Liquid Nitrogen Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Liquid Nitrogen Market is Segmented By Technology (Pressure swing adsorption, Cryogenic distillation, Others), By Function(Coolant, Refrigerant), By End-User(Chemicals & Pharmaceuticals, Healthcare, Food & Beverages, Metal Manufacturing & Construction, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Liquid Nitrogen Market Overview

The Global Liquid Nitrogen Market is expected to reach  at a CAGR of 4.74% during the forecast period (2024-2031).

Liquid nitrogen is created by fractionally distilling liquid air and sharing the two covalent nitrogen bonds. It's a non-toxic cryogenic fluid with a temperature of 196 degrees Celsius. It's nitrogen, which is colorless, odorless, non-corrosive, and non-flammable. Commercial liquid nitrogen is made by compressing and cooling nitrogen gas below its evaporation point, roughly 196 °C.

Cryogenic refrigerant is the most typical application of liquid nitrogen. Because liquid nitrogen contains a considerable air volume (80%), it is simple to create and has a high thermal capacity, resulting in a lengthy retention duration. Its liquid is utilized as a coolant in superconductors, vacuum pumps, and other materials and equipment.

Liquid nitrogen is utilized in the medical sector to insulate liquid helium used in MRIs and cold-temperature medicinal and aesthetic treatments. It is also used to remove the skin, precancerous cells, warts, and cryogenics. In general, liquid nitrogen is a cryogenic liquid that rapidly freezes when in contact with living cells. Due to this, it's utilized to freeze biological samples like sperm, eggs, and animal genetic samples.

Liquid Nitrogen Market Summary

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Source: DataM Intelligence Analysis (2023)

Liquid Nitrogen Market Dynamics

The market is estimated to grow due to the rising demand for liquid nitrogen as a coolant and refrigerant in different end-use sectors such as healthcare, metal fabrication, food & beverages, rubber & plastic, automotive, electronics, pharmaceuticals, and construction.

Increasing demand for cryogenic liquids in various end-use sectors

The extensive usage of liquid nitrogen as a cooling agent in various end-use industries such as food & beverage and pharmaceutical industries drives the global liquid nitrogen market. The popularity of packaged food has risen dramatically due to rapid modernization, and there is a growing worry regarding food preservation. Because liquid nitrogen is chemically inert, it is useful for cooling and freezing food products, extending their shelf life.

Liquid nitrogen is also widely utilized in the medical and healthcare industries to treat various skin disorders. It is used as a cryogen in cryotherapies, cryosurgeries, and cryopreservation to remove skin tags, warts, verrucae, skin malignancies, and moles, as well as decomposing damaged tissues due to its low-temperature feature. The primary reason driving market expansion is the growing need for cryogenic liquids in metal fabrication and production for electronics, healthcare, automotive, and lighting systems. LN is commonly used as a coolant to minimize the creation of additional heat during the grinding process, resulting in minimum corrosion and high-quality, uniformly sized ice particles.

Widespread adoption of liquid nitrogen as an organic additive

Furthermore, LN's widespread use as an organic additive in developing generics, therapeutic medications, and active pharmaceutical ingredients propels the industry. Following the widespread use of liquid nitrogen, the market benefits from strong food and beverage industry expansion. LN is commonly used to quickly freeze bakery products, meat, poultry, fish, prepared meals, vegetables, and fruits while preserving their natural color, fragrance, and flavor.

Regulatory restrictions and harmful impact on health

Long-term usage of liquid nitrogen can result in various health problems, including vomiting, nausea, and loss of consciousness, stifling market growth. The Environmental Health and Safety Authority has put safety measures to ensure that liquid nitrogen is handled safely. The nitrogen plants must adhere to government regulations, which might stifle market growth.

COVID-19 Impact on Liquid Nitrogen Market Growth

COVID-19 has hindered the market's expansion. Due to global constraints, the transportation industry has suffered from a pandemic. Since early March 2020, the number of people using public transportation in the IGC countries has decreased. Globally, there is relatively little movement. The COVID-19 pandemic is creating havoc in the automobile and chemical industries. Imports and fares of manufactured goods have been delayed due to import-trade restrictions imposed by governments in various places. The auto assembly has been problematically halted, resulting in massive losses in the vehicle industry.

