Liquid Nitrogen Market Forecast and Trends
The global Liquid Nitrogen
market has reached USD 15.49 Billion in 2019 and estimated to reach USD 22.54
Billion in 2026 and anticipated to grow by CAGR of 5.58% during the forecast
period 2020- 2026. Liquid nitrogen's ability to act as a coolant is the main
reason that has fueled global market development. Besides, the increase in
demand for liquid nitrogen in the transport and food industries is also driving
the growth of the worldwide market for liquid nitrogen. Furthermore, rising
demand from industry is also one of the key factors driving the global market.
Additionally, the use of
advanced technology is also boosting the market growth. The cumulative
application areas of Liquid Nitrogen in the healthcare industry are key factors
expected to propel the growth of the global Liquid Nitrogen market. Increasing
demand from the chemical and pharmaceutical industries for liquid nitrogen is a
major factor expected to drive the global liquid nitrogen market over the
forecast period. Additionally, increasing product acceptance from the food and beverage
industry is another factor expected to propel long-term target market growth.
Besides, rising demand from the electronics sector in the manufacture of flat
panel displays, light-emitting diodes, and semiconductors is also expected to
fuel target market growth over the forecast horizon.
Liquid Nitrogen Market Overview:
Liquid Nitrogen is a
diatomic liquid that maintains the diatomic character of the covalent N bond in
N2 gas after liquefaction. Liquid Nitrogen is a lightweight, colorless, transparent
liquid that can be transported easily due to non-pressurization requirements.
It is a cryogenic fluid which on contact with living tissue, can cause rapid
freezing. It is commonly used as a refrigerant, freezing and storing foods, and
so on. Nitrogen is mostly used in the form of gasses; however, it is usually
processed and transported as a liquid in different forms such as Dewar,
cryogenic liquid flask, and cryogenic storage tank. Continuous cryogenic
distillation takes place in the process of liquefaction of gas, accompanied by
nitrogen separation. Then the Nitrogen is stored as a cryogenic gas. Liquid
Nitrogen can also be obtained through a process called adsorption by swing
The Growing Demand for
Liquid Nitrogen in Numerous Industries
The capability of liquid
nitrogen to work as a coolant is the primary reason, which has fueled the
growth of the global liquid nitrogen market. Further, the rise in the demand
for liquid nitrogen in the transport and food industry is also driving the
growth of the global liquid nitrogen market. Besides, the rising demand from
the electronics sector for the manufacturing of flat panel display,
light-emitting diode, and semiconductors is also anticipated to bolster the
growth of the liquid nitrogen market over the forecast period.
Surging Demand in the Food
The preservation and
processing of food have gained importance because of liquid nitrogen for
supplying the rising population globally with high-quality food. Preservation
often involves the food product being cooled or frozen, which enhances its
High Production and
Transportation Cost of Liquid Nitrogen
The high transport value is
the main reason that is hindering the growth of the global market for liquid nitrogen.
Additionally, high production costs are also one of the significant reasons
that hold back market growth. Moreover, the increase in accidents in the
industries when in contact with liquid nitrogen is also one of the factors that
are reducing global market development.
Liquid Nitrogen Market: End-use Industry
Based on End-use Industry,
the Liquid Nitrogen market segmented into Chemicals & pharmaceuticals, Food
& Beverage, Healthcare, Metal manufacturing & construction, Rubber
& Plastic, and Others (electronics and energy). The chemicals &
pharmaceuticals segment is expected to be the fastest-growing end-use industry
in the forthcoming years, owing to the growth of the pharmaceutical industry.
Liquid Nitrogen is broadly used to cool reactors filled with a catalyst at the
time of repair works and maintain the essential cold reaction temperatures. The
liquid nitrogen market is projected to see growth in the healthcare, food &
beverages, and rubber & plastic sectors in the forecast horizon.
Liquid Nitrogen Market: Function
Based on Function, the
Liquid Nitrogen market bifurcated into Coolant and Refrigerant. The coolant
segment is supposed to have the largest market share in the liquid nitrogen
market in the forecast horizon. Liquid Nitrogen has a shallow temperature and
hence functions as an ideal coolant in numerous applications of various end-use
Liquid Nitrogen Market: Manufacturing Process
Based on Manufacturing
Process, the Liquid Nitrogen market segmented into Cryogenic distillation and
Pressure swing adsorption. The cryogenic distillation process is anticipated to
dominate the liquid nitrogen market with a significant market share. It is the
most extensively used technique to produce high purity oxygen. Nitrogen and
argon on an industrial scale is an economical technology solution for plants
with a high production rate. However, the pressure swing adsorption technique
is expected to play a significant role in changing the liquid nitrogen
landscape by surging at the highest CAGR during the forecast horizon.
Liquid Nitrogen Market: Storage, Distribution, and Transportation
Based on Storage,
Distribution, and Transportation, the Liquid Nitrogen market segmented into
Cylinder & packaged distribution, Merchant liquid distribution, and Tonnage
distribution. The Cylinder & packaged distribution mode is likely to have
the largest market share in the liquid nitrogen market. Industry verticals such
as tonnage distribution and merchant liquid distribution will be major growing
distribution modes during the forecast period.
Liquid Nitrogen Market: Regional insights
By geography, the global
Liquid Nitrogen Market segregated into North America, Europe, Asia Pacific,
Middle East & Africa, and Latin America. The Asia-Pacific region is
expected to grow at a very high CAGR in the liquid nitrogen market due to
surging developmental activities, and speedy economic expansion in nations such
as India and China. The rise in the people’s income in this region increases
the demand for high-end products is growing fast. Convenience food products,
aerated beverages, and electronics are few of the applications, which find
growth in the region, resulting in higher demands of liquid Nitrogen.
Nitrogen Market: Competitive Landscape
The major market players in
the Global Liquid Nitrogen are Praxair Inc., Air Liquide S.A., The Linde Group,
Messer Group, Nexair Llc., Taiyo Nippon Sanso Corporation, Air Products and
Chemicals, Inc., Gulf Cryo, Emirates Industrial Gases Co. Llc., Refrigeration
& Oxygen Company Limited, Southern Industrial Gas Sdn. Bhd, Asia Technical
Gas Co Pte Ltd, Buzwair Industrial Gases Factories, and other Prominent Players
are expanding their presence in the market by implementing various innovations
objective of the Study:
To analyze and forecast the
global Liquid Nitrogen market size of the market in terms of value.
To examine the careful
market segmentation and forecast the market size, in terms value, based on the
region by segmenting the Global Liquid Nitrogen market into five regions,
namely, North America, Europe, Asia Pacific, Latin America, and the Middle East
& Africa and their leading countries.
To outline, categorized, and
forecast the global Liquid Nitrogen market based on End-use Industry, Function,
Manufacturing Process, and Storage, Distribution & Transportation.
To examine competitive
developments like technological advancement, services, and regulative framework
within the global Liquid Nitrogen Market.
To highlight the impact
analysis of the factors affecting the market dynamics such as drivers,
restraints, opportunities, and challenges.
To strategically profile the
key players and comprehensively analyze their market shares along with
detailing the competitive landscape for market leaders.
of the Report
By End-use Industry
Chemicals & pharmaceuticals
Food & beverage
Metal manufacturing & construction
Rubber & Plastic
Others (electronics and energy)
By Manufacturing Process
Pressure swing adsorption
By Storage, Distribution, and
Cylinder & packaged distribution
Merchant liquid distribution
Middle East & Africa
Questions answered by the report
How will the market drivers,
restraints, and opportunities affect the market dynamics?
What will be the market size
in terms of value and volume and market statistics with a detailed
Which segment dominates the
market or region, and one will be the fastest-growing, and why?
A comprehensive survey of
the competitive landscape and the market participant players
Analysis of strategy adopted
by the key player and their impact on other players.
Scope for the Client
Client satisfaction is our
first and last priority, and that is why BlueWeave Consulting offers
customization according to Company’s specific needs. The following
customization options are available for the report:
With five additional company
Additional country analysis
Detailed segment analysis