Press release
Liquid Nitrogen Market on Path to Hit $25.25 Billion by 2029 at 7% CAGR
Liquid Nitrogen Market
Liquid Nitrogen Market Outlook: What Size And CAGR Are Anticipated By 2025?
The market size for liquid nitrogen has experienced robust growth over the past few years. Its market value is expected to increase from $18.31 billion in 2024 to $19.24 billion in 2025, marking a compound annual growth rate (CAGR) of 5.0%. The substantial growth during the historic period is the result of numerous factors including industrial refrigeration, cryopreservation, food freezing, medical applications, and metal processing.
What Is the Expected CAGR for the Liquid Nitrogen Market Growth Through 2029?
The market size for liquid nitrogen is projected to experience significant growth in the upcoming years. It is forecasted to increase to $25.25 billion by 2029, with a compound annual growth rate (CAGR) of 7.0%. This growth during the prediction period is linked to the advent of new healthcare technologies, biotechnology and pharmaceutical sector, cryogenic energy storage, space exploration, and environmentally friendly technologies. Key trends for this anticipated period encompass cryotherapy and aesthetic procedures, biobanking and biopreservation, cryogenic storage solutions, cryogenic cooling, and rocket propulsion.
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What Are the Primary Drivers Behind Liquid Nitrogen Market Growth?
The growing needs of the healthcare sector are anticipated to fuel the expansion of the liquid nitrogen market in the future. As a sector that encompasses the preservation or recovery of physical, psychological, or emotional health through the intervention of authorized healthcare professionals, the healthcare domain heavily relies on liquid nitrogen. It is predominantly used to eliminate precancerous cells, warts, undesired skin, and for cryogenic purposes. Liquid nitrogen is frequently used as a cryogenic liquid to get rid of unhealthy skin. Its ability to rapidly freeze upon coming into contact with live cells enhances its effectiveness. For example, a report by the Centers for Medicare and Medicaid Services, a US-based agency, disclosed in September 2024 that National Health Expenditures (NHE) escalated by 4.1% in 2022, accumulating to $4.5 trillion. This translates to $13,493 per person and equated to 17.3% of the Gross Domestic Product (GDP). Consequently, the continuous growing demand from the healthcare sector is expected to stimulate the growth of the liquid nitrogen market throughout the prediction period.
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What Are the Key Segments Driving Liquid Nitrogen Market Growth?
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
What Are the Technological Trends Impacting the Liquid Nitrogen Market?
In the liquid nitrogen market, key players are concentrating on the production of liquid nitrogen (LN2) controlled-rate freezers in order to ensure precise temperature regulation during the freezing phase and meet growing demands in industries such as healthcare, food processing, and biotechnology. The LN2 controlled-rate freezer is a specialized piece of equipment engineered to accurately control the freezing process with the use of liquid nitrogen; a pivotal instrument for companies engaged in cryopreservation, especially those dealing with high-value biological materials needing precise control during freezing prior to storage. For example, in June 2023, BioLife Solutions, Inc., a biotechnology firm based in the US, introduced the IntelliRate i67C Liquid Nitrogen (LN2) Controlled-Rate Freezer. This liquid nitrogen controlled-rate freezer provides a chamber volume of 67 liters (2.35 cu. ft.), 40% larger than other tabletop controlled-rate freezers (CRFs). This design leads to less runs, simplifies programming and setup, and optimizes LN2 monitoring and power requirements.
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Who Are the Major Competitors in the Global Liquid Nitrogen Market?
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.
Which Region Dominates the Liquid Nitrogen Market Share in 2025?
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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