With the decline in auto-creation, interest in the nitrogen market has dropped dramatically, severely impacting the liquid nitrogen industry. However, the healthcare industry has seen tremendous development due to the ongoing epidemic of heightened health concerns. As the demand for medical equipment is likely to rise in the next years, this could drive demand for liquid nitrogen even more.

Liquid Nitrogen Market Segment Analysis

By technology, the liquid nitrogen market is segmented into cryogenic distillation, pressure swing adsorption, and others.

Cryogenic distillation holds the lion's share in the segment's total sales.

The cryogenic distillation technology sector is expected to be the largest during the projected period. It is a low-cost method for producing industrial gases like nitrogen, argon, and oxygen. Market growth is expected to be aided by increased use in the manufacture of semiconductor devices.

Due to its low investment cost and low utility usage, this is the most widely used technique for producing liquefied industrial gases. Polaris Company has used cryogenic distillation technology to create a purification method for gases at low temperatures. The purification of argon, oxygen, carbon monoxide, and light hydrocarbon is one of the applications of cryogenic distillation.

Source: DataM Intelligence Analysis (2023)

Liquid Nitrogen Market Geographical Share

Asia-Pacific holds the largest market share global liquid nitrogen market.

The Asia-Pacific is expected to lead the liquid nitrogen market during the projected period. India and China have experienced rapid economic expansion among other emerging economies in the region. China is the region's leading producer and supplier of LN2. The country's robust economic expansion aids China's fast urbanization. The chemical and pharmaceutical sectors are expanding in nations like China, India, and Japan, driving up demand for liquid nitrogen in the region. The country's domestic drug sector is big and diverse, with over 5,000 manufacturers, many of which are small or medium-sized businesses. The application of liquid nitrogen in the pharmaceutical business is likely to rise due to expanding business.

Several chemical factories are scheduled to be built within five years. ExxonMobil, for example, inked a deal with the Guangdong government in 2018 to establish a chemical complex at Huizhou Dayawan Petrochemical Industrial Park. The project will be completed & operational by 2023; however, due to the current epidemic, the project's completion may be postponed. The chemical sector in India is predicted to grow rapidly. Rising population and living standards have boosted market demand in the food and beverage, construction, electronics, chemical, and pharmaceutical industries.

Source: DataM Intelligence Analysis (2023)

Liquid Nitrogen Companies and Competitive Landscape

The global market for liquid nitrogen is fiercely competitive and highly concentrated. Increasing product offerings for end-use sectors like infrastructure, construction, metals & steels, food & beverages, power & energy, and pharmaceuticals is projected to be a crucial factor in remaining competitive in this market. Acquisitions are being made to expand the company's reach and increase market share.

Key players operating in the global market for liquid nitrogen include The Linde Group, Praxair Inc., Air Liquide S.A., Air Products and Chemicals, Inc., Southern Industrial Gas Berhad, Emirates Industrial Gases Co. LLC, Alpha Packaging, Inc, Nexair LLC, Messer Group and Gulf Cryo.

The Linde Group

Overview: Linde is a global leader in industrial gases and engineering, with sales of US$27 million (€24 million) in 2020. Chemicals and refining, food and beverage, electronics, healthcare, manufacturing, and primary metals are among the end markets served by the company. Linde's industrial gases are utilized in many applications, including life-saving oxygen in hospitals, high-purity and specialty gases for electronics manufacturing, hydrogen for clean fuels, and much more. Linde also provides cutting-edge gas processing solutions for growth, efficiency gains, and emissions reductions.

Product Portfolio: To address industry demand for nitrogen, the company manufactures and operates air separators globally. It has a complete cylinder, generators, and on-site solutions to fulfill all volume and purity needs.

Key Development:

Linde opened a new on-site facility in Qinzhou, China, on July 28, 2021, to provide oxygen and other industrial gases to Shanghai Huayi's new chemical complex. The new plant comprises three air separation units that can produce up to 7,500 tons of oxygen and 5,000 tons of nitrogen each day.

Why Purchase the Report?

• Visualize the composition of the liquid nitrogen segmentation by technology, function, end-user, and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in liquid nitrogen by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of liquid nitrogen - level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global liquid nitrogen report would provide access to approx. 59 market data tables, 53 figures, and 180 pages.

Target Audience 2024

• Gas Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Liquid Nitrogen Manufacturers