Global Liquid Nitrogen Market

Global Liquid Nitrogen Market Size, Share, Growth Analysis, By Function(Coolant, Refrigerant), By Technology(Cryogenic distillation, Pressure swing adsorption) - Industry Forecast 2023-2030


Report ID: SQMIG15E2277 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 62 | Figures: 75

Global Liquid Nitrogen Market Insights

Global Liquid Nitrogen Market size was valued at USD 17.09 Billion in 2022 and is poised to grow from USD 18.06 Billion in 2023 to USD 28.15 Billion by 2031, at a CAGR of 5.70% during the forecast period (2024-2031).

The purpose of the liquid nitrogen market is to meet the growing demand for this versatile cryogenic liquid. Liquid nitrogen serves as a refrigerant, coolant, and a preservative due to its extremely low temperature and inert properties. It has applications in cryopreservation, cryosurgery, metalworking, food processing, and electronics manufacturing, among others. The market aims to fulfill the needs of various industries by providing a reliable supply of liquid nitrogen. The driving factors for the growth of the liquid nitrogen market is the increasing adoption of cryogenic technologies in various sectors. The healthcare industry, in particular, relies on liquid nitrogen for cryopreservation of biological samples, storage of vaccines and blood products, and in medical laboratories for research and analysis.

The market faces certain restraining factors such as the high operational cost associated with the production and storage of liquid nitrogen. The capital investment required for setting up cryogenic facilities and the energy consumption involved can be significant. The global liquid nitrogen market serves the purpose of meeting the demand for this cryogenic liquid in various industries. The market is driven by the adoption of cryogenic technologies, especially in healthcare and food processing. challenges such as high operational costs and specialized transportation requirements exist. Nevertheless, opportunities arise from the growing focus on sustainability and the demand for cryogenic storage in the healthcare sector. The liquid nitrogen market continues to evolve to cater to the diverse needs of industries worldwide.

US Liquid Nitrogen Market is poised to grow at sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 17.09 Billion

Largest Segment

Coolant

Fastest Growth

Refrigerant

Growth Rate

5.70% CAGR

Global Liquid Nitrogen Market ($ Bn)
Country Share for North America Region (%)
Global Liquid Nitrogen Market By Function ($ Bn)
Global Liquid Nitrogen Market By Function (%)

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Global Liquid Nitrogen Market Segmental Analysis

The global liquid nitrogen market is segmented on the basis of function, technology, and region. In terms of Function, the market is segmented into Coolant, Refrigerant. By Technology, the market is segmented into Cryogenic distillation, Pressure swing adsorption, Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Liquid Nitrogen Market Analysis by Function

The coolant segment is anticipated to dominate the functional segment of the liquid nitrogen market, capturing approximately 60% of the overall market share. Coolant is extensively utilized in applications that require spray cooling, injection cooling, or immersion cooling. It plays a crucial role in maintaining optimal temperatures in various industries and processes.

The refrigerant segment is projected to witness rapid growth in the coming years. The increasing usage of liquid nitrogen as a refrigerant in medicine, industry, research, and cooking is expected to drive market expansion. In industrial applications, liquid nitrogen is employed for tasks such as rubber removal, temporary ground freeze, metal hardening, and pipe freezing. Within the medical field, liquid nitrogen serves as a refrigerant to sustain low temperatures in biological materials and cryobanks. For instance, portable devices called cryocans are used to store semen at extremely low temperatures. Liquid nitrogen is also utilized for preserving reproductive cells like sperm and eggs, as well as for storing blood and tissue samples.

Liquid Nitrogen Market Analysis by Technology

Cryogenic distillation segment emerged as the dominant technology segment in the liquid nitrogen market in 2022 and is expected to maintain its position throughout the forecast period. Cryogenic distillation is a cost-effective method used for the production of industrial gasses like nitrogen, argon, and oxygen. Its increasing utilization in semiconductor device fabrication is anticipated to drive market growth. This technology is widely employed for liquefying industrial gasses due to its low investment cost and minimal utility consumption. Polaris Company has developed a purification process using cryogenic distillation technology for gasses at low temperatures. The applications of cryogenic distillation encompass the purification of gasses such as argon, oxygen, carbon monoxide, and light hydrocarbons.

Pressure swing adsorption (PSA) technology is expected to exhibit the highest compound annual growth rate (CAGR) over the forecast period. This technology enables air separation without the need for liquefaction. The rising demand for PSA technology, driven by its low operating costs, is anticipated to propel the market in the coming years. Major companies like Air Products & Chemicals Inc. and Praxair are investing in the development of liquid nitrogen technologies, which is expected to further fuel market growth during the forecast period.

Global Liquid Nitrogen Market By Function, 2022 (%)

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Global Liquid Nitrogen Market Regional Insights

North America held the leading position in the liquid nitrogen market, accounting for approximately 35% of the total market revenue in 2023. The region's strong market presence can be attributed to the rising developmental activities and investments. The increasing number of manufacturers and suppliers in North America is expected to further boost the market.

Asia Pacific is projected to be the fastest-growing regional segment. Emerging economies like India and China are experiencing robust economic growth, leading to an increase in population and living standards. This, in turn, has driven the market demand in sectors such as food and beverages, construction, electronics, and pharmaceuticals. The construction industry, in particular, plays a significant role in the U.S. economy. According to the Associated General Contractors of America (AGC), the construction industry contributes substantially and creates structures worth approximately USD 1.4 trillion annually.

Global Liquid Nitrogen Market By Geography, 2024-2031
  • Largest
  • Fastest

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Global Liquid Nitrogen Market Dynamics

Liquid Nitrogen Market Drivers

Growing Demand in Healthcare and Medical Applications

  • The demand for liquid nitrogen in healthcare and medical applications continued to rise in 2023. Liquid nitrogen is widely used in cryopreservation, cryosurgery, and biomedical research. For example, in the field of assisted reproductive technology, liquid nitrogen is utilized for the storage and preservation of reproductive cells like sperm and eggs. The increasing prevalence of infertility and the growing demand for fertility treatments contributed to the higher consumption of liquid nitrogen. Additionally, the medical industry extensively uses liquid nitrogen for the storage and transportation of vaccines, blood products, and tissue samples.

Expansion of Food and Beverage Industry

  • The food and beverage industry also drove the growth of the liquid nitrogen market in 2023. Liquid nitrogen is used for various applications in this sector, such as quick freezing, cryogenic grinding, and molecular gastronomy. For instance, in the culinary field, liquid nitrogen is employed for creating unique frozen desserts and enhancing food presentation. The demand for frozen and convenience foods, as well as the rising popularity of molecular gastronomy techniques in high-end restaurants, contributed to the increased adoption of liquid nitrogen in the food and beverage industry.

Liquid Nitrogen Market Restraints

High Operational Costs

  • One of the key restraints faced by the liquid nitrogen market in 2023 was the high operational costs associated with its production, storage, and transportation. The capital investment required for cryogenic facilities, specialized equipment, and energy-intensive processes added to the overall expenses. Moreover, the need for strict safety protocols and compliance with regulations for handling and storing cryogenic materials further increased the costs. These factors posed challenges for smaller businesses and limited market growth to some extent.

Environmental Concerns

  • Environmental concerns regarding the emissions and carbon footprint associated with industrial gasses posed a challenge to the liquid nitrogen market in 2023. The production and transportation of liquid nitrogen require energy-intensive processes and can contribute to greenhouse gas emissions. The industry faced increasing pressure to adopt sustainable practices and reduce its environmental impact. This led to the development and adoption of technologies that minimize energy consumption and enhance efficiency, such as nitrogen recovery systems and eco-friendly refrigeration solutions.

