Liquid Nitrogen Market Is Expected To Reach Revenue Of USD 3,417.2 Mn By 2033, At 6.4% CAGR: Dimension Market Research.

New York, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Overview

The Global Liquid Nitrogen market is projected to reach USD 1,960.6 million in 2024 which is further anticipated to reach USD 3,417.2 million by 2033 at a CAGR of 6.4% .

The driving factors for the global liquid nitrogen market include increasing demand for frozen foods, growth in cryotherapy, and expansion of industries requiring high-purity gases. It has found its place in research, industrial, and medical applications due to its dual nature as a refrigerant and an inert gas.

Liquid nitrogen has very special properties, such as maintaining extremely low temperatures, which makes the liquid very important in many sectors: healthcare, food and beverages, chemicals, and electronics.

Besides, the trend for automation and sustainability, together with growing applications in biotechnology and electronics, continues to unlock significant growth opportunities in this expanding market.

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The US Liquid Nitrogen Market

The US Liquid Nitrogen Market with an estimated value of USD 697.5 million in 2024 is projected to increase at a compound annual growth rate of 6.0% until reaching USD 1,179.6 million by 2033.

The liquid nitrogen market within the U.S. is of prime importance for the rest of the world, particularly because demand has been skyrocketing in these major domains: food processing, healthcare, electronics, and chemicals. Food and beverage industries take precedence over others because their cryogenic freezing for extended shelf life has further become an attraction in rising incidents of online food delivery and stretched frozen food businesses.

Certain applications, such as healthcare-related cryopreservation of cells, and fertility treatment involving the use of liquid nitrogen or cryosurgery, help spur on wider adoption of liquid nitrogen. Advanced uses in semiconductor manufacturing, aerospace, and automotive industries add to the demand.

This is further strengthened by investment in energy-efficient technologies and a favorable regulatory environment, thus ensuring continuous growth in the face of innovation and industrial expansion.

Important Insights

• The global liquid nitrogen market, valued at USD 1,960.6 million in 2024, is projected to reach USD 3,417.2 million by 2033, growing at a CAGR of 6.4% .
• The U.S. liquid nitrogen market, worth USD 697.5 million in 2024, is expected to reach USD 1,179.6 million by 2033, registering a CAGR of 6.0% over the period.
• Cryogenic distillation dominates the technology segment, accounting for 43.7% of the global market share in 2024, due to its efficiency in high-purity liquid nitrogen production.
• North America leads regional analysis, capturing 42.3% of the global market share in 2024, driven by industrial growth and technological advancements across multiple sectors.
• Major players in the market include Linde plc, Air Products and Chemicals, Inc., Praxair Technology, Inc., Messer Group GmbH, Air Liquide S.A., and Taiyo Nippon Sanso Corporation..

Latest Trends

• Increased Cryogenic Medicine Applications: The growing demand for liquid nitrogen from cryosurgery and cryopreservation industries reflects its rising prominence in healthcare. Growth of the liquid nitrogen market signifies that innovative developments in cryogenic treatments are changing the face of the liquid nitrogen industry, thus enhancing its growth opportunities.
• Sustainable Production Practices: With a view to global sustainability goals, manufacturers have started to opt for high-purity liquid nitrogen production using eco-friendly methods. This is likely to grab attention regarding investment and further swell the size of the market.

Liquid Nitrogen Market: Competitive Landscape

• The liquid nitrogen market represents significant participation by major global players, such as Taiyo Nippon Sanso Corporation and Air Products and Chemicals, among others. These significantly contribute toward market growth by expanding their production capacities, adopting eco-friendly practices, and continuously working toward the innovation of cryogenic technologies to strengthen their positions in the market. One strategy for growth is through partnerships or acquisitions that will increase geographic or technological capabilities.
• The competition further includes regional players who serve industries such as healthcare and food processing. Market trends indicate that key players focus on developing efficient storage and distribution systems to meet the increasing demand for liquid nitrogen from various industries.

Some of the prominent market players:

• Linde plc
• Air Products and Chemicals, Inc.
• Praxair Technology, Inc.
• Messer Group GmbH
• Air Liquide S.A.
• Taiyo Nippon Sanso Corporation
• Gulf Cryo
• Southern Industrial Gas Sdn Bhd
• Universal Industrial Gases, Inc.
• Inox Air Products Ltd.
• Other Key Players

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Liquid Nitrogen Market Scope

Market Analysis

Cryogenic distillation is projected to dominate the liquid nitrogen market as it will hold 43.7% of the market share in the technology segment by the end of 2024. Cryogenic distillation dominates the liquid nitrogen market for its efficiency in producing high-purity nitrogen gas.

This technology cools atmospheric air to extremely low temperatures, separates its components, and produces nitrogen of purity surpassing 99.9%. Being scalable for industrial volumes and being compatible with the merchant liquid distribution models underlines its importance.

Liquid Nitrogen Market Segmentation

By Technology

• Cryogenic Distillation
• Pressure Swing Adsorption (PSA)
• Others

By Function

• Coolant
• Cryopreservation Agent
• Refrigerant
• Inert Gas

By Storage and Distribution Method

• Cylinders & Dewars
• Bulk Tanks
• On-site Generation

By End-user

• Food & Beverage
• Healthcare
• Electronics & Semiconductors
• Chemicals & Pharmaceuticals
• Automotive & Aerospace
• Metallurgy

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Growth Drivers

• E xpanding Food and Beverage Applications: The major usages in the food industry for driving the market include freezing, carbonation, and preservation of products in liquid nitrogen. With growing consumer demands for high-quality and fresh products, the market growth could be assured to be very robust and promising.
• Advancements in Electronics: Liquid nitrogen is essential in the production of semiconductors, microchips, and electronics. Its need has seen widely increasing demand resulting from rapid advances in technology requiring precise cooling.

Restraints

• High Production Costs: Energy-intensive production methods, such as the liquefaction of gases through fractional distillation of liquid air, could dampen growth in price-sensitive markets.
• Handling and Safety Issues: Handling, transportation, and storage of very cold materials create problems that impact the size of the liquid nitrogen market due to the required drastic safety measures with specialized equipment.

Growth Opportunities

• Emerging Economies: Most infrastructure developments in healthcare, industrial, and food processing sectors of developing countries such as India, Brazil, and Indonesia are attracting this market towards expansion opportunities; thus, many government policies favor them.
• Innovations in Storage Solutions: Improvement in cylinders, dewars, and enhanced insulation technologies offers advantages in safety cost economy, and usability that will justify wider acceptance in a number of applications.

Regional Analysis

North America is projected to lead the global liquid nitrogen market as it holds the highest market share by the end of 2024. The large industrial base, well-established healthcare sector, and high investment in food processing and manufacturing of electronics are driving North America to the leading position in the global liquid nitrogen market.

High demand for food preservation and semiconductor cooling applications in the U.S. drives growth. Also, North America's regulatory framework and innovative merchant distribution systems for greener solutions strengthen the position of the region in the market.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Liquid Nitrogen Market

• October 2024: Linde PLC launched an energy-efficient cryogenic distillation plant in North America, enhancing liquid nitrogen production efficiency and reducing energy consumption for industrial applications.
• August 2024: Air Products and Praxair collaborated to innovate merchant distribution solutions, targeting improved efficiency in food processing, healthcare, and chemical production sectors.
• December 2023: Taiyo Nippon Sanso Corporation expanded production capacity in Asia-Pacific, strengthening its position to meet increasing regional demand for liquid nitrogen across industries.
• March 2023: Air Products introduced portable liquid nitrogen dewars optimized for safe and efficient storage, catering to welding, electronics cooling, and cryogenic research applications.

About Dimension Market Research (DMR):

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