Liquid Nitrogen Global Market Report 2024

Liquid nitrogen, a state of the element nitrogen that exists in a liquid form due to its extremely low temperature, finds application in cooling and cryogenic processes. When subjected to high pressure, nitrogen transforms into liquid nitrogen, a cryogenic liquid with a boiling point of -320.5 °F (-195.8 °C). The temperature of liquid nitrogen (LN), recognized as an inert cryogenic fluid, stands at 196 °C (320 °F). It is directly injected into batch water storage tanks, aggregates, or mixers using lances.

The primary manufacturing processes for liquid nitrogen involve cryogenic distillation, pressure swing adsorption, and others. Cryogenic distillation, particularly prevalent in the chemical industry, is the method by which nitrogen and oxygen are separated from the air. Liquid nitrogen serves various functions, including coolant and refrigerant, and spans multiple industry verticals such as chemicals, pharmaceuticals, food and beverage, healthcare, metal manufacturing and construction, rubber and plastic, among others.

The liquid nitrogen market research report is one of a series of new reports that provides liquid nitrogen market statistics, including liquid nitrogen industry global market size, regional shares, competitors with a liquid nitrogen market share, detailed liquid nitrogen market segments, market trends and opportunities, and any further data you may need to thrive in the liquid nitrogen industry. This liquid nitrogen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The liquid nitrogen market size has grown strongly in recent years. It will grow from $17.29 billion in 2023 to $18.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The rise in the historical period can be ascribed to factors such as industrial refrigeration, cryopreservation, food freezing, medical applications, and metal processing.

The liquid nitrogen market size is expected to see strong growth in the next few years. It will grow to $23.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be linked to the emergence of healthcare technologies, advancements in biotechnology and pharmaceuticals, the development of cryogenic energy storage, expansion in space exploration, and the adoption of sustainable and green technologies. Notable trends in the forecast period encompass the rise of cryotherapy and aesthetic procedures, the growth of biobanking and biopreservation, the utilization of cryogenic storage solutions, advancements in cryogenic cooling, and innovations in rocket propulsion.

The liquid nitrogen market is poised for growth, fueled by the increasing demand from the healthcare domain. This sector, dedicated to maintaining or restoring well-being, relies on liquid nitrogen for various applications such as wart removal, treatment of precancerous cells, and cryogenics. The cryogenic properties of liquid nitrogen make it a preferred choice for rapidly freezing and removing diseased skin cells. In 2021, the global healthcare sector demonstrated robust growth, returning +19.8%, as reported by BlackRock Inc. This positive trend is expected to persist, continuing to propel the growth of the liquid nitrogen market in the forecast period.

The surge in demand from the food and beverages industry is anticipated to be a driving force for the liquid nitrogen market. Liquid nitrogen, with its extremely low temperature, finds diverse applications in this industry, including cryogenic freezing and the production of ice cream and frozen desserts. According to Common Thread Collective, the global revenue of the food and beverage industry is forecasted to increase from $506.3 billion in 2021 to reach $856.9 billion by 2025. This heightened demand for food and beverage products is expected to contribute significantly to the growth of the liquid nitrogen market.

A key trend in the liquid nitrogen market is the emphasis on product innovations. Major players in the market are actively developing new and innovative products to enhance their market position. For instance, Scientific Laboratory Supplies introduced a new line of SLS Lab Pro gas and liquid nitrogen generators that utilize pressure swing adsorption technology. This innovative approach separates oxygen, nitrogen, and water to produce high-quality air and nitrogen gases. The liquid nitrogen generator employs this technique to liquefy nitrogen gas with the help of a robust cooling system.

Major companies in the liquid nitrogen industry are adopting a strategic partnership approach to provide essential liquid nitrogen services. This involves leveraging each other's strengths and resources to achieve mutual benefits. Linde PLC, an Ireland-based chemical company, partnered with Bluefors, a Finland-based provider of ultra-low temperature cooling solutions, to advance the field of quantum computing. This collaboration focuses on enhancing cooling capabilities, efficiency, and reliability in cryogenic systems for large-scale quantum computing.

In April 2022, Air Products, a US-based chemicals company, acquired Air Liquide’s industrial gases business in the UAE and Bahrain. This acquisition aims to facilitate Air Products' expansion into the Middle Eastern markets. Air Liquide, a France-based industrial gas company, specializes in providing liquid and gaseous nitrogen.

Major companies operating in the liquid nitrogen market include Air Products and Chemicals Inc., Linde PLC, Praxair Inc., NexAir LLC, Statebourne Cryogenics Ltd., Taiyo Nippon Sanso Corporation, Gulf Cryo, Emirates Industrial Gases Co. LLC, Southern Industrial San Bhd, Universal Industrial Gases Inc., Yingde Gases Group, Messer Group, AMCS Corporation., Air Liquide S.A., The Linde Group, Asia Industrial Gases Pte. Ltd., MVS Engineering Pvt. Ltd., Airgas Inc., Cryogenic Industries Inc., Chart Industries Inc., Cryofab Inc., Cryoquip Inc., Cryostar SAS, Buzwair Industrial Gases Factories, INOX Air Products Pvt. Ltd., Yateem Oxygen, Fujitsu Limited, Cryomech Inc.

North America was the largest region in the liquid nitrogen market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the liquid nitrogen market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the liquid nitrogen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The liquid nitrogen market consists of sales of liquid nitrogen manufactured through pressure swing desorption, membrane nitrogen generation, and fractional distillation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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