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Global Liquid Nitrogen Market Competitive Landscape

The global liquid nitrogen market features a competitive landscape with the presence of several key players. These companies are actively engaged in product development, strategic partnerships, and expansion strategies to maintain their market position and gain a competitive edge. The market is characterized by the presence of both multinational corporations and regional players, catering to diverse industry verticals and geographical regions. Partnerships, collaborations, and acquisitions are common strategies adopted by market players to strengthen their market presence and expand their product portfolios. These initiatives allow companies to access new markets, technologies, and customer bases. Moreover, investments in research and development activities play a crucial role in driving innovation and ensuring continuous product improvement.

Liquid Nitrogen Market Top Player’s Company Profiles

  • Praxair, Inc. (US)
  • Taiyo Nippon Sanso Corporation (Japan)
  • Messer Group GmbH (Germany)
  • Gulf Cryo (Bahrain)
  • Yingde Gases Group Company Limited (China)
  • Chart Industries, Inc. (US)
  • Parker Hannifin Corporation (US)
  • SOL Group (Italy)
  • Matheson Tri-Gas, Inc. (US)
  • Air Water Inc. (Japan)
  • Taiyo Oxygen Co., Ltd. (Japan)
  • Cryotec Anlagenbau GmbH (Germany)
  • RoboGas (Netherlands)
  • Yateem Oxygen (Bahrain)
  • Ellenbarrie Industrial Gases Ltd. (India)
  • Southern Industrial Gas Berhad (Malaysia)
  • Eurotainer SA (Luxembourg)

Liquid Nitrogen Market Recent Developments

  • In March 2023, Air Liquide announced the expansion of its liquid nitrogen production facility in the United States. The expansion is expected to increase the company's liquid nitrogen production capacity by 50%.
  • In February 2023, Praxair announced the acquisition of BOC's liquid nitrogen business in the United States. The acquisition is expected to strengthen Praxair's position in the liquid nitrogen market and expand its customer base.
  • In January 2023, Linde announced the launch of a new liquid nitrogen production facility in China. The facility is expected to be the largest liquid nitrogen production facility in China.

Global Liquid Nitrogen Key Market Trends

  • Adoption of Nitrogen-Based Refrigeration Systems: A key trend observed in the liquid nitrogen market in 2022 was the increasing adoption of nitrogen-based refrigeration systems. These systems utilize liquid nitrogen as a refrigerant for cooling applications. Nitrogen-based refrigeration offers advantages such as lower energy consumption, reduced environmental impact, and improved temperature control. The trend was particularly notable in the food and beverage industry, where nitrogen-based refrigeration systems were used for quick freezing and preservation of food products, ensuring better quality and longer shelf life.
  • Technological Advancements in Cryogenic Storage and Transportation: Another significant trend in 2022 was the continuous technological advancements in cryogenic storage and transportation systems. Companies focused on developing innovative solutions to improve the safety, efficiency, and reliability of liquid nitrogen storage and transportation. This included the development of advanced insulation materials, cryogenic containers, and monitoring systems. These technological advancements aimed to address challenges related to product loss, transportation safety, and maintaining consistent temperature conditions during storage and distribution.

Global Liquid Nitrogen Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global liquid nitrogen market analysis, the production, distribution, and utilization of liquid nitrogen in various applications are key growth drivers. Liquid nitrogen, which is nitrogen in its liquid state at extremely low temperatures, finds extensive use across different sectors due to its unique properties. It is commonly utilized in industries such as healthcare, food and beverages, electronics, and construction. In the healthcare sector, liquid nitrogen is used for cryopreservation of biological materials, cryosurgery, and in assisted reproductive technologies. It helps in preserving biological samples and cells, such as sperm and eggs, for long periods by maintaining ultra-low temperatures. In the food and beverage industry, liquid nitrogen is employed for quick freezing, which helps maintain the quality, texture, and freshness of food products. It is also used in the creation of unique frozen desserts and in molecular gastronomy techniques. The global liquid nitrogen market is witnessing significant growth due to its wide range of applications across various industries. Factors such as increasing demand, technological advancements, and sustainability concerns are shaping the market. With ongoing developments and emerging opportunities, the liquid nitrogen market is expected to continue its upward trajectory in the coming years.

Report Metric Details
Market size value in 2022 USD 17.09 Billion
Market size value in 2031 USD 28.15 Billion
Growth Rate 5.70%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Function
    • Coolant, Refrigerant
  • Technology
    • Cryogenic distillation, Pressure swing adsorption, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Praxair, Inc. (US)
  • Taiyo Nippon Sanso Corporation (Japan)
  • Messer Group GmbH (Germany)
  • Gulf Cryo (Bahrain)
  • Yingde Gases Group Company Limited (China)
  • Chart Industries, Inc. (US)
  • Parker Hannifin Corporation (US)
  • SOL Group (Italy)
  • Matheson Tri-Gas, Inc. (US)
  • Air Water Inc. (Japan)
  • Taiyo Oxygen Co., Ltd. (Japan)
  • Cryotec Anlagenbau GmbH (Germany)
  • RoboGas (Netherlands)
  • Yateem Oxygen (Bahrain)
  • Ellenbarrie Industrial Gases Ltd. (India)
  • Southern Industrial Gas Berhad (Malaysia)
  • Eurotainer SA (Luxembourg)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Liquid Nitrogen Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Liquid Nitrogen Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Liquid Nitrogen Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Liquid Nitrogen Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Liquid Nitrogen Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Liquid Nitrogen Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Liquid Nitrogen Market size was valued at USD 17.09 Billion in 2022 and is poised to grow from USD 18.06 Billion in 2023 to USD 28.15 Billion by 2031, at a CAGR of 5.70% during the forecast period (2024-2031). 

The global liquid nitrogen market features a competitive landscape with the presence of several key players. These companies are actively engaged in product development, strategic partnerships, and expansion strategies to maintain their market position and gain a competitive edge. The market is characterized by the presence of both multinational corporations and regional players, catering to diverse industry verticals and geographical regions. Partnerships, collaborations, and acquisitions are common strategies adopted by market players to strengthen their market presence and expand their product portfolios. These initiatives allow companies to access new markets, technologies, and customer bases. Moreover, investments in research and development activities play a crucial role in driving innovation and ensuring continuous product improvement. 'Linde plc (UK)', 'Air Liquide S.A. (France)', 'Air Products and Chemicals, Inc. (US)', 'Praxair, Inc. (US)', 'Taiyo Nippon Sanso Corporation (Japan)', 'Messer Group GmbH (Germany)', 'Gulf Cryo (Bahrain)', 'Yingde Gases Group Company Limited (China)', 'Chart Industries, Inc. (US)', 'Parker Hannifin Corporation (US)', 'SOL Group (Italy)', 'Matheson Tri-Gas, Inc. (US)', 'Air Water Inc. (Japan)', 'Taiyo Oxygen Co., Ltd. (Japan)', 'Cryotec Anlagenbau GmbH (Germany)', 'RoboGas (Netherlands)', 'Yateem Oxygen (Bahrain)', 'Ellenbarrie Industrial Gases Ltd. (India)', 'Southern Industrial Gas Berhad (Malaysia)', 'Eurotainer SA (Luxembourg)'

The demand for liquid nitrogen in healthcare and medical applications continued to rise in 2022. Liquid nitrogen is widely used in cryopreservation, cryosurgery, and biomedical research. For example, in the field of assisted reproductive technology, liquid nitrogen is utilized for the storage and preservation of reproductive cells like sperm and eggs. The increasing prevalence of infertility and the growing demand for fertility treatments contributed to the higher consumption of liquid nitrogen. Additionally, the medical industry extensively uses liquid nitrogen for the storage and transportation of vaccines, blood products, and tissue samples.

Adoption of Nitrogen-Based Refrigeration Systems: A key trend observed in the liquid nitrogen market in 2022 was the increasing adoption of nitrogen-based refrigeration systems. These systems utilize liquid nitrogen as a refrigerant for cooling applications. Nitrogen-based refrigeration offers advantages such as lower energy consumption, reduced environmental impact, and improved temperature control. The trend was particularly notable in the food and beverage industry, where nitrogen-based refrigeration systems were used for quick freezing and preservation of food products, ensuring better quality and longer shelf life.

North America held the leading position in the liquid nitrogen market, accounting for approximately 35% of the total market revenue in 2022. The region's strong market presence can be attributed to the rising developmental activities and investments. The increasing number of manufacturers and suppliers in North America is expected to further boost the market.

Global Liquid Nitrogen Market size was valued at USD 17.09 Billion in 2022 and is poised to grow from USD 18.06 Billion in 2023 to USD 28.15 Billion by 2031, at a CAGR of 5.70% during the forecast period (2024-2031).

The global liquid nitrogen market features a competitive landscape with the presence of several key players. These companies are actively engaged in product development, strategic partnerships, and expansion strategies to maintain their market position and gain a competitive edge. The market is characterized by the presence of both multinational corporations and regional players, catering to diverse industry verticals and geographical regions. Partnerships, collaborations, and acquisitions are common strategies adopted by market players to strengthen their market presence and expand their product portfolios. These initiatives allow companies to access new markets, technologies, and customer bases. Moreover, investments in research and development activities play a crucial role in driving innovation and ensuring continuous product improvement. 'Linde plc (UK)', 'Air Liquide S.A. (France)', 'Air Products and Chemicals, Inc. (US)', 'Praxair, Inc. (US)', 'Taiyo Nippon Sanso Corporation (Japan)', 'Messer Group GmbH (Germany)', 'Gulf Cryo (Bahrain)', 'Yingde Gases Group Company Limited (China)', 'Chart Industries, Inc. (US)', 'Parker Hannifin Corporation (US)', 'SOL Group (Italy)', 'Matheson Tri-Gas, Inc. (US)', 'Air Water Inc. (Japan)', 'Taiyo Oxygen Co., Ltd. (Japan)', 'Cryotec Anlagenbau GmbH (Germany)', 'RoboGas (Netherlands)', 'Yateem Oxygen (Bahrain)', 'Ellenbarrie Industrial Gases Ltd. (India)', 'Southern Industrial Gas Berhad (Malaysia)', 'Eurotainer SA (Luxembourg)'

The demand for liquid nitrogen in healthcare and medical applications continued to rise in 2023. Liquid nitrogen is widely used in cryopreservation, cryosurgery, and biomedical research. For example, in the field of assisted reproductive technology, liquid nitrogen is utilized for the storage and preservation of reproductive cells like sperm and eggs. The increasing prevalence of infertility and the growing demand for fertility treatments contributed to the higher consumption of liquid nitrogen. Additionally, the medical industry extensively uses liquid nitrogen for the storage and transportation of vaccines, blood products, and tissue samples.

Adoption of Nitrogen-Based Refrigeration Systems: A key trend observed in the liquid nitrogen market in 2022 was the increasing adoption of nitrogen-based refrigeration systems. These systems utilize liquid nitrogen as a refrigerant for cooling applications. Nitrogen-based refrigeration offers advantages such as lower energy consumption, reduced environmental impact, and improved temperature control. The trend was particularly notable in the food and beverage industry, where nitrogen-based refrigeration systems were used for quick freezing and preservation of food products, ensuring better quality and longer shelf life.

North America held the leading position in the liquid nitrogen market, accounting for approximately 35% of the total market revenue in 2023. The region's strong market presence can be attributed to the rising developmental activities and investments. The increasing number of manufacturers and suppliers in North America is expected to further boost the market.

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Global Liquid Nitrogen Market

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