for liquid nitrogen is anticipated to witness substantial expansion in the forthcoming years. The market is projected to escalate to $25.91 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.4%.
The anticipated augmentation during the forecast period is due to the advent of novel healthcare technologies, biotechnology, pharmaceuticals, cryogenic energy storage, space exploration, and eco-friendly green technologies. Some significant upcoming trends during the projection period are cryotherapy and aesthetic procedures, biobanking and biopreservation, cryogenic storage solutions, cryogenic cooling, and rocket propulsion.
Which Factors Are Boosting Growth In The Liquid Nitrogen Market?
The burgeoning requirements from the healthcare sector are set to boost the expansion of the liquid nitrogen market in the future. The healthcare sector aids in preserving or recuperating the physical, mental, or emotional well-being through certified healthcare practitioners. Liquid nitrogen predominantly finds its use in the healthcare sector for eliminating warts, potential cancer cells, surplus skin, and in cryogenics. It's also widely used as a cryogenic substance to remove diseased skin due to its rapid freezing capabilities when in contact with live cells. As an illustration, in September 2024, a study by The Centers for Medicare and Medicaid Services, a US-based organization, stated that National Health Expenditures (NHE) escalated by 4.1% in 2022, reaching $4.5 trillion. That sums up to $13,493 per capita and accounted for 17.3% of the Gross Domestic Product (GDP). Consequently, the growing demand from the healthcare sector will persistently steer the expansion of the liquid nitrogen market during the projected period.
What Key Areas Define The Segmentation Of The Global Liquid Nitrogen Market?
The 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
Subsegments:
1) By Cryogenic Distillation: Atmospheric Distillation, Fractional Distillation
2) By Pressure Swing Adsorption (PSA): PSA For Nitrogen Generation, PSA For Purification
3) By Other Manufacturing Processes: Membrane Separation, Adsorption Process, Chemical Process
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How Are Emerging Trends Reshaping The Dynamics Of The Liquid Nitrogen Market?
Key companies in the liquid nitrogen market are concentrating on the production of liquid nitrogen (LN2) controlled-rate freezers to cater to the increasing need in industries such as healthcare, food processing, and biotechnology and to ensure accurate temperature control during the freezing process. This type of freezer is a specially designed equipment to accurately control cooling and freezing using liquid nitrogen. It's an essential tool for organizations involved in cryopreservation, especially those dealing with high-value biological materials that require precise control during freezing before storage. For example, in June 2023, BioLife Solutions, Inc., a biotechnology firm based in the US, introduced the IntelliRate i67C Liquid Nitrogen (LN2) Controlled-Rate Freezer. It features a chamber capacity of 67 liters (2.35 cu. ft.), making it 40% larger than other similar tabletop devices. This design means fewer runs, simplified programming and setup, while also optimizing LN2 monitoring and energy needs.
Who Are the Key Players in the Liquid Nitrogen Market?
Major companies operating in the liquid nitrogen market include:
• Air Products and Chemicals Inc.
• Linde plc
• 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.
• Asia Industrial Gases Pte. Ltd.
• MVS Engineering Pvt. Ltd.
• Cryogenic Industries Inc.
• Chart Industries Inc.
• Cryofab Inc.
• Cryoquip Inc.
• Cryostar SAS
• Buzwair Industrial Gases Factories
• INOX Air Products Pvt. Ltd.
• Yateem Oxygen
• Cryomech Inc.
What Is The Most Dominant Region In The Liquid Nitrogen Market?
North America was the largest region in the liquid nitrogen market in 2024. Asia-Pacific is 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.
