Press release
Liquid Nitrogen Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Liquid Nitrogen
What Is the Expected Liquid Nitrogen Market Size During the Forecast Period?
In recent times, the liquid nitrogen market has witnessed robust growth. It is projected to expand from $18.31 billion in 2024 to $19.47 billion in 2025, with a compound annual growth rate (CAGR) of 6.3%. This growth during the historical period can be connected to factors such as industrial refrigeration, cryopreservation, food freezing, medical applications, and metal processing.
The market size for liquid nitrogen is anticipated to witness robust expansion in the coming years. The market is projected to escalate to $25.91 billion by 2029, with a compound annual growth rate (CAGR) of 7.4%. This upswing during the projection period can be credited to the advent of novel healthcare technologies, biotechnology and pharmaceuticals, cryogenic energy storage, space exploration, and eco-friendly and sustainable technologies. Key trends predicted for this period encompass cryotherapy and aesthetic procedures, biobanking and biopreservation, cryogenic storage solutions, cryogenic cooling, and rocket propulsion.
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What Are the High-Growth Segments in the Liquid Nitrogen Market?
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
Subsegments:
1) By Cryogenic Distillation: Atmospheric Distillation, Fractional Distillation
2) By Pressure Swing Adsorption (PSA): PSA For Nitrogen Generation, PSA For Purification
3) By Other Manufacturing Processes: Membrane Separation, Adsorption Process, Chemical Process
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What Key Drivers Are Expected to Influence Future Liquid Nitrogen Market Growth?
Anticipated growth in the liquid nitrogen market is largely attributed to the rising demand from the healthcare sector. The sector, guided by licensed professionals, aids in sustaining or enhancing physical, mental, or emotional health. Liquid nitrogen is a critical element within this sector, deployed for wart removal, pre-cancerous cell elimination, unwanted skin disposal, and cryogenics. Often viewed as a cryogenic liquid to eliminate diseased skin, it has the ability to freeze rapidly upon contact with living cells. Supported by data from The Centers for Medicare and Medicaid Services in the US, the National Health Expenditures (NHE) saw a 4.1% increase in 2022, amounting to $4.5 trillion or $13,493 per capita, contributing 17.3% of the Gross Domestic Product (GDP) as of September 2024. This rising demand within the healthcare sector is likely to uphold the growth of the liquid nitrogen market throughout the projected span.
Which Companies Hold the Largest Share Across Different Liquid Nitrogen Market Segments?
Major companies operating in the liquid nitrogen market include Air Products and Chemicals Inc., Linde plc, 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., Asia Industrial Gases Pte. Ltd., MVS Engineering Pvt. Ltd., Cryogenic Industries Inc., Chart Industries Inc., Cryofab Inc., Cryoquip Inc., Cryostar SAS, Buzwair Industrial Gases Factories, INOX Air Products Pvt. Ltd., Yateem Oxygen, Cryomech Inc.
What Trends Are Driving Growth in The Liquid Nitrogen Market?
Primary corporations in the liquid nitrogen market are placing significant emphasis on the development of liquid nitrogen (LN2) controlled-rate freezers, a move aimed at meeting the growing needs in sectors such as healthcare, biotechnology, and food processing. Liquid nitrogen (LN2) controlled-rate freezers are uniquely tailored devices, created to exact specifications, for the purpose of controlling the critical cooling and freezing process using liquid nitrogen. Such instruments are indispensable for groups engaged in cryopreservation, especially when dealing with costly biological materials that necessitate meticulous manipulation while freezing before going into storage. For example, in June 2023, BioLife Solutions, Inc., a biotechnology firm based in the USA, introduced a product known as the IntelliRate i67C Liquid Nitrogen (LN2) Controlled-Rate Freezer. This liquid nitrogen-controlled-rate freezer comes with a chamber volume of 67 liters (2.35 cu. ft.), making it 40% larger than other tabletop controlled-rate freezers (CRFs). This design aspect allows for fewer runs, streamlines programming and setup, and is structured to optimize LN2 monitoring and power needs.
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What Are the Emerging Geographies for The Liquid Nitrogen Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Liquid Nitrogen Market?
2. What is the CAGR expected in the Liquid Nitrogen Market?
3. What Are the Key Innovations Transforming the Liquid Nitrogen Industry?
4. Which Region Is Leading the Liquid Nitrogen Market?
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