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Base Year
Historical Year
Forecast Year
The global liquid nitrogen market value is expected to grow at a CAGR of 4% in the forecast period of 2024-2032.
Global Liquid Nitrogen Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | XX |
Market Size 2032 | USD Billion | XX |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 4.0% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 4.5% |
CAGR 2024-2032 - Market by Country | India | 5.3% |
CAGR 2024-2032 - Market by Country | China | 4.2% |
CAGR 2024-2032 - Market by Function | Coolant | 4.6% |
CAGR 2024-2032 - Market by Storage | Merchant Liquid | 4.3% |
Market Share by Country 2023 | Germany | 4.4% |
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Liquid nitrogen is used for cryopreservation, cryosurgery, and cryo medicine since it allows supercooling down to approximately -200°C. Due to its favourable properties, liquid nitrogen is invaluable for storing blood and bone marrow cells, sperm, ova, early embryos, and a host of microorganisms in the microbiology laboratory (bacteria, fungi, and others).
A super-chilled scalpel can excise cancer tissue during cryosurgery. Liquid nitrogen is extensively utilized in dermatology to freeze healthy growths, precancers, and skin cancers, thus driving the growth of the liquid nitrogen market.
The increasing demand for liquid nitrogen to function as a coolant in a variety of end-use industries, including metal processing and construction, chemical and pharmaceuticals, and healthcare, among others is driving the growth of the market. The rising demand for cylinders and packaged gas has further contributed to the growth of the liquid nitrogen industry.
During the forecast period, tonnage delivery and merchant liquid distribution verticals of the storage segment are expected to be the major distribution modes of the product.
As per UNIDO, between 2021 and 2023, the global manufacturing index exhibited a consistent upward trend, with the index value increasing from just above 115 in early 2021 to approximately 122 by mid-2023. Throughout 2021, the index showed steady growth, peaking at around 120 by October. This positive momentum continued into 2022, with a notable rise reaching its highest point in October at around 124. The index stabilized at this elevated level throughout 2023, maintaining a steady performance of around 122 driving the liquid nitrogen industry revenue.
Medium-high and high technology industries consistently outperformed other manufacturing industries, with their index rising from around 123 in early 2021 to approximately 135 by mid-2023. This sector saw notable peaks, particularly in October 2021 and October 2022, reaching around 130 and 138 respectively, indicating strong and sustained growth in technologically advanced manufacturing sectors.
The liquid nitrogen market dynamics and trends are influenced by the growing healthcare expenditure. Since 2020, National Health Expenditure (NHE) trends versus GDP growth and the health share of GDP indicate a consistent increase in healthcare spending relative to the economy.
In 2022, the health share of GDP reached 17.3%, with an average annual NHE growth rate of 5.6% projected from 2023 to 2032. During this period, the nominal GDP growth is expected to average 4.3% annually, highlighting a faster pace in health expenditure compared to overall economic growth. The projections suggest that by 2032, the health share of GDP will increase to 19.7%, reflecting a continued emphasis on healthcare spending within the economy. This steady upward trend in the health share of GDP emphasizes the growing importance of healthcare expenditure as a significant component of economic activity.
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“Global Liquid Nitrogen Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Function
Market Breakup by Technology
Market Breakup by Storage
Market Breakup by End Use
CAGR 2024-2032 - Market by | Country |
India | 5.3% |
China | 4.2% |
USA | 3.6% |
Australia | 3.1% |
France | 3.1% |
Canada | XX% |
UK | XX% |
Germany | XX% |
Italy | 2.8% |
Japan | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
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Over the projected era, the healthcare industry is expected to witness robust growth and rapid technological advancements. The increasing use of mobile technologies in the healthcare sector is expected to further propel the growth of the liquid nitrogen industry. Furthermore, the steady growth of the automotive industry and the increased car production around the world are anticipated to boost the liquid nitrogen market demand.
The company’s specialises in atmospheric, process and speciality gases, with a strong focus on innovation and sustainability. They provide solutions across healthcare, manufacturing, and energy industries.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Function |
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Breakup by Technology |
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Breakup by Storage |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market is estimated to grow at a CAGR of 4% between 2024 and 2032.
The major market drivers include the robust growth of the chemical sector and the increasing demand for liquid nitrogen in rubber production.
The increasing demand for coolant in healthcare sector, the rising use of liquid nitrogen in the metal processing and construction sectors, and the surging usage of mobile technologies in the healthcare sector are the key trends propelling the market demand.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Based on the function, the market is divided into coolant and refrigerant.
Based on the technology, the market is divided into cryogenic distillation and pressure swing adsorption.
Based on the storage, the market is divided into cylinders and packaged gas, merchant liquid, tonnage, and others.
The different end uses of the product are chemical and pharmaceutical, healthcare, food and beverage, metal manufacturing, construction, and rubber and plastic, among others.
The market's key players are Linde plc, Air Products Inc., Praxair Technology, Inc., Taiyo Nippon Sanso Corporation, and Southern Industrial Gas Sdn Bhd, among others.
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Australia
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+61 448 06 17 27
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+91-858-608-1494
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United States (Head Office)
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+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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