Liquid Nitrogen Market Report 2025

This Liquid Nitrogen market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The liquid nitrogen market size has grown strongly in recent years. It will grow from $18.31 billion in 2024 to $19.47 billion in 2025 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to industrial refrigeration, cryopreservation, food freezing, medical applications, metal processing.

The liquid nitrogen market size is expected to see strong growth in the next few years. It will grow to $25.91 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to emerging healthcare technologies, biotechnology and pharmaceuticals, cryogenic energy storage, space exploration, sustainable and green technologies. Major trends in the forecast period include cryotherapy and aesthetic procedures, biobanking and biopreservation, cryogenic storage solutions, cryogenic cooling, rocket propulsion.

The rising demand from the healthcare sector is anticipated to drive the growth of the liquid nitrogen market in the future. The healthcare sector focuses on maintaining or restoring physical, mental, or emotional well-being through licensed healthcare professionals. Liquid nitrogen is primarily utilized in healthcare for the removal of warts, precancerous cells, unwanted skin, and in cryogenic applications. It serves as a cryogenic liquid for treating diseased skin, enabling rapid freezing upon contact with living cells. For example, in September 2024, a report from The Centers for Medicare and Medicaid Services, a US-based agency, indicated that National Health Expenditures (NHE) rose by 4.1% in 2022, reaching $4.5 trillion, which amounts to $13,493 per capita and accounts for 17.3% of the Gross Domestic Product (GDP). Thus, the growing demand from the healthcare sector is expected to continue fueling the growth of the liquid nitrogen market during 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.

Major companies in the liquid nitrogen market are concentrating on the development of liquid nitrogen (LN2) controlled-rate freezers to ensure accurate temperature control during the freezing process and to satisfy the increasing demand in sectors such as healthcare, food processing, and biotechnology. An LN2 controlled-rate freezer is a specialized device designed to accurately manage the cooling and freezing process using liquid nitrogen. It serves as an essential tool for organizations engaged in cryopreservation, particularly those handling high-value biological materials that necessitate precise control during freezing before storage. For example, in June 2023, BioLife Solutions, Inc., a US-based biotechnology firm, introduced the IntelliRate i67C Liquid Nitrogen (LN2) Controlled-Rate Freezer, a new liquid nitrogen controlled-rate freezer. The IntelliRate i67C features a chamber volume of 67 liters (2.35 cu. ft.), making it 40% larger than other tabletop controlled-rate freezers (CRFs). Its design facilitates fewer runs, streamlines programming and setup, and optimizes LN2 monitoring and power requirements.

Major companies in the liquid nitrogen market are focusing on supplying nitrogen liquefaction refrigeration systems for the Deep Underground Neutrino Experiment (DUNE) to meet the cooling needs of the experiment's sensitive detectors and infrastructure, thereby ensuring optimal performance and reliability in the detection of neutrinos from cosmic sources and particle accelerators. A nitrogen liquefaction refrigeration system is a specialized setup designed to cool nitrogen gas into a liquid state through a series of thermodynamic processes. This refrigeration system is designed for modular assembly underground, facilitating efficient installation within the extensive caverns of the SURF (Surface Underground Facility) site. For example, in July 2023, Air Products and Chemicals Inc., a US-based company, partnered with Fermilab to provide a nitrogen liquefaction refrigeration system for the Deep Underground Neutrino Experiment (DUNE). The system will cool and re-condense argon that evaporates from large cryostats, which are vital for neutrino detection. Each cryostat will hold approximately 17,500 metric tons of ultrapure liquid argon. The nitrogen refrigeration system will not only initially fill the cryostats but will also continuously manage the argon state by recondensing any boil-off, ensuring that the liquid argon remains in optimal conditions for neutrino detection.

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, 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., Asia Industrial Gases Pte. Ltd., MVS Engineering Pvt. Ltd., Cryogenic Industries Inc., Chart Industries Inc., Cryofab Inc., Cryoquip Inc., Cryostar SAS, Buzwair Industrial Gases Factories, INOX Air Products Pvt. Ltd., Yateem Oxygen, Cryomech Inc.

North America was the largest region in the liquid nitrogen market in 2024. 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.

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 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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