Liquid Nitrogen Market Insights
In 2021, the liquid nitrogen market was valued at USD 17.08 billion. It is estimated to exhibit a Compound Annual Growth Rate (CAGR) of 5.37% from 2022 to 2030, and is anticipated to attain a value of USD 27.35 billion by 2030.
Produced by compressing and cooling air, liquid nitrogen is a colorless and odorless cryogenic liquid that finds extensive use in a range of scientific, medical, and industrial applications. This liquefied form of nitrogen gas is obtained through the process of compression.
Application:
The liquid nitrogen market can be categorized into various application segments, such as cryopreservation, metal fabrication, medical, freezing and chilling, and others. Cryopreservation is the largest application segment, owing to the growing demand for liquid nitrogen in preserving biological samples like eggs, sperm, and embryos. The metal fabrication segment is the second-largest application, followed by freezing and chilling, which is widely used in the food industry for the storage, transportation, and processing of products. Additionally, the medical segment is expected to witness significant growth during the forecast period, primarily driven by the increasing adoption of liquid nitrogen in medical procedures and treatments, 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 can be categorized into two production technologies: cryogenic distillation and pressure swing adsorption. Cryogenic distillation, known for its high efficiency and reliability, is the more prevalent technology used. On the other hand, pressure swing adsorption, a relatively new technology, is increasingly gaining popularity because of its lower energy consumption and capital costs.
The liquid nitrogen market is divided into two segments based on storage type: portable and stationary. Portable containers for liquid nitrogen storage are generally utilized in medical and scientific applications, while stationary tanks are used in industrial applications like 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 share 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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