- Summary
- Table Of Content
- Methodology
Liquid Nitrogen Market Introduction :
Consegic Business Intelligence analyzes that the Liquid Nitrogen Market is growing with a CAGR of 5.9% during the forecast period (2023-2030), and the market is projected to be valued at USD 28,596.96 Million by 2030 from USD 18,205.36 Million in 2022.
Liquid Nitrogen Market Definition & Overview:
Liquid nitrogen is a cryogenic liquid that is produced by cooling and compressing air. It is a colorless, odorless, and non-toxic gas. Liquid nitrogen has a wide range of applications in industries such as healthcare, food and beverage, electronics, manufacturing, research, and more. Some common uses include cryopreservation of biological samples, cooling and freezing in the food industry, shrink-fitting metal parts, cryogenic grinding, and superconductivity research. Liquid nitrogen is an inert cryogenic fluid with a temperature of − 196 °C [− 320 °F].
Liquid nitrogen is widely used in research laboratories and scientific institutions. Moreover, it also finds applications in materials research, where extremely low temperatures are required. As a result, the liquid nitrogen market is witnessing steady growth due to its diverse applications and technological advancements.
Liquid Nitrogen Market Insights :
Liquid Nitrogen Market Dynamics - (DRO) :
Key Drivers :
Increasing use of liquid nitrogen in various cryotherapy applications
Cryotherapy involves the use of extremely low temperatures to freeze and destroy abnormal or diseased tissues. It is also used to treat tumors on the skin that can turn into cancer. In Cryotherapy, liquid nitrogen is used in order to instantly freeze the growth and a small area of surrounding skin tissue. For instance, according to the data published by the American Academy of Dermatology Association, it is estimated that approximately 9,500 people in the U.S. are diagnosed with skin cancer every day. As a result, the increasing number of skin cancer patients is a significant factor proliferating the demand for liquid nitrogen for the treatment process. Furthermore, liquid nitrogen is also employed in diagnostic techniques such as cryobiopsy and cryogenic prevention of genetic material. Therefore, the above-mentioned factors are fostering the liquid nitrogen market growth.
Surging demand for liquid nitrogen in the food processing industry
Liquid nitrogen is used in the food processing industry for preserving food from spoilage due to oxidation and bacterial degradation. In addition, it is used to rapidly freeze products, preserving their texture, flavour, and nutritional content. The increasing need for extended shelf life and perishable food products is the key factor fostering the demand for liquid nitrogen. Furthermore, liquid nitrogen can also be used to control bacteria and pests in food processing environments. Hence, these numerous benefits have fuelled market growth.
Key Restraints :
Environmental impact associated with the production of liquid nitrogen
The production of liquid nitrogen involves energy-intensive processes, particularly the separation of nitrogen from air. This energy-intensive production process for liquid nitrogen can result in the emission of greenhouse gases, including carbon dioxide. These emissions contribute to climate change and the global warming effect. As environmental concerns grow, there is increasing pressure on industries to reduce their carbon footprint and seek more sustainable alternatives. For instance, according to the report published by the International Energy Agency, CO2 emissions from primary chemical production amounted to 925 Mt in 2021, a 5% increase from the previous year. Hence, the growing concerns over the environmental impact of liquid nitrogen production is likely to restrict the market growth.
Future Opportunities :
Advancements in superconducting materials and semiconductors are likely to bolster the demand for liquid nitrogen
Superconducting materials and semiconductors generate heat when they are in use, and liquid nitrogen is used as a coolant to keep them at a low temperature. By cooling these materials to very low temperatures, devices can function more efficiently and effectively. Moreover, liquid nitrogen is used in the manufacturing process of semiconductors to clean and cool the equipment. According to a recent World Semiconductor Trade Statistics Organization (WSTS) industry forecast, in 2023, global semiconductor sales is projected to reach USD 556.5 billion. Hence, the growing demand for semiconductor materials and devices is anticipated to bolster the liquid nitrogen market growth during the forecast period.
Liquid Nitrogen Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 | USD 28,596.96 Million |
| CAGR (2023-2030) | 5.9% |
| By Manufacturing Process | Cryogenic Distillation and Pressure Swing Adsorption |
| By Application | Coolant and Refrigerant |
| By End-Use Industry | Food and Beverage, Chemical, Pharmaceutical, Construction, Rubber, Metal and Mining, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | Air Products and Chemicals, Inc., Linde plc, Praxair Technology, Inc., NEXAIR, TAIYO NIPPON SANSO CORPORATION, Gulf Cryo, Greco Gas Inc., Air Liquide, Messer North America, Inc., and Ellenbarrie Industrial Gases |
Liquid Nitrogen Market Segmental Analysis :
Based on the 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.
Based on the 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.
Based on the 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.
Based on the 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.
Top Key Players & Market Share Insights:
The liquid nitrogen market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
- Air Products and Chemicals, Inc.
- Linde plc
- Messer North America, Inc.
- Ellenbarrie industrial Gases
- Praxair Technology, Inc.
- NEXAIR
- TAIYO NIPPON SANSO CORPORATION
- Gulf Cryo
- Greco Gas Inc.
- Air Liquide
Recent Industry Developments :
- In April 2022, Linde announced that it has signed another long-term agreement with a major space launch company in Florida for the supply of bulk liquid oxygen and nitrogen.
- In November 2021, Messer announced the installation of new liquid nitrogen cryogenic technologies for chilling and freezing applications at 2022 IPPE.
Key Questions Answered in the Report
What was the market size of the liquid nitrogen market in 2022? +
In 2022, the market size of liquid nitrogen was USD 18,205.36 million
What will be the potential market valuation for the liquid nitrogen market by 2030? +
In 2030, the market size of liquid nitrogen is expected to reach USD 28,596.96 million.
What are the key factors driving the growth of the liquid nitrogen market? +
The increasing demand for liquid nitrogen in the food processing industry is accelerating the liquid nitrogen market growth.
What is the dominating segment in the liquid nitrogen market by application? +
In 2022, the coolant segment accounted for the highest market share in the overall liquid nitrogen market.
Based on current market trends and future predictions, which geographical region will have the fastest impact on the liquid nitrogen market's growth in the coming years? +
Asia Pacific is expected to be the fastest-growing region in the market during the forecast period.
