According to the latest report by IMARC Group, titled “Liquid Nitrogen Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global liquid nitrogen market reached a value of US$ 17.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.3 Billion by 2027, exhibiting a CAGR of 6.16% during 2022-2027.
Market Overview and Application:
Liquid nitrogen (LN) refers to a dry, scentless, condensed, inert, and non-combustible cryogenic liquid that is utilized for quick freezing. It is produced in liquefaction and air separation plants through cryogenic distillation and pressure swing adsorption processes. Liquid nitrogen is generally stored in LN dewars, cryogenic liquid cylinders, cryogenic tanks, etc. It assists in cooling and temporary shrinking of mechanical gears and components during machine assembly for enhanced intrusion fits. Liquid nitrogen is also used for cryopreservation, cryosurgeries, and cryotherapy procedures to remove decayed tissues, warts, moles, skin tags, etc. It finds extensive applications in freezing food and beverages and creating an aesthetic cloud of vapor or fog over dishes in fine-dine restaurants, cafes, hotels, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industry Drivers and Trends:
The escalating demand for cryogenic liquids for metal fabrication and the manufacturing of components across numerous industries, such as electronics, healthcare, automotive, etc., is primarily driving the liquid nitrogen market. Furthermore, the increasing product adoption as an organic additive for developing generics, therapeutic medicines, active pharmaceutical ingredients, etc., is also propelling the market growth. In addition to this, the expanding food and beverage industry is acting as a significant growth-inducing factor since LN is used for freezing bakery products, vegetables, fruits, poultry, meat, fish, etc. Additionally, the elevating levels of industrialization across the globe, coupled with the introduction of innovative LN-compatible automobile engines for minimal carbon emissions, are expected to fuel the liquid nitrogen market over the forecasted period.
Liquid Nitrogen Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the global liquid nitrogen market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- 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
- Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings Corporation)
Key Market Segmentation:
The report has segmented the global liquid nitrogen market on the basis of technology, function, storage type, end user and region.
Breakup by Technology:
- Cryogenic Distillation
- Pressure Swing Adsorption
- Others
Breakup by Function:
- Coolant
- Refrigerant
Breakup by Storage Type:
- Cylinders and Packaged Gas
- Merchant Liquid/Bulk
- Tonnage
- Others
Breakup by End User:
- Chemicals and Pharmaceuticals
- Food and Beverage
- Healthcare
- Metal Manufacturing and Construction
- Rubber and Plastic
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
