Liquid Nitrogen Market Insights
The liquid nitrogen market was valued at USD 17.08 billion in 2021 and is expected to grow at a CAGR of 5.37% during the forecast period of 2022-2030. By 2030, the market is projected to reach a worth of USD 27.35 billion.
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 can be categorized into different applications, such as cryopreservation, metal fabrication, freezing and chilling, medical, and others. The largest share is held by cryopreservation, fueled by the rising need for liquid nitrogen to preserve biological samples like sperm, eggs, and embryos. Metal fabrication is the second-largest application, followed by freezing and chilling, which is utilized in the food industry for processing, storing, and transporting products. Additionally, the medical segment is anticipated to experience significant growth during the forecast period, attributed to the expanding utilization 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:
The liquid nitrogen market is classified into two production technologies: cryogenic distillation and pressure swing adsorption. Cryogenic distillation, known for its high efficiency and reliability, is the more widely used technology. Meanwhile, pressure swing adsorption, a newer technology, is gaining popularity because of 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 major application segments for liquid nitrogen are cryopreservation, metal fabrication, freezing and chilling, medical, and other applications. The market is dominated by Asia Pacific, followed by North America and Europe. Cryogenic distillation is the prevailing production technology, with portable and stationary storage types being utilized in different applications.
In conclusion, the liquid nitrogen market size 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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