Liquid Nitrogen Market Size 2022-2027
According to the latest report by IMARC Group, titled “Liquid Nitrogen Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on liquid nitrogen market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
Year considered to estimate the market size:
• Base year of the analysis: 2021
• Historical period: 2016-2021
• Forecast period: 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 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 LN2 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.
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Market Outlook
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.
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.
List of Key Companies Covered in this Market Report:
- 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.
Based on Technology:
- Cryogenic Distillation
- Pressure Swing Adsorption
- Others
Based on Function:
- Coolant
- Refrigerant
Based on Storage Type:
- Cylinders and Packaged Gas
- Merchant Liquid/Bulk
- Tonnage
- Others
Based on End User:
- Chemicals and Pharmaceuticals
- Food and Beverage
- Healthcare
- Metal Manufacturing and Construction
- Rubber and Plastic
- Others
Geographical Analysis:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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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