Liquid Nitrogen Market Size (2024 - 2029)

The liquid nitrogen market is experiencing growth, driven by increasing demand from the chemical and pharmaceutical industries and expanding applications in healthcare. Despite challenges posed by regulatory restrictions on liquid nitrogen plants, the market has rebounded from pandemic-related setbacks and is expanding steadily. The development of new manufacturing techniques presents potential opportunities for further market expansion. The Asia-Pacific region leads in market consumption, with significant contributions from countries like China, India, and Japan.

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Market Size of Liquid Nitrogen Industry

Liquid Nitrogen Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 4.75 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Liquid Nitrogen Market Major Players

*Disclaimer: Major Players sorted in no particular order

Liquid Nitrogen Market Analysis

The Liquid Nitrogen Market size is estimated at 125.93 Million tons in 2024, and is expected to reach 158.82 Million tons by 2029, growing at a CAGR of 4.75% during the forecast period (2024-2029).

COVID-19 hampered the market growth. The transportation industry suffered from the pandemic due to restrictions worldwide. However, due to the pandemic, the healthcare industry witnessed huge growth because of increased health concerns. It increased the demand for the liquid nitrogen market, as the demand for medical devices increased tremendously. Currently, the market recovered from the pandemic and is growing at a significant rate.

  • Over the medium term, the increasing demand from the chemical and pharmaceutical industry and the growing application in the healthcare industry are driving market growth.
  • However, the regulatory restrictions in maintaining liquid nitrogen plants are expected to hinder the market's growth.
  • Nevertheless, developing new manufacturing techniques will likely create opportunities for the market in the coming years.
  • The Asia-Pacific region dominated the global market with the largest consumption from countries such as China, India, and Japan.

Liquid Nitrogen Industry Segmentation

Nitrogen in a liquid state at low temperature is known as liquid nitrogen. It is a form of element nitrogen and can be used in cryogenic and cooling applications. It is included in all main pharmacological medication classes, including antibiotics. The liquid nitrogen market is segmented based on storage type, function, end-user industry, and geography. The liquid nitrogen market is segmented into cylinders and packaged gas by storage type. By function, the market is segmented into coolant and refrigerant. The end-user industry segments the market into chemical, pharmaceutical, healthcare, transportation, and other industries. The report also covers the market size and forecasts for the liquid nitrogen market in 15 countries across major regions. Each segment's market sizing and forecasts are based on volume (million tons).

Storage Type
Cylinder
Packaged Gas
Function
Coolant
Refrigerant
End-user Industry
Chemical and Pharmaceutical
Healthcare
Transportation
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Liquid Nitrogen Market Size Summary

The liquid nitrogen market is poised for significant growth over the forecast period, driven by its expanding applications across various industries. Liquid nitrogen, known for its non-toxic, odorless, and chemically inert properties, is increasingly utilized in the chemical and pharmaceutical sectors, particularly as a coolant and refrigerant. The market's recovery from the COVID-19 pandemic has been bolstered by heightened demand in the healthcare industry, where the need for medical devices surged. Despite regulatory challenges in maintaining liquid nitrogen plants, advancements in manufacturing techniques are expected to create new opportunities. The Asia-Pacific region, led by countries like China, India, and Japan, dominates the global market due to its robust chemical and pharmaceutical industries, which are major consumers of liquid nitrogen.

The Asia-Pacific region's prominence in the liquid nitrogen market is further supported by substantial investments in pharmaceutical and biopharmaceutical research and development, particularly in China. The country's strategic plans, such as the "14th Five-Year Plan for Pharmaceutical Industry Growth," aim to enhance the pharmaceutical sector, thereby increasing the demand for liquid nitrogen. Similarly, India's chemical industry is projected to experience significant growth, driven by rising demand and government initiatives. Key players in the market, including Linde PLC, Air Liquide, and TAIYO NIPPON SANSO CORPORATION, are expanding their production capacities to meet the growing needs of various sectors, including aerospace, healthcare, and food processing. These developments indicate a promising outlook for the liquid nitrogen market, with continued expansion anticipated in the coming years.

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Liquid Nitrogen Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Chemical and Pharmaceutical Industry

      2. 1.1.2 Growing Application in the Healthcare Industry

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Regulatory Restrictions in Maintaining Liquid Nitrogen Plant

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Storage Type

      1. 2.1.1 Cylinder

      2. 2.1.2 Packaged Gas

    2. 2.2 Function

      1. 2.2.1 Coolant

      2. 2.2.2 Refrigerant

    3. 2.3 End-user Industry

      1. 2.3.1 Chemical and Pharmaceutical

      2. 2.3.2 Healthcare

      3. 2.3.3 Transportation

      4. 2.3.4 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 Italy

        4. 2.4.3.4 France

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Liquid Nitrogen Market Size FAQs

The Liquid Nitrogen Market size is expected to reach 125.93 million tons in 2024 and grow at a CAGR of 4.75% to reach 158.82 million tons by 2029.

In 2024, the Liquid Nitrogen Market size is expected to reach 125.93 million tons.

Liquid Nitrogen Market Report Snapshots

Liquid Nitrogen Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)