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The liquid nitrogen market size is estimated to grow at a CAGR of 6.14% between 2022 and 2027. The market size is forecast to increase by USD 5,846.77 million. The growth of the market depends on several factors, including increasing demand from healthcare industry, growing adoption of liquid nitrogen in food and beverage industry, and the rising demand for liquid nitrogen in electronics industry.
This liquid nitrogen market report extensively covers market segmentation by application (chemicals/pharma/biotech, food and beverages, metal manufacturing and construction, and others), usage (coolant and refrigerant), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing adoption of liquid nitrogen in food and beverage industry are notably driving the market growth, although factors such as the fluctuating prices of liquid nitrogen may impede the market growth. Our researchers analyzