Liquid Nitrogen Market Forecast 2023 - 2030

By Manufacturing Process :

The manufacturing process segment is categorized into cryogenic distillation and pressure swing adsorption. In 2022, the pressure swing adsorption segment accounted for the highest market share and is also anticipated to grow at the fastest CAGR during the forecast period. PSA-produced nitrogen is more cost-effective than cryogenic-produced nitrogen. The key factor driving the growth of the segment is the affordability and high energy efficiency of the process. The adsorption process in PSA technology uses less energy compared to the cooling and compression required in cryogenic separation. In addition, the pressure swing adsorption technology allows for the production of nitrogen with a purity of up to 99.999%, making it suitable for a wide range of applications. Hence, the above mentioned benefits are fostering the segment growth.

By Application :

The application segment is categorized into coolant and refrigerant. In 2022, the coolant segment accounted for the highest market share in the overall liquid nitrogen market. The growth of the segment is driven by the extensive use of liquid nitrogen in industrial cooling applications such as spray cooling, injection cooling, or immersion cooling. Moreover, it is also used in superconducting applications in order to cool superconducting magnets that require extremely low temperatures to operate efficiently.

However, the refrigerant segment is anticipated to grow at the fastest CAGR during the forecast period. The increasing demand for liquid nitrogen for cryopreservation and freezing applications is a significant factor that will aid to surge the segment growth. For instance, according to the data published by the Society for Assisted Reproductive Technology, the number of healthy women freezing eggs rose to 12,438 in 2020 from 7,193 in 2016.Hence, the rise in the number of women opting for egg freezing is another influencing factor propelling the demand for liquid nitrogen in the following years.

By End-Use Industry :

The end-use industry segment is categorized into food and beverage, chemical, pharmaceutical, construction, rubber, metal and mining, and others. In 2022, the food and beverage segment accounted for the highest market share of 21.01% in the overall liquid nitrogen market and is also expected to grow at the fastest CAGR during the forecast period. Liquid nitrogen has been used by the food industry to chill, freeze, and reduce microbial growth during manufacturing processes. Furthermore, as consumers become more health-conscious, there is a growing demand for natural and organic foods, and liquid nitrogen can be used to freeze and preserve these types of products without the use of chemical preservatives. In addition to this, the increasing use of liquid nitrogen in food presentation enhances the visual appearance of drinks and dishes. Hence, these advancing applications of liquid nitrogen in the food and beverage industry is fostering the market growth.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, North America accounted for the highest market share of 38.15% and was valued at USD 6,945.34 million, and is expected to reach USD 10,932.62 million in 2030. In the North American region, the U.S. accounted for the highest market share of 66.10% during the base year 2022 owing to the advancements in medical technologies. Liquid nitrogen is widely used in medical and healthcare applications, including cryotherapy for the treatment of skin lesions, removal of warts, and preservation of biological samples. In addition, treatments for skin cancer include cryotherapy, chemotherapy, radiation, and others. For instance, according to the statistics published by the American Academy of Dermatology Association, current estimates are that one in five Americans will develop skin cancer in their lifetime.

Moreover, Asia Pacific is expected to grow at the fastest CAGR of 6.7% during the forecast period due to the growing use of liquid nitrogen in the manufacturing and testing of electronic components and semiconductors. The Asia Pacific region, particularly countries such as China, Taiwan, South Korea, and Singapore has become a major manufacturing hub for semiconductors. Furthermore, the growing adoption of smartphones, tablet, and other consumer electronics have further fueled the demand for semiconductors in the region. As a result, the factors mentioned above are likely to bolster the market growth during the forecast period.