Liquid Nitrogen Market Growth Rate, Share, Size, Forecast 2022-2030 in Market Research Community

Liquid Nitrogen Market Insights

Liquid Nitrogen Market size was valued at USD 17.08 Billion in 2021, registering a growth of 5.37% CAGR during the forecast period (2022-2030), and the market is projected to be worth USD 27.35 Billion by 2030. Liquid nitrogen is a colorless and odorless cryogenic liquid that is widely used in various industrial, medical, and scientific applications. It is produced by cooling and compressing air, which results in the liquefaction of nitrogen gas.

Application:

The liquid nitrogen market is segmented into various applications such as cryopreservation, metal fabrication, freezing and chilling, medical, and others. Cryopreservation is the largest application segment due to the increasing demand for liquid nitrogen in preserving biological samples such as sperm, eggs, and embryos. Metal fabrication is the second-largest application segment, followed by freezing and chilling, which includes applications such as food processing, storage, and transportation. The medical application segment is expected to witness significant growth during the forecast period due to the increasing use of liquid nitrogen in medical treatments and procedures such as cryotherapy.

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Region:

The global liquid nitrogen market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific dominates the market due to the increasing demand for liquid nitrogen in various applications such as food processing, electronics manufacturing, and medical treatments. The region is also home to major liquid nitrogen producers such as Air Liquide, Linde Plc, and Praxair Inc. North America is the second-largest market, followed by Europe, which is expected to witness significant growth during the forecast period due to the increasing use of liquid nitrogen in the food and beverage industry.

Segment:

Based on the production technology, the liquid nitrogen market is segmented into cryogenic distillation and pressure swing adsorption. Cryogenic distillation is the most commonly used production technology for liquid nitrogen due to its high efficiency and reliability. Pressure swing adsorption is a newer technology that is gaining traction due to its lower energy consumption and capital costs.

Based on the storage type, the liquid nitrogen market is segmented into portable and stationary. Portable liquid nitrogen storage containers are commonly used in medical and scientific applications, while stationary liquid nitrogen tanks are used in industrial applications such as metal fabrication and freezing and chilling.

Market Value:

The global liquid nitrogen market was valued at $14.4 billion in 2020 and is projected to reach $20.5 billion by 2028, growing at a CAGR of 4.6% during the forecast period of 2021-2028. Cryopreservation is the largest application segment, followed by metal fabrication, freezing and chilling, medical, and others. Asia Pacific dominates the market, followed by North America and Europe. Cryogenic distillation is the most commonly used production technology, while portable and stationary storage types are used in various applications.

In conclusion, the liquid nitrogen market is a growing industry driven by the increasing demand for cryopreservation, metal fabrication, and freezing and chilling applications, the need for high-quality and reliable liquid nitrogen, and the availability of major liquid nitrogen producers in Asia Pacific. The market is segmented based on application, region, segment, and market value. The dominance of cryopreservation, cryogenic distillation production technology, and portable and stationary storage types, and the growth potential of the medical application segment are key trends to watch in the coming years.

The study provides answers to the following key questions:                                                                                                                                                        

• What type of customers buying the products and services from companies operating in the Liquid Nitrogen Market?
• What will be the roadmap for the product manufacturers operating in the Liquid Nitrogen Market for the forecast period, 2022-2030?
• What are the recent developments in the competitive landscape to look out for during the estimated period?
• What are the major trends influencing customers’ lives and their buying behaviour?
• How can brands best communicate with the customers they intend to target?
• When, where and how the customers want to use or consume the products or services?

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