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The liquid nitrogen market size is forecast to increase by USD 6.91 billion at a CAGR of 6.78% between 2023 and 2028. The expansion of the market hinges on several key factors. Firstly, the healthcare industry's escalating demand drives market growth, spurred by the need for cryopreservation and medical applications. Secondly, the food and beverage sector witnesses a growing adoption of liquid nitrogen for cryogenic freezing and processing, amplifying market demand. Lastly, the electronics industry contributes to this growth trajectory, propelled by the increased usage of liquid nitrogen for cooling and cryogenic treatments in semiconductor and electronics manufacturing. As these industries continue to embrace varied applications, the market is poised for steady expansion in the coming years.
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The market is driven by diverse applications across multiple industries. Its role as a pharmacological medication in cryosurgery and preservation, along with its use in metalworking, food processing, and packaged gas, underscores its vital importance. Growing demands from agriculture to meet global population needs, coupled with expanding applications in science, research, and petrochemicals, fuel market growth. However, challenges such as handling and storage safety, transportation logistics, and regulatory compliance pose significant obstacles. Navigating these challenges while capitalizing on emerging trends remains crucial for market stakeholders. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing adoption of liquid nitrogen in the food and beverage industry is the key factor driving the growth of the market. The food and beverage industry is another major driver of the global market and is increasingly used in various applications. It is used in the food industry for refreezing, refrigeration, packaging, and other processes. It is widely used as a good cooling agent, especially in frozen food production. Rapid cooling with liquid nitrogen helps preserve food texture and quality and extends shelf life. Additionally, it can create a smoother, creamier texture and is used to make ice cream and other frozen desserts.
Moreover, it can be used to create carbonated drinks by adding pressure to the liquid nitrogen, which causes it to dissolve in the liquid, resulting in carbonation. The use in the food and beverage industry has several advantages. Firstly, it can help improve the quality and texture of the products. These factors have contributed to the growing adoption in the food and beverage industry, driving the growth of the global market during the forecast period.
Liquid nitrogen as a jet medium in petroleum engineering is the primary trend in the market growth. Liquid nitrogen can effectively clean and remove unwanted material from oil wells, pipelines, and other equipment, making it a popular blasting medium in petroleum engineering. The use as a blasting medium in petroleum engineering involves injecting liquid nitrogen into a well or pipeline at high pressure. This causes the liquid nitrogen to expand rapidly, creating a high-velocity jet stream that can loosen and remove clogs, scale, and other debris. This process, known as nitrogen lifting or nitrogen injection, can be used for a variety of applications, including well stimulation, pipeline cleaning, and demineralization.
The increasing demand as for a jet medium in petroleum engineering is driven by several factors, including the growing need to improve the efficiency and productivity of oil and gas production, the increasing complexity of oil and gas reservoirs, and the need to extend the life of aging infrastructure. Moreover, the use as a jet medium offers several advantages over traditional methods, including faster cleaning times, lower costs and reduced environmental impact. These factors are likely to continue driving the growth of the global market during the forecast period.
Fluctuating prices of liquid nitrogen is a major challenge to the growth of the market. Liquid nitrogen prices are subject to changes in supply and demand, energy prices, and raw material costs. The variability of these factors can lead to unpredictable prices, which can pose challenges for both producers and consumers. Fluctuating prices can pose significant challenges to the global market. This is because the price is highly dependent on several factors, such as supply and demand, energy prices, and raw material costs. These factors are unpredictable and subject to change, which can lead to volatility in liquid nitrogen prices. For liquid nitrogen producers, fluctuating prices can create uncertainty in terms of revenues and profits. When prices are low, it may be difficult for producers to cover their costs, which can lead to reduced production levels and potential layoffs.
Conversely, when prices are high, consumers may seek alternatives or reduce their usage, leading to decreased demand and revenue for producers. Consumers also face challenges when prices fluctuate. In summary, fluctuating prices in the global market can create challenges for both producers and consumers. These challenges can include uncertainty in revenue and profits, reduced production levels, and the need to find alternative products or solutions. Hence, fluctuating prices can hamper the growth of the global market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Air Products and Chemicals Inc.: The company offers liquid nitrogen, such as liquid nitrogen, in cryogenic liquid cylinders and cryogenic storage tanks.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a dynamic sector driven by various factors. Element Nitrogen, a key component, finds extensive use in pharmacological medication and cryosurgery, where liquid nitrogen is utilized for medical applications and preservation. Additionally, it plays a vital role in metalworking and food processing, meeting agricultural demands and global population needs. As a packaged gas, liquid nitrogen is indispensable in compressed gas applications and scientific research while also serving the petrochemical industry. With diverse applications spanning multiple sectors, the market is positioned to thrive amidst growing demand and evolving technological advancements.
The market share growth by the chemicals/pharma/biotech segment will be significant during the forecast period. In the chemical industry, liquid nitrogen finds a wide array of applications, such as pressurizing gas and transporting liquids by propelling them through pipelines. In the pharmaceutical and biotechnology sector, liquid nitrogen is used to freeze medicines, chemical formulations, and biological samples for subsequent studies and research.
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The chemicals/pharma/biotech segment was valued at USD 9.35 billion in 2018. In chemical industry, the stringent environmental regulations to control hazardous air pollutants, liquid nitrogen is beneficial as it reduces VOC emissions when used as a refrigerant. It condenses VOCs by cooling the emissions at a low temperature. This helps in the recovery of valuable products and encourages recycling. Liquid nitrogen, as a refrigerant, is applied through indirect heat exchange, while warmed nitrogen can be used for purging and blanketing properties.
In the pharmaceutical and biotechnology sector, the freezing property of cryogenic liquid nitrogen helps in maintaining a low temperature in freeze-dryer chambers and condensers. Storage and use must follow International Air Transport Association (IATA) guidelines while shipping biological materials. When materials are shipped through the air, the container carrying the materials should be shipped as a dry shipper. Such factors will increase segment growth during the forecast period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America will have the major share of the global market during the forecast period. This is due to an increase in development activities, an increasing number of manufacturers and suppliers, and joint ventures and new manufacturing plants in the region. For instance, Air Products and Chemicals will have a joint venture with Linde North America to set up a manufacturing plant in New York. This plant will be producing liquid nitrogen, oxygen, and argon. Air Products and Chemicals increased the price of its products in response to the rising cost of processing. This increase in the cost will be focused on increasing the reliability, security, safety, and efficiency of operations of the company. The demand for gases will be driven by the healthcare, construction, and metals industries in this region.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Liquid Fertilizer Market: Liquid Fertilizer Market Analysis APAC, North America, Europe, South America, Middle East and Africa - China, US, India, Germany, France - Size and Forecast
Industrial Gases Market in Europe: Industrial Gases Market in Europe by End-user, and Distribution Channel - Forecast and Analysis
Nitrogenous Fertilizer Market: Nitrogenous Fertilizer Market by Type, Product, and Geography - Forecast and Analysis
The market is influenced by various factors, including its wide-ranging applications in cryogenic technologies and biomedical research. As a preservative and coolant segment, it's integral to cryogenic facilities and healthcare sectors, particularly in fertility treatments and infertility research. Operational cost and energy consumption are key considerations, driving efforts towards sustainability and nitrogen recovery to address environmental concerns like carbon footprint and greenhouse gas emissions. Major players like Praxair and CanAir Nitrogen play pivotal roles amidst geopolitical influence and economic policies. The market's trajectory is shaped by legal scenario, demographic changes, and personalized engagement, reflecting a dynamic landscape amid evolving economic impact and region coverage.
Further, the market is crucial in various sectors, notably the healthcare sector, where it's used for cryogenic applications and as a refrigerant segment. Concerns about sustainability concerns drive advancements in nitrogen recovery and environmental preservation, especially in science and research. Legal frameworks play a vital role, shaping the regulatory scenario and addressing ethnic concerns related to resource allocation and usage. Additionally, liquid nitrogen finds significant use in agriculture, particularly as a fertilizers, contributing to crop yield optimization and soil enhancement. This highlights its multifaceted role in various industries, underscoring its importance and demand in diverse applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 6.91 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Air Liquide SA, Air Products and Chemicals Inc., AMCS Corp., Asia Industrial Gases Pte. Ltd., Asia Technical Gas Co Pte Ltd., Buzwair Industrial Gases Factories, Cryomech Inc., Goyal Group, Gulfcryo., Linde Plc, Messer SE and Co. KGaA, MVS Engineering Pvt. Ltd., Nippon Sanso Holdings Co. Ltd., Statebourne Cryogenics Ltd., and Yingde Gas Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Usage
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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