Liquid Nitrogen Market Size Exceed $27.07 Billion By 2032 | CAGR: 4.6%

Liquid Nitrogen Market Size Worth $27.07 Billion By 2032 | CAGR: 4.6%

The global liquid nitrogen market size is expected to reach USD 27.07 billion by 2032, according to a new study by Polaris Market Research. The report “Liquid Nitrogen Market Share, Size, Trends, Industry Analysis Report, By Function (Refrigerant and Coolant); By Processing Technology; By End-Use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The demand for electronic products on a global scale has been a key element in market expansion. Also, the need for liquid nitrogen has increased due to the expanding healthcare sector. It is employed as a cryogen in cryotherapies, cryosurgeries, and cryopreservation because of its low-temperature capacity to destroy decaying tissues and remove skin tags, warts, verrucae, skin malignancies, and moles. One of the greatest options for combining two metals that cannot be welded, cemented, or soldered is liquid nitrogen shrink fitting.

The market is expected to grow over the next few years due to increasing demand from various application industries, including automotive, metals & fabricators, rubber & plastic, healthcare, electronics, construction, and food & beverages. Rapid industrialization, infrastructure development, and medical activities are projected to increase market growth.

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Liquid removed from the nitrogen compression remains at a temperature nearby -320°F. The product has numerous applications in various industries, including pharmaceuticals, chemicals, ceramic and glass, petroleum processing, steelmaking, metal refining, paper & pulp manufacturing, and healthcare. Owing to its inertness and coldness, application segments of the product have been increasing in several end-use industries.

As liquid nitrogen is warmed and vaporized to ambient temperatures, it absorbs heat quantities, allowing the temperature level to come down quickly and instantly. The product’s coldness and inertness make it the potential coolant for food freezing. Soft and heat-sensitive materials are also treated using liquid nitrogen at room temperature, which allows them to be fractured and machined. Examples include plastics, tires, pharmaceuticals, and even metals.

Liquid Nitrogen Market Report Highlights

  • Coolant was predicted to increase moderately over the following years It is highly used in application areas where injection cooling, spray cooling, or immersion cooling is required.
  • The cryogenic distillation technology held the largest revenue share in the liquid nitrogen market. The most widely used technology to supply condensed contemporary gases due to its low startup cost and little utility usage.
  • The chemicals and pharmaceuticals segment is anticipated to develop the fastest since liquid nitrogen is used in the pharmaceutical sector for everything from packaging to fire suppression.
  • North America is anticipated to be the largest geographical sector with a projected CAGR. This area's rising number of suppliers and manufacturers will accelerate market expansion. The region with the fastest growth is Asia Pacific, which has room for expansion.
  • The global key market players include Taiyo Nippon Sanso Corporation, Nexair LLC, Emirates Industrial Gases Co. LLC, Southern Industrial Gas Berhad, Messer Group, Gulf Cryo, Air Products and Chemicals, Inc., Air Liquide S.A., Praxair Inc., and the linde group.

Polaris Market Research has segmented the Liquid Nitrogen market report based on function, processing technology, end-use, and region:

Liquid Nitrogen, Function Outlook (Revenue - USD Billion, 2019 - 2032)

  • Refrigerant
  • Coolant

Liquid Nitrogen, Processing Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Pressure Swing Adsorption
  • Cryogenic Distillation

     Liquid Nitrogen, End-Use (Revenue - USD Billion, 2019 - 2032)

  • Food & Beverages
  • Healthcare
  • Metal Manufacturing & Construction
  • Chemicals & Pharmaceuticals
  • Rubber & Plastic
  • Others

Liquid Nitrogen, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa