Global Liquid Nitrogen Market to Grow at 5.2% During 2024-2032, Catalyzed by Increasing Demand for Cryogenic Liquids

January 17, 2022 | Chemical & Materials

As per the latest report by IMARC Group, titled “Liquid Nitrogen Market Report by Technology (Cryogenic Distillation, Pressure Swing Adsorption, and Others), Function (Coolant, Refrigerant), Storage Type (Cylinders and Packaged Gas, Merchant Liquid/Bulk, Tonnage, and Others), End User (Chemicals and Pharmaceuticals, Food and Beverage, Healthcare, Metal Manufacturing and Construction, Rubber and Plastic, and Others), and Region 2024-2032,” the global liquid nitrogen market size reached US$ 19.4 Billion in 2023. Liquid nitrogen (LN) is an odorless, non-flammable, colorless, and non-corrosive cryogenic liquid that is used to cause rapid freezing. It is produced in air separation and liquefaction plants by compressing and cooling nitrogen gas below its evaporation point of − 196 °C (− 320 °F). Liquid nitrogen assists in the rapid cooling and temporary shrinking of mechanical gears and components during machine assembly, resulting in better intrusion fits. It is also used for cryopreservation of biological samples, such as sperm, eggs, animal genetic samples, and cryotherapy to remove skin abnormalities. Moreover, liquid nitrogen is utilized to freeze food and beverages and create an aesthetic cloud of vapor over dishes in fine-dine restaurants, cafes and hotels.

Global Liquid Nitrogen Market Trends:

The market is primarily driven by the escalating demand for cryogenic liquids for metal fabrication, and manufacturing of electronics, healthcare, automotive and lighting systems. This can be attributed to the rising usage of LN as a coolant during the grinding process to prevent additional heat generation, resulting in minimal corrosion and high-quality, uniformly sized ice particles. Moreover, the market is favored by the increasing adoption of LN as an organic additive to develop generics, therapeutic medicines, and active pharmaceutical ingredients. Besides this, the growing food and beverage industry is also contributing to the market growth as LN is used to freeze bakery products, meat, poultry, fish, prepared meals, vegetables, and fruits while retaining their original color, scent, and flavor. Furthermore, the emergence of innovative LN-compatible automobile engines is anticipated to propel the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.2% during 2024-2032. 

Market Summary:

  • Based on technology, the market has been divided into cryogenic distillation, pressure swing absorption, others.
  • On the basis of the function, the market has been bifurcated into coolant and refrigerant.
  • Based on the storage type, the market has been classified into cylinders and packaged gas, merchant liquid/bulk, tonnage, and others.
  • On the basis of the end-user, the market has been segmented into chemicals and pharmaceuticals, food and beverage, healthcare, metal manufacturing and construction, rubber and plastic, and others.
  • Region-wise, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, along with the profiles of the key players being Air Liquide S.A., Air Products and Chemicals Inc., AMCS Corporation, Asia Industrial Gases Pte. Ltd., Cryomech Inc., Gulf Cryo, Linde plc, Messer Group GmbH, Statebourne Cryogenics Ltd and Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings Corporation).

Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Technology, Function, Storage Type, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Air Liquide S.A., Air Products and Chemicals Inc., AMCS Corporation, Asia Industrial Gases Pte. Ltd., Cryomech Inc., Gulf Cryo, Linde plc, Messer Group GmbH, Statebourne Cryogenics Ltd and Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings Corporation)
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Global Liquid Nitrogen Market to Grow at 5.2% During 2024-2032, Catalyzed by Increasing Demand for Cryogenic Liquids
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