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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Liquid Nitrogen Market Size

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%

Liquid Nitrogen Market

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Global Liquid Nitrogen Market Growth

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.

Global Liquid Nitrogen Market Analysis

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.

Global Liquid Nitrogen Industry Outlook

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.

Liquid nitrogen is extensively utilised in healthcare, food processing, and electronics, thus, boosting the liquid nitrogen market revenue.

  • Provides effective cooling and freezing capabilities, essential for cryogenic applications.
  • Well-established global production and distribution networks ensure consistent supply.

Energy-intensive production processes lead to high operational expenses.

  • Requires specialised infrastructure for storage and handling, increasing logistical complexities.
  • Handling poses safety risks due to extremely low temperatures.

Innovations in storage and transportation can reduce costs and improve efficiency.

  • Increasing use in medical applications, such as cryopreservation and cryosurgery, drives liquid nitrogen market growth.
  • Rising demand for frozen and processed foods boosts the need for liquid nitrogen in food processing.

Stricter environmental regulations on production and use may raise compliance costs.

  • Development of alternative cooling and freezing technologies can reduce demand.
  • Fluctuations in raw material prices and energy costs can impact profitability.

Key Players in the Global Liquid Nitrogen Market and Their Key Initiatives

Linde plc

  • Expanded production capacity with new liquid nitrogen plants globally.
  • Enhanced distribution network through strategic partnerships and acquisitions to capture the growing liquid nitrogen market opportunities.

Air Products Inc.

  • Expanded production capacity with new liquid nitrogen plants worldwide.
  • Invested in sustainable technologies for efficient liquid nitrogen production. 

Praxair Technology, Inc

  • Expanded liquid nitrogen production capacity in North America and Europe.
  • Developed new cryogenic freezing solutions for food and healthcare industries. 

Taiyo Nippon Sanso Corporation

  • Expansion of production capacity to meet rising demand of the liquid nitrogen market.
  • Investment in advanced cryogenic technologies for enhanced efficiency. 

Liquid Nitrogen Market By Segments

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Global Liquid Nitrogen Industry Segmentation

“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

  • Coolant
  • Refrigerant

Market Breakup by Technology

  • Cryogenic Distillation
  • Pressure Swing Adsorption

Market Breakup by Storage

  • Cylinders and Packaged Gas
  • Merchant Liquid
  • Tonnage
  • Others

Market Breakup by End Use

  • Chemical and Pharmaceutical
  • Healthcare
  • Food and Beverage
  • Metal Manufacturing
  • Construction
  • Rubber and Plastic
  • Others    

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
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%

Liquid Nitrogen Market By Region

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Liquid Nitrogen Market Share

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.

Leading Companies in the Liquid Nitrogen Market

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.

  • Linde plc 
  • Air Products Inc. 
  • Praxair Technology, Inc 
  • Taiyo Nippon Sanso Corporation 
  • Southern Industrial Gas Sdn Bhd

Key Highlights of the Report

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:

  • Function
  • Technology
  • Storage
  • End Use
  • Region
Breakup by Function
  • Coolant
  • Refrigerant
Breakup by Technology
  • Cryogenic Distillation
  • Pressure Swing Adsorption
Breakup by Storage
  • Cylinders and Packaged Gas
  • Merchant Liquid
  • Tonnage
  • Others
Breakup by End Use
  • Chemical and Pharmaceutical
  • Healthcare
  • Food and Beverage
  • Metal Manufacturing
  • Construction
  • Rubber and Plastic
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Linde plc
  • Air Products Inc.
  • Praxair Technology, Inc
  • Taiyo Nippon Sanso Corporation
  • Southern Industrial Gas Sdn Bhd
  • Others
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.

Liquid Nitrogen Market Report Snapshots

Liquid Nitrogen Market Size

Liquid Nitrogen Market Growth

Liquid Nitrogen Market Analysis

Liquid Nitrogen Market Share

Liquid Nitrogen Companies

*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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Key Questions Answered in the Report

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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