Liquid Nitrogen Market size is expected to reach USD 30 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of liquid nitrogen was over USD 19 Billion. The market is expanding as a result of the growing concern about food safety, which has also given rise to cryogenic freezing in the food and beverage sector. The procedure takes less time, has no impact on the caliber and flavor of the food, and most of the packaging is environmentally friendly. The largest player in the frozen food industry is Nestlé USA, which produces goods for practically all product categories. For instance, Nestlé USA's sales in the frozen pizza category totaled 2.3 billion dollars in 2021.
Precancers, skin malignancies, and benign growths can all be frozen and prevented from spreading using liquid nitrogen in dermatology. Such benign growths and malignancies can be treated by simply applying liquid nitrogen with a cotton pad or spraying it on the affected area. According to a recent report, every day, more than 9,500 Americans receive a skin cancer diagnosis. Every hour, more than two people pass away from the illness.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 5% |
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Base Year Market Size (2023) |
~ USD 19 Billion |
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Forecast Year Market Size (2036) |
~ USD 30 Billion |
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Regional Scope |
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Technology (Cryogenic Distillation, Pressure Swing Adsorption)
The cryogenic distillation segment in the liquid nitrogen market is expected to hold a significant share of 53% during the forecast period. The growth can be accredited to the growing use of cryogenic distillation technology in the production of automotive semiconductors and other semiconductor devices. Additionally, this technique enables the cost-effective production of industrial gases including nitrogen, argon, and oxygen. Moreover, it is frequently used to produce liquified industrial gases because of its low initial investment and minimum utility demand. For instance, in 2020 over 74 thousand people were employed by an industrial gas company, Linde. Also, the company made over 27 billion dollars in revenue. Also, cryogenic distillation is used in the purification of gases such as argon, oxygen, carbon monoxide, and light hydrocarbons. These factors are escalating the growth of the segment.
End-User (Chemical & Pharmaceutical, Healthcare, Transportation)
Liquid nitrogen market from the chemical & pharmaceutical segment is expected to hold a share of. Liquid nitrogen is the nitrogen element in the liquid form prepared with the help of fractional distillation of liquid air. It is odourless, colorless, inert, non-toxic, and inflammable. These properties of liquid nitrogen raise its demand in the chemical and pharmaceutical industry. When making medications, nitrogen is usually utilized to transport the reaction mixture from one container to another. It is essential to use safe, inert gas when delivering liquid or powdered drugs as doing so could be harmful. According to a report, the pharmaceutical industry has grown significantly over the last 20 years, and in 2022, global pharma revenues reached USD 1.48 trillion. Thus, the expansion of the pharmaceutical industry is also escalating the market growth during the forecast period.
Our in-depth analysis of the global liquid nitrogen market includes the following segments:
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Storage Type |
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Function |
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Technology |
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End-User |
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APAC Market Forecast
The liquid nitrogen market in Asia Pacific is expected to hold a share of 37% by the end of 2036. The market is expanding in the region owing to the robust progress of chemical and pharmaceutical industries, especially in China, and India, and the increasing demand for electronic products. In addition, the presence of a large and diverse domestic drug industry is also predicted to boost the market growth in the forecast period. As per a report, in 2022, about 295 acquisitions of biotechnology or pharmaceutical companies involving Chinese parties were recorded. The majority of the products produced by Chinese companies are generics, therapeutic drugs, active pharmaceutical components, and traditional Chinese remedies. In China, generic medications make up more than 90% of all registered pharmaceuticals. These factors are expanding the market in the region.
North American Market Statistics
North America liquid nitrogen market is anticipated to hold a share of 28% during the forecast period. The market for liquid nitrogen is growing due to an increase in the number of manufacturers and suppliers, along with a rise in research and development activities. The demand for liquid nitrogen in the healthcare sector, specifically for preserving biological samples, is also contributing to the market growth. According to a survey, the US economy is anticipated to generate a revenue of USD 27.13 billion by 2027. The healthcare sector employs 14% of adult Americans. Additionally, liquid nitrogen is utilized for welding and cutting in the metal manufacturing and construction industries, which is driving the market growth in the region due to increased reconstruction activities. These factors are accelerating the liquid nitrogen market growth in the region.
Author Credits: Smruti Ranjan, Rajrani Baghel
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