Key Market Overview:
Liquid Nitrogen Market size was valued at USD 17.08 Billion in 2021, registering a growth of 5.37% CAGR during the forecast period (2022-2030), and the market is projected to be worth USD 27.35 Billion by 2030.
Liquid nitrogen is a commercially produced form of the element nitrogen, obtained through fractional distillation of liquid air, and is a colorless, odorless, and non-flammable form of liquid. Such form of liquefied nitrogen is stored and transported in insulated containers which facilitate easy transportation without pressurization. Thus, liquid nitrogen is a suitable and cost-effective dry nitrogen gas source for various industrial and commercial applications. Moreover, liquid nitrogen is a versatile substance known for low temperature and low reactivity. The ability to maintain low temperatures below the freezing point of water makes liquid nitrogen an ideal refrigerant and cooling agent. Furthermore, liquid nitrogen is widely used in various applications such as chemical processing, food preservation and packaging, oil and gas processing, medical equipment sterilization, metallurgy, and others. Additionally, a four-digit code referred to UN or UNID (United Nations Number) identifies flammable and harmful chemicals, and liquid nitrogen is recognized with UN number 1,977.
In addition to this, companies are investing in research and development activities to introduce new products for catering to the increasing demand across various end-use industries. For instance, in February 2021, Inox Air Products, an Indian manufacturer & supplier of industrial gases in India, constructed eight new air separation units across various states in India with an investment of USD 241.94 million. The plants would be commissioned from 2022 to 2024 and will produce liquid nitrogen, liquid oxygen, and liquid argon. Geographically, the Asia Pacific region is expected to witness significant growth in the liquid nitrogen market, due to increasing demand for industrial gases in countries such as China and India. Additionally, the growing food and beverage industry across the region, which requires liquid nitrogen for food preservation and packaging is expected to further boost the market growth in the region.
Market Dynamics:
Driver:
- The growing demand for food preservation and packaging systems owing to increasing awareness regarding food safety is driving the demand for liquid nitrogen. Liquid nitrogen is used to rapidly freeze food products, preserving the quality, and extending the shelf life of the products.
- The global healthcare industry’s expansion and increasing demand for medical equipment sterilization are driving the liquid nitrogen market growth. Liquid nitrogen is used in cryosurgery for destroying abnormal or cancerous cells by freezing and can rapidly cool and disinfect the equipment.
Restraint:
- Liquid nitrogen is expensive and requires specialized equipment such as cryogenic storage tanks, transport containers, and delivery systems for storage & transportation. This requires proper training and maintenance which attributes to higher costs and acts as a barrier for small-scale and mid-sized industries to afford the product. The mentioned factor is restraining the market growth of liquid nitrogen.
Opportunities:
With the development of advanced technologies in the production and distribution of liquid nitrogen, the market is expected to grow at a significant rate during the forecast period. For instance, the development of efficient air separation technologies and the increasing use of cryogenic storage tanks is expected to offer immense opportunity for the market to grow in the future.
Liquid Nitrogen Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 27.35 billion |
| CAGR (2022-2030) | 5.37% |
| By Process | Cryogenic Distillation and Pressure Swing Adsorption (PSA) |
| By Function | Refrigerant and Coolant |
| By Storage | Cylinders and Packaged Gas, Merchant Liquid/Bulk, and Tonnage |
| By End-Use | Food & Beverage, Metal Fabrication, Healthcare and Pharmaceutical, Electrical & Electronics, Metal Manufacturing and Construction, Rubber and Plastic, and Others |
| By Geography | North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa |
| Key Players | Linde PLC, Air Products Inc., Taiyo Nippon Sanso India, Southern Industrial Gas SDN BHD, Messer Group GmbH, Air Liquide, UBE Corporation, Gulf Cryo, Nexair LLC |
Market Segmentation:
By Process
The process segment is bifurcated into cryogenic distillation and pressure swing adsorption (PSA). The cryogenic distillation segment is the dominating segment, holding a substantial share of the market. The process involves the separation of nitrogen and oxygen from the air. Due to the process’s energy-efficient and cost-effective nature, it is widely used by various manufacturers. The extensive use of the cryogenic distillation process in the production of industrial gases, such as nitrogen, oxygen, and argon is driving the market growth of liquid nitrogen across the segment.
The pressure swing adsorption (PSA) segment is expected to grow at the fastest rate, due to the ability of the process to produce high-purity nitrogen with low energy consumption. Moreover, PSA technology is increasingly adopted in various applications, such as semiconductor manufacturing, food packaging, and medical equipment sterilization, which is expected to drive the growth of the segment in the market.
By Function
The function segment is divided into refrigerant and coolant. The coolant segment is dominating the liquid nitrogen market in terms of revenue share. Owing to properties such as low boiling point, high thermal conductivity, and high heat transfer efficiency, liquid nitrogen is used as a coolant across a wide range of applications, including cryogenics, metal fabrication, and food and beverage preservation. Moreover, the increasing demand for liquid nitrogen in the healthcare industry, for cryosurgery and cryotherapy, is expected to further drive the market growth of the segment over the forecast period.
By Storage
The storage segment is classified into cylinders and packaged gas, merchant liquid/bulk, and tonnage. The cylinders and packaged gas segment is holding a substantial share of the liquid nitrogen market in terms of revenue. The system provides a convenient and portable solution for the storage and transportation of liquid nitrogen across small-scale industries and individual applications. This is a major factor attributing to the market dominance of the segment.
The merchant liquid/bulk segment is anticipated to grow at a significant pace during the forecast period. Liquid nitrogen is transported in bulk tanks or trailers, which are refilled at centralized locations and later distributed to various end-users. The merchant liquid/bulk segment provides the advantage of cost-effectiveness, as the cost of liquid nitrogen decreases with an increase in the volume of supply.
By End-Use
The end-user segment is divided into food & beverage, metal fabrication, healthcare and pharmaceutical, electrical & electronics, metal manufacturing, and construction, rubber & plastic, and others. The healthcare and pharmaceutical industry is the dominating end-user segment of the liquid nitrogen market and is also expected to witness notable growth during the forecast period. The rising demand for cryosurgery and cryotherapy to remove skin abnormalities in the healthcare industry is a major factor in enhancing the application of liquid nitrogen. Furthermore, the increasing use of liquid nitrogen as a coolant in the pharmaceutical industry for preserving vaccines, blood, eggs, sperm, genetic samples, and other biological products is expected to drive market growth in the future.
By Region
The regions include Asia Pacific, Europe, North America, Latin America, and Middle East, & Africa. North America is the dominating region in the market, due to the presence of a large number of healthcare and pharmaceutical companies, coupled with the growing demand for cryosurgery and cryotherapy.
However, Asia Pacific is expected to grow at the fastest rate over the forecast period, owing to the growing demand for liquid nitrogen across the food and beverage industry. Additionally, the booming electronics & semiconductor industry across the region is expected to further enhance the application of liquid nitrogen thus, propelling the market growth. Liquid nitrogen is used to remove heat during the manufacturing and testing of semiconductors.
Liquid Nitrogen Market Competitive Landscape:
The liquid nitrogen market is highly competitive, with several large players dominating the market, as well as a number of smaller companies. These companies are investing in research and development and expanding their production capacity to meet the increasing demand for liquid nitrogen. Additionally, mergers and acquisitions, collaborations, and partnerships are some of the strategies adopted by these companies to expand their market presence. The key players in the market include-
- Linde PLC
- Air Products Inc.
- Taiyo Nippon Sanso India
- Southern Industrial Gas SDN BHD
- Messer Group GmbH
- Air Liquide
- UBE Corporation
- Gulf Cryo
- Nexair LLC
Recent Developments:
- In April 2021, Air Products unveiled a new cryogenic freezing technology that allows the operators to reduce the amount of liquid nitrogen used as a coolant and simultaneously increase the food product throughput. The technology provides greater control over the freezing process.
- In June 2021, Inox Air Products announced its plans to build a new plant in Hosur, India to produce liquid nitrogen and other gases. The company stated that the plant will be commissioned and operational by December 2022.
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