Liquid Nitrogen Market Projected to Grow At A CAGR of ~5% By 2030

Research Nester published a report titled “Liquid Nitrogen Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global liquid nitrogen market in terms of market segmentation by storage type, function, technology, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global liquid nitrogen market is estimated to occupy a hefty amount of revenue by recording a CAGR of ~5% during the forecast period, i.e., 2022 – 2030, owing to the growing demand for LN2 in electronic product and industrial gas applications, and rapidly rising infrastructural activities across the globe. Apart from these, increasing industrialization and urbanization, and spiraling demand for liquid nitrogen as a coolant and refrigerant in several end user industries are also expected to drive market growth in the forthcoming years. The World Bank states that in 2020 56.15 percent of the total world population lived in urban areas, up from 55.714 percent and 55.272 percent in the years 2019 and 2018 respectively. 

The market is segmented by storage type, function, technology and end-user. Based on function, the coolant segment is anticipated to grab the largest market share during the forecast period on the back of rising usage of liquid nitrogen as a coolant in a wide range of industries, including healthcare and metal manufacturing. Additionally, by end-user, the chemical and pharmaceutical segment is projected to gather the largest share over the forecast period ascribing to the high demand for liquid nitrogen from this industry ascribing to its chemical inertness and non-toxicity.

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Geographically, the global liquid nitrogen market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is evaluated to grab the largest share in the market during the forecast period attributing to the surge in number of manufacturers and suppliers of liquid nitrogen in the region. Moreover, Asia Pacific is predicted to register noteworthy market growth by the end of 2030 in view of the growing chemical and pharmaceutical industries, and escalating research and development activities regarding the product in the region.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

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Increasing Demand for LN2 in Industrial Gas and Electronic Product Applications Worldwide to Drive Market Growth

Over the last few years, the demand for LN2 for applications in the industrial gas and electronic product sectors have witnessed a notable hike. This can be attributed to the beneficial uses of LN2 such as backup nitrogen, cryogenics and sample preservation, which in turn is predicted to raise its demand significantly in the near future, resulting in notable market growth.

However, health implications associated with use of liquid nitrogen is expected to operate as key restraint to the growth of the global liquid nitrogen market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global liquid nitrogen market which includes company profiling of Air Liquide SA, Taiyo Nippon Sanso Corporation, Messer Group, Emirates Industrial Gases Co. Ltd., Nexair LLC, Air Products Inc, Inox Air Products, Gulf Cryo, Praxair Inc., The Linde Group, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global liquid nitrogen market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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