Global Liquid Nitrogen Market Size To Reach USD 22.8 Billion By 2028

21-Mar-2022 | Facts and Factors

During the projected timeline of 2022 to 2028, the global liquid nitrogen market is estimated to grow at a compound annual growth rate (CAGR) of 4.8%. In 2021, the global liquid nitrogen market was estimated at USD 17.5 billion, and by 2028, it is predicted to reach USD 22.8 billion.

Liquid nitrogen is a fractional distillation of liquid air that shares the two chemical bonds of nitrogen. It has a temperature of 196°C and is an inert cryogenic fluid. Nitrogen is inert, odorless, colorless, non-inflammable, and non-corrosive. Commercially, liquid nitrogen is made by compressing and condensing nitrogen gas to a temperature below its evaporation point, which is roughly 196°C. Cryogenic refrigeration is the most typical application of liquid nitrogen. Because liquid nitrogen contains a high percentage of air, 80 percent, it is simple to create and has a high thermal capacity with a long retention time. This liquid acts as a coolant in vacuum pumps, superconductors, and other equipment & materials.

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Browse the full “Liquid Nitrogen Market By Component (Refrigerant and Coolant), By Manufacturing Method (Pressure-Swing Adsorption and Cryogenic Distillation), By Transportation, Distribution, & Storage (Merchant Liquid Distribution, Cylinder & Packaged Distribution, and Tonnage Distribution), By End-Use (Healthcare, Rubber & Plastic, Pharmaceuticals & Chemicals, Food & Beverage, Metal Manufacturing & Construction, and Others), and By Region - Global and Regional Market Overview, Market Insights, Holistic Analysis, Historical Data, and Forecast 2022–2028”  report at https://www.fnfresearch.com/liquid-nitrogen-market

The global liquid nitrogen market is expected to be driven in the near future by food preservation and rising demand for liquid nitrogen from pharmaceutical & chemical firms. Food processing and preservation are becoming increasingly important in order to feed the world's growing population with high-quality food. Cooling or freezing a food product to increase its shelf life is a common method of preservation. However, high shipping costs and direct engagement with liquid nitrogen are among the liquid nitrogen market's constraints. When moving liquid nitrogen, extreme caution and care must be exercised. Liquid nitrogen is benign and inert, yet it functions as a basic asphyxiant and is able to produce nausea, dizziness, unconsciousness, or even death if inhaled in large concentrations.

The global liquid nitrogen market is segregated on the basis of component, manufacturing method, transportation, distribution, & storage, end-use, and region. By component, the market is divided into refrigerant and coolant. Coolant is anticipated to witness the fastest function in the liquid nitrogen market as it is employed in numerous end-use sectors such as metal manufacturing & construction, health care, pharmaceuticals, and chemicals.

By manufacturing method, the market is classified into pressure-swing adsorption and cryogenic distillation. The cryogenic distillation segment contributed to the biggest market share because it is a cost-effective technology for producing liquid nitrogen. Large and medium-scale manufacturing plants frequently employ this technology. By transportation, distribution, & storage, the market is segmented into merchant liquid distribution, cylinder & packaged distribution, and tonnage distribution. Liquid nitrogen is best stored in poorly ventilated places. Liquid nitrogen storage and handling is a huge problem, and care must be taken to avoid dangers & hazards such as spillage, burns, personal injury, container failure, and container damage. Cryogenic storage is primarily used to store liquid nitrogen. During the projection period, cylinder and packaged gas are expected to increase at the fastest CAGR.

By end-use, the market is divided into healthcare, rubber & plastic, pharmaceuticals & chemicals, food & beverage, metal manufacturing & construction, and others. Pharmaceuticals & chemicals were the market’s largest end-user, and it is predicted to rise at a rapid CAGR during the forecast period.

North America is expected to dominate the global liquid nitrogen market in terms of region, owing to an increase in the number of liquid nitrogen suppliers in the region. Another attractive region for the liquid nitrogen industry in the Asia Pacific. The region, which contains roughly 60% of the world's population, is expected to become a key use for liquid nitrogen in food preservation and processing. Other sectors in the Asia Pacific are booming as a result of fast industrialization and infrastructure development. Europe is another appealing region because of its significant automotive, metals and fabricators, and rubber & plastic sectors.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 17.5 Billion

Projected Market Size in 2028

USD 22.8 Billion

CAGR Growth Rate

4.8% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Emirates Industrial Gases, Universal Industrial Gases, Air Products & Chemicals, Southern Industrial Gas Berhad, The Linde Group, Yingde Gases Group, Air Liquide, Gulf Cryo, Taiyo Nippon Sanso Corporation, Nexair, Praxair, and Messer Group., among others

Key Segment

By Component, By Manufacturing Method, By Transportation, Distribution, & Storage, By End-Use, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Some of the main competitors dominating the global liquid nitrogen market are Emirates Industrial Gases, Universal Industrial Gases, Air Products & Chemicals, Southern Industrial Gas Berhad, The Linde Group, Yingde Gases Group, Air Liquide, Gulf Cryo, Taiyo Nippon Sanso Corporation, Nexair, Praxair, and Messer Group.

Recent Developments:

  • June 2021: Inox Air Products has revealed that its proposed project in Hosur will generate liquid nitrogen and other products and will be ready for use in December 2022.
  • February 2021: Inox Air Products has announced a USD 2000 crore investment to construct 8 new gas processing units across India. Maharashtra, Gujarat, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, Madhya Pradesh, and West Bengal would be home to these new industries.

The global liquid nitrogen market is segmented as follows:

By Component

  • Refrigerant
  • Coolant

By Manufacturing Method

  • Pressure-Swing Adsorption
  • Cryogenic Distillation

By Transportation, Distribution, and Storage

  • Merchant Liquid Distribution
  • Cylinder & Packaged Distribution
  • Tonnage Distribution

By End-Use

  • Healthcare
  • Rubber & Plastic
  • Pharmaceuticals & Chemicals
  • Food & Beverage
  • Metal manufacturing & Construction
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Reunion
      • Belgium
      • The Netherlands
      • Luxembourg
      • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Southeast Asia
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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