Global Liquid Nitrogen Market growing at a CAGR of 5.9% from 2023 to 2030
Category : Materials And Chemicals | Published Date : Jul 2023
Key Market Overview
Consegic Business Intelligence analyzes that the global Liquid Nitrogen Market is growing with a CAGR of 5.9% and is expected to reach USD 28,596.96 million in 2030 from USD 18,205.36 million in 2022.
The report highlights the increasing demand for liquid nitrogen in various industries such as food and beverage, pharmaceutical, construction, and others leading to a surge in market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the liquid nitrogen market.
Global Liquid Nitrogen Market By Overview
The liquid nitrogen market is bifurcated into the manufacturing process, application, and end-use industry. Based on manufacturing process, the market is segmented into cryogenic distillation and pressure swing adsorption. In 2022, pressure swing adsorption segment accounted for the highest market share in the liquid nitrogen market. On the basis of application, the market is segmented into coolant and refrigerant. In 2022, the coolant segment accounted for the highest market share in the overall liquid nitrogen market. 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 in the overall liquid nitrogen market.
Get Free SampleMarket Dynamics
Driver:
- Increasing use of liquid nitrogen in various cryotherapy applications.
- Surging demand for liquid nitrogen in the food processing industry
Restraints:
- Environmental impact associated with the production of liquid nitrogen.
Opportunity:
- Advancements in superconducting materials and semiconductors are likely to bolster the demand for liquid nitrogen.
Market Segmentation:
| Report Attributes | Report Details |
| 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 |
Competitive Landscape :
The market is dominated by certain major companies such as Air Products and Chemicals, Inc., Linde plc, and Gulf Cryo has a strong market position in current market circumstances. Further, the liquid nitrogen market is expected to witness significant growth in the coming years due to the rise in the implementation of government regulations towards environmental sustainability. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- 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.
- Ellenbarrie industrial Gases