Liquid Nitrogen Market: Global Industry Analysis and Forecast (2021-2027) Trends, Statistics, Dynamics, Segmentation by Function, Manufacturing Process, End-User, and Region

Liquid Nitrogen Market reached a value of US$ 15.38 Bn. in 2020. Coolant Liquid Nitrogen is one of the dominating segments of the Global Liquid Nitrogen Market.
Liquid Nitrogen Market Overview:
Liquid nitrogen is a high-pressure liquid with an extremely low temperature. Liquid nitrogen is a cryogenic liquid along with its extremely low temperature. Cryogenic liquids are liquefied gases with a boiling point of less than –90°C (–130°F). The boiling point of liquid nitrogen is –196°C (–320°F). Liquid nitrogen handling and storage necessitates the use of specialized equipment and materials. To avoid pressure build-up, liquid nitrogen is kept in special sealed containers. The Dewar flask can be stored for hours or up to a few weeks, depending on the design.

Liquid Nitrogen is used as a coolant in superconductors, vacuum pumps, and a variety of other materials and equipment. Liquid nitrogen is used in the medical sector to insulate liquid helium used in MRIs and cold temperature medicinal and aesthetic treatments. It's also used for skin removal, precancerous cells, wart removal, and cryogenics. In general, liquid nitrogen is a cryogenic liquid that can rapidly freeze when it comes into contact with living cells. As a result, it's used to freeze biological samples like sperm, eggs, and animal genetic samples.


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2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.
Global Liquid Nitrogen Market Dynamics:
The rapid growth of automotive production is driving the liquid nitrogen market. Global air pollution is rapidly rising, and automobile emissions account for a significant proportion of the problem, an architect or planner needs to consider an alternative to present conventional fuel vehicles. As a result, liquid nitrogen is widely used in automobiles as a coolant. Resulting in the growing demand for the product across the globe.

The Liquid Nitrogen market is expected to grow at CAGR of 5.63% during the forecast period, as rising demand in various application sectors such as automotive, metals & fabrication, rubber & plastic, healthcare, electronics, construction, and food & beverages. In addition, the development and modernization of technology are creating vast opportunities for the Liquid nitrogen market across the globe.

The growing demand for electronic items and increasing demand from the healthcare domain are key factors driving the growth of the liquid nitrogen market. The expansion of the chemical sector in developing nations such as India and China is also driving the liquid nitrogen market ahead. The usage of liquid nitrogen in the automobile sector has been boosted by the rising demand for coolant in cars and large trucks. Furthermore, the food business uses it extensively for storage. However, the health risks connected with excessive liquid nitrogen use are expected to hinder the market growth.
Global Liquid Nitrogen Market Segment Analysis:
Based on the Function, the Liquid Nitrogen Market is segmented into Coolant and Refrigerant. In 2020, the Coolant segment dominated the market with a revenue share of over 62%. It is used to maintain low temperatures in a wide range of applications, including food and beverages, electronics, chemicals, storage medium, healthcare, and metal manufacturing. In addition, ideal characteristics of liquid nitrogen and widespread usefulness in different applications in diverse end-use verticals are fueling the nitrogen market growth for this segment.



Based on the Manufacturing Process, the Liquid Nitrogen Market is segmented into Cryogenic Distillation and Pressure Swing Adsorption. The Cryogenic Distillation Manufacturing Process segment held the largest market share, accounting for 68% in 2020. This process is the cost-effective and highly preferable solution for the manufacturing industry with a high production rate, which is fueling the liquid nitrogen product demand for this segment.

Based on the End-User, the Liquid Nitrogen Market is segmented into Chemical and Pharmaceuticals, Healthcare, Food and Beverage, Metal Manufacturing and Construction, Rubber and Plastics, and Others. In 2020, the Chemical and Pharmaceuticals segment dominated the market with a revenue share of over 38%. This segment growth is attributed to the fastest-growing end-use of liquid nitrogen for packaging to fire suppression in the pharmaceutical sector. Liquid Nitrogen is used to keep pharmaceutical components at a lower temperature during manufacture and storage. It's also used to stop damaged cells from growing or multiplying in cryosurgeries, therapies, and cancer treatments. It's also good for getting the removal of warts, moles, and skin tags. Growing uses of liquid nitrogen in the chemical and pharmaceutical industries are expected to boost the product demand during the forecast period.


Global Liquid Nitrogen Market Regional Insights:
North America region held the largest market share accounted for 43% in 2020, and is expected to grow at a CAGR of 5.17% during the forecast period. The region is showing rapid growth, thanks to the well-established pharmaceutical industry and the increasing demand for reactor cooling applications and biological samples. In addition, the increase in restoration operations is driving up demand for metal construction and manufacturing, resulting in a higher demand for liquid nitrogen for cutting and welding operations.

Asia Pacific region is expected to witness significant growth at a CAGR of 5.36% during the forecast period. The growing healthcare and pharmaceutical industries, along with the use of liquid nitrogen in various medical applications such as blood platelet preservatives and cryotherapy, are expected to boost demand for liquid nitrogen. Many automotive manufacturing processes are progressively using liquid nitrogen as a coolant, which is also expected to fuel demand for liquid nitrogen in the Asia-Pacific region.

The objective of the report is to present a comprehensive analysis of the Liquid Nitrogen Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Liquid Nitrogen Market dynamic, structure by analyzing the market segments and projecting the Liquid Nitrogen Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Liquid Nitrogen Market make the report investor’s guide.
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Global Liquid Nitrogen Market


Report Coverage
Details


Base Year:
2020
Forecast Period:
2021-2027


Historical Data:
2016 to 2020
Market Size in 2020:
US $ 15.38 Bn.


Forecast Period 2021 to 2027 CAGR:
5.63%
Market Size in 2027:
US $ 22.57 Bn.


 Segments Covered:
by Function
• Coolant
• Refrigerant


by Manufacturing Process
• Cryogenic Distillation
• Pressure Swing Adsorption


by End-User
• Chemical and Pharmaceuticals
• Healthcare
• Food and Beverage
• Metal Manufacturing and Construction
• Rubber and Plastics
• Others



Global Liquid Nitrogen Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• The Middle East and Africa
Global Liquid Nitrogen Market Key Players
• Air Products and Chemicals Inc.
• Linde Ag
• Praxair Inc.,
• Nexair LLC.
• Air Liquide S.A.
• Taiyo Nippon Sanso Corporation
• Gulf Cryo
• Emirates Industrial Gases Co. LLC.
• Southern Industrial Gas BHD
• The Linde Group
• Messer Group
• AMCS Corporation
• Statebourne Cryogenics Ltd
• Asia Industrial Gases Pte. Ltd.
Frequently Asked Questions:
1] What segments are covered in the Liquid Nitrogen Market report?
Ans. The segments covered in the Liquid Nitrogen Market report are based on Function, Manufacturing Process, and End-User.

2] Which region is expected to hold the highest share in the Liquid Nitrogen Market?
Ans. The North America region is expected to hold the highest share in the Liquid Nitrogen Market.

3] What is the market size of the Liquid Nitrogen Market by 2027?
Ans. The market size of the Liquid Nitrogen Market by 2027 is US $ 22.57 Bn.

4] What is the forecast period for the Liquid Nitrogen Market?
Ans. The Forecast period for the Liquid Nitrogen Market is 2020-2027.

5] What was the market size of the Liquid Nitrogen Market in 2020?
Ans. The market size of the Liquid Nitrogen Market in 2020 was US $ 15.38 Bn.