Liquid Nitrogen Market - By Transportation, By End Use & Forecast, 2024 - 2032

Liquid Nitrogen Market Size

The global liquid nitrogen market was valued at USD 15.3 billion in 2023 and is estimated to grow at a CAGR of over 5.8% from 2024 to 2032.
 

The market is experiencing significant growth, driven by its expanding applications across various industries. Key trends include increasing demand in food and beverage for flash freezing and preservation, as well as in healthcare for cryopreservation and medical applications. The rise of the pharmaceutical industry and advancements in cryogenic technology are further propelling market expansion.
 

Regions such as North America and Europe are leading due to established industrial bases and high demand from research institutions. However, Asia-Pacific is emerging as a growth hotspot, fuelled by rapid industrialization and urbanization. Sustainability is also becoming a focal point, with companies exploring eco-friendly production methods. Additionally, the rise of online distribution channels is enhancing market accessibility.
 

The global healthcare sector's rapid expansion is expected to drive liquid nitrogen demand throughout the forecast period. The increasing use of electronic devices in healthcare has heightened the need for liquid nitrogen, which is crucial for maintaining low temperatures. Furthermore, its application in the metal fabrication industry has grown significantly in recent years, where it protects against corrosion and minimizes heat generation. The metal fabrication industry's positive outlook, driven by strong industrialization and urbanization in regions such as Asia-Pacific and the Middle East, is likely to further boost the liquid nitrogen market's growth soon.
 

Automotive manufacturers are investing in research and development to create engines compatible with liquid nitrogen, aiming to reduce vehicular carbon emissions. Future commercial adoption of this technology in the automobile industry could potentially lead to a significant increase in demand for liquid nitrogen. These nitrogen engines are expected to be environmentally friendly, producing zero pollution as their emissions would consist only of air.
 

However, the risks associated with handling liquid nitrogen may impede its widespread adoption over the forecast period. Additionally, worker safety organizations are likely to implement stringent regulations for liquid nitrogen manufacturing due to numerous accidents reported at production facilities, primarily caused by the extreme pressure in confined spaces.
 

Liquid Nitrogen Market Trends

The liquid nitrogen industry is witnessing transformative trends driven by advancements in manufacturing efficiency and technology. Innovative production methods, such as improved cryogenic distillation processes, are enhancing yield and reducing operational costs, making liquid nitrogen more accessible. Automation and smart monitoring systems are being integrated into production lines, increasing precision and safety while minimizing waste.
 

Moreover, advancements in storage solutions are improving the handling and transportation of liquid nitrogen, ensuring its stability and effectiveness in various applications. The development of more efficient liquefaction technologies is also contributing to lower energy consumption and reduced environmental impact.
 

In addition, ongoing research into novel applications, such as in nanotechnology and advanced materials, is expanding market opportunities. These technological strides are not only enhancing operational capabilities but also positioning the market for sustained growth across diverse industries.
 

Liquid Nitrogen Market Analysis

The on-site production segment will capture USD 9.9 billion and demonstrate a 6% CAGR till 2032. This segment is projected to experience the highest growth rate during the forecast period due to its cost-effectiveness and environmental benefits, particularly for key end-user sectors that require bulk liquid nitrogen for daily operations. Bulk liquid nitrogen demand is forecasted to grow significantly soon, this method remains the most efficient for transporting liquid nitrogen across regions. However, rising transportation costs may somewhat limit the growth of this segment during the forecast period. Overall, the trend towards localized production is expected to reshape supply chains and foster greater operational resilience in the market.
 

The chemicals & pharmaceutical segment held a 23.1% market share in 2023, amounting to USD 3.5 billion, and is projected to grow at a 5.9% CAGR from 2024 to 2032. The liquid nitrogen market is shaped by diverse end-user segments, each exhibiting distinct trends. In the automotive sector, liquid nitrogen is increasingly used for precision cooling during manufacturing processes. The chemicals and pharmaceutical industries leverage it for cryopreservation and temperature-sensitive applications, driving significant demand.
 

In food and beverages, liquid nitrogen is essential for flash freezing, enhancing product quality and shelf life. The healthcare sector relies on it for cryogenic storage and various medical applications, benefiting from ongoing advancements in biotechnology.
 

The rubber and plastic industries utilize liquid nitrogen to improve material properties and processing efficiency. In metal fabrication, its role in cooling and preventing heat-related damage is becoming more critical due to rising production demands. The oil and gas sector employs liquid nitrogen for well completion and other processes. Overall, these trends indicate a robust and growing market, driven by innovation and expanding applications across multiple industries.
 

U.S. liquid nitrogen market is projected to achieve USD 3.8 billion, with a CAGR of 5.9% from 2024 to 2032. The U.S. liquid nitrogen industry has experienced significant growth in recent years, driven by rising demand across various sectors, including food and beverage, pharmaceuticals, and electronics. The increasing adoption of cryogenic technologies for food preservation and flash freezing processes is a key trend. Additionally, the healthcare sector's reliance on liquid nitrogen for cryopreservation and medical applications further fuels market expansion.
 

Sustainability initiatives are also influencing the industry, with companies exploring eco-friendly production methods and alternative gases. Technological advancements in storage and distribution have improved efficiency, reduced costs and enhancing supply chain logistics.
 

Liquid Nitrogen Market Share

Companies include, Linde AG, Messer Group, Praxair Inc. (now part of Linde), Nexair LLC, and Air Liquide S.A. play pivotal roles in the U.S. liquid nitrogen industry, driving innovation and efficiency. Linde AG enhances production and distribution through advanced technologies while focusing on sustainability and reducing carbon emissions. Messer Group offers customized solutions for food preservation and healthcare, leveraging its robust distribution network for reliable supply.
 

Praxair Inc. contributes by optimizing cryogenic applications, improving product quality in manufacturing and research. Nexair LLC emphasizes personalized service and regional expertise, ensuring prompt delivery to local industries. Air Liquide S.A. leads in research and development, pioneering new applications for liquid nitrogen in pharmaceuticals and electronics while promoting sustainable practices.
 

Liquid Nitrogen Market Companies

Major players operating in the liquid nitrogen industry are:

• Air Products and Chemicals Inc.
• Air Liquide SA
• Emirates Industrial Gas Company LLC
• Gulf Cryo Holding CJSC
• Linde plc
• Messer Group GmbH
• NexAir LLC
• Praxair Inc.
• Southern Industrial Gas Berhad
• Taiyo Nippon Sanso Corporation
   

Liquid Nitrogen Industry News

April 2022: Linde (NYSE; FWB) has announced a long-term agreement with a prominent space launch company in Florida for the supply of bulk industrial gases. The company will provide liquid oxygen and nitrogen from its air separation plant in Mims, Florida, which is currently being expanded to boost production capacity by up to 50%. This additional capacity is expected to be operational in 2023 and will address the needs of the new agreement, as well as the increasing demand from customers in aerospace, healthcare, manufacturing, food processing, and water treatment sectors.
 

March 2023: INOX Air Products (INOXAP), a manufacturer of industrial and medical gases, has secured a contract to establish a sixth Air Separation Unit (ASU) at ArcelorMittal Nippon Steel India’s (AM/NS India) facility in Hazira. The establishment of a sixth air separation unit (ASU) by INOX air Products at AM/NS India will enhance the production capacity of industrial gases, including liquid nitrogen.
 

This liquid nitrogen market research report includes in-depth coverage of the industry, with estimates and forecasts in terms of revenue (USD Billion) and volume (Million Liters) from 2021 to 2032, for the following segments:

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Market, By Transportation

• On-site production
• Bulk liquid
• Packaged

Market, By End Use

• Automotive
• Chemicals & pharmaceutical
• Rubber & plastic
• Food & beverages
• Healthcare
• Metal fabrication
• Oil & gas
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• MEA
  • South Africa
  • Saudi Arabia
  • UAE