Liquid Nitrogen Market Size, Share, Growth Analysis, By Function(Coolant, Refrigerant), By Technology(Cryogenic distillation, Pressure swing adsorption, and Others), By Region - Industry Forecast 2024-2031

Liquid Nitrogen Market size was valued at USD 17.09 Billion in 2022 and is poised to grow from USD 18.06 Billion in 2023 to USD 28.15 Billion by 2031, at a CAGR of 5.70% during the forecast period (2024-2031). 

The liquid nitrogen market features a competitive landscape with the presence of several key players. These companies are actively engaged in product development, strategic partnerships, and expansion strategies to maintain their market position and gain a competitive edge. The market is characterized by the presence of both multinational corporations and regional players, catering to diverse industry verticals and geographical regions. Partnerships, collaborations, and acquisitions are common strategies adopted by market players to strengthen their market presence and expand their product portfolios. These initiatives allow companies to access new markets, technologies, and customer bases. Moreover, investments in research and development activities play a crucial role in driving innovation and ensuring continuous product improvement. 'Linde plc (UK)', 'Air Liquide S.A. (France)', 'Air Products and Chemicals, Inc. (US)', 'Praxair, Inc. (US)', 'Taiyo Nippon Sanso Corporation (Japan)', 'Messer Group GmbH (Germany)', 'Gulf Cryo (Bahrain)', 'Yingde Gases Group Company Limited (China)', 'Chart Industries, Inc. (US)', 'Parker Hannifin Corporation (US)', 'SOL Group (Italy)', 'Matheson Tri-Gas, Inc. (US)', 'Air Water Inc. (Japan)', 'Taiyo Oxygen Co., Ltd. (Japan)', 'Cryotec Anlagenbau GmbH (Germany)', 'RoboGas (Netherlands)', 'Yateem Oxygen (Bahrain)', 'Ellenbarrie Industrial Gases Ltd. (India)', 'Southern Industrial Gas Berhad (Malaysia)', 'Eurotainer SA (Luxembourg)'

The demand for liquid nitrogen in healthcare and medical applications continued to rise in 2022. Liquid nitrogen is widely used in cryopreservation, cryosurgery, and biomedical research. For example, in the field of assisted reproductive technology, liquid nitrogen is utilized for the storage and preservation of reproductive cells like sperm and eggs. The increasing prevalence of infertility and the growing demand for fertility treatments contributed to the higher consumption of liquid nitrogen. Additionally, the medical industry extensively uses liquid nitrogen for the storage and transportation of vaccines, blood products, and tissue samples.

Adoption of Nitrogen-Based Refrigeration Systems: A key trend observed in the liquid nitrogen market in 2022 was the increasing adoption of nitrogen-based refrigeration systems. These systems utilize liquid nitrogen as a refrigerant for cooling applications. Nitrogen-based refrigeration offers advantages such as lower energy consumption, reduced environmental impact, and improved temperature control. The trend was particularly notable in the food and beverage industry, where nitrogen-based refrigeration systems were used for quick freezing and preservation of food products, ensuring better quality and longer shelf life.

North America held the leading position in the liquid nitrogen market, accounting for approximately 35% of the total market revenue in 2022. The region's strong market presence can be attributed to the rising developmental activities and investments. The increasing number of manufacturers and suppliers in North America is expected to further boost the market.

Liquid Nitrogen Market size was valued at USD 17.09 Billion in 2022 and is poised to grow from USD 18.06 Billion in 2023 to USD 28.15 Billion by 2031, at a CAGR of 5.70% during the forecast period (2024-2031).

The liquid nitrogen market features a competitive landscape with the presence of several key players. These companies are actively engaged in product development, strategic partnerships, and expansion strategies to maintain their market position and gain a competitive edge. The market is characterized by the presence of both multinational corporations and regional players, catering to diverse industry verticals and geographical regions. Partnerships, collaborations, and acquisitions are common strategies adopted by market players to strengthen their market presence and expand their product portfolios. These initiatives allow companies to access new markets, technologies, and customer bases. Moreover, investments in research and development activities play a crucial role in driving innovation and ensuring continuous product improvement. 'Linde plc (UK)', 'Air Liquide S.A. (France)', 'Air Products and Chemicals, Inc. (US)', 'Praxair, Inc. (US)', 'Taiyo Nippon Sanso Corporation (Japan)', 'Messer Group GmbH (Germany)', 'Gulf Cryo (Bahrain)', 'Yingde Gases Group Company Limited (China)', 'Chart Industries, Inc. (US)', 'Parker Hannifin Corporation (US)', 'SOL Group (Italy)', 'Matheson Tri-Gas, Inc. (US)', 'Air Water Inc. (Japan)', 'Taiyo Oxygen Co., Ltd. (Japan)', 'Cryotec Anlagenbau GmbH (Germany)', 'RoboGas (Netherlands)', 'Yateem Oxygen (Bahrain)', 'Ellenbarrie Industrial Gases Ltd. (India)', 'Southern Industrial Gas Berhad (Malaysia)', 'Eurotainer SA (Luxembourg)'

The demand for liquid nitrogen in healthcare and medical applications continued to rise in 2023. Liquid nitrogen is widely used in cryopreservation, cryosurgery, and biomedical research. For example, in the field of assisted reproductive technology, liquid nitrogen is utilized for the storage and preservation of reproductive cells like sperm and eggs. The increasing prevalence of infertility and the growing demand for fertility treatments contributed to the higher consumption of liquid nitrogen. Additionally, the medical industry extensively uses liquid nitrogen for the storage and transportation of vaccines, blood products, and tissue samples.

Adoption of Nitrogen-Based Refrigeration Systems: A key trend observed in the liquid nitrogen market in 2022 was the increasing adoption of nitrogen-based refrigeration systems. These systems utilize liquid nitrogen as a refrigerant for cooling applications. Nitrogen-based refrigeration offers advantages such as lower energy consumption, reduced environmental impact, and improved temperature control. The trend was particularly notable in the food and beverage industry, where nitrogen-based refrigeration systems were used for quick freezing and preservation of food products, ensuring better quality and longer shelf life.

North America held the leading position in the liquid nitrogen market, accounting for approximately 35% of the total market revenue in 2023. The region's strong market presence can be attributed to the rising developmental activities and investments. The increasing number of manufacturers and suppliers in North America is expected to further boost the market.