Overview and Scope
Liquid nitrogen is a form of the element nitrogen that is cold enough to exist in a liquid state and is used for cooling and cryogenic applications. Under high pressure, nitrogen becomes liquid nitrogen, a cryogenic liquid with a boiling point of -320.5 °F (-195.8 °C). The temperature of liquid nitrogen (LN), an inert cryogenic fluid, is 196 °C (320 °F), which is directly injected by lances into the batch water storage tank, the aggregate, or the mixer. Liquid nitrogen can be kept in the batch plant or on the project site, and if utilized there, it allows for more precise temperature control and repeated cooling of the concrete. Liquid nitrogen is used for freezing and transporting food products.
Sizing and Forecast
The liquid nitrogen market size has grown strongly in recent years. It will grow from $17.29 billion in 2024 to $18.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to industrial refrigeration, cryopreservation, food freezing, medical applications, metal processing.
The liquid nitrogen market size is expected to see strong growth in the next few years. It will grow to $23.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to emerging healthcare technologies, biotechnology and pharmaceuticals, cryogenic energy storage, space exploration, sustainable and green technologies. Major trends in the forecast period include cryotherapy and aesthetic procedures, biobanking and biopreservation, cryogenic storage solutions, cryogenic cooling, rocket propulsion.
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Segmentation & Regional Insights
The liquid nitrogen market covered in this report is segmented –
1) By Manufacturing Process: Cryogenic Distillation, Pressure Swing Adsorption, Other Manufacturing Processes
2) By Function: Coolant, Refrigerant
3) By Industry Vertical: Chemicals and Pharmaceuticals, Food and Beverage, Healthcare, Metal Manufacturing and Construction, Rubber and Plastic, Other Industry Verticals
Top 5 Major Players:
- Air Products and Chemicals Inc
- , Linde PLC
- Praxair Inc
- , NexAir LLC
- Statebourne Cryogenics Ltd
North America was the largest region in the liquid nitrogen market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the liquid nitrogen market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing demand from the healthcare domain is expected to propel the growth of the liquid nitrogen market going forward. The healthcare domain helps in maintaining or restoring physical, mental, or emotional well-being by licensed healthcare professionals. Liquid nitrogen is mainly used in the healthcare domain for the removal of warts, precancerous cells, unwanted skin, and cryogenics. Liquid nitrogen is commonly used as a cryogenic liquid for the removal of diseased skin and is capable of fast freezing while contacting living cells. For instance, according to BlackRock Inc., a US-based investment management corporation, in 2021, the global healthcare sector highlighted positive growth and returned +19.8%. Therefore, the increasing demand from the healthcare domain will continue to drive the growth of the liquid nitrogen market during the forecast period.
Key Industry Players
Major companies operating in the liquid nitrogen market include Air Products and Chemicals Inc., Linde plc, Praxair Inc., NexAir LLC, Statebourne Cryogenics Ltd., Taiyo Nippon Sanso Corporation, Gulf Cryo, Emirates Industrial Gases Co. LLC, Southern Industrial San Bhd, Universal Industrial Gases Inc., Yingde Gases Group, Messer Group, AMCS Corporation., Air Liquide S.A., The Linde Group, Asia Industrial Gases Pte. Ltd., MVS Engineering Pvt. Ltd., Airgas Inc., Cryogenic Industries Inc., Chart Industries Inc., Cryofab Inc., Cryoquip Inc., Cryostar SAS, Buzwair Industrial Gases Factories, INOX Air Products Pvt. Ltd., Yateem Oxygen, Fujitsu Limited, Cryomech Inc.
The liquid nitrogen market report table of contents includes:
1. Executive Summary
2. Liquid Nitrogen Market Characteristics
3. Liquid Nitrogen Market Trends And Strategies
4. Liquid Nitrogen Market – Macro Economic Scenario
5. Global Liquid Nitrogen Market Size and Growth
…..
31. Global Liquid Nitrogen Market Competitive Benchmarking
32. Global Liquid Nitrogen Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Liquid Nitrogen Market
34. Liquid Nitrogen Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Liquid Nitrogen Market, Segmentation By Manufacturing Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Liquid Nitrogen Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Liquid Nitrogen Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: Air Products and Chemicals Inc. Financial Performance
Table 75: Linde plc Financial Performance
Table 76: Praxair Inc. Financial Performance
Table 77: NexAir LLC Financial Performance
Table 78: Statebourne Cryogenics Ltd Financial Performance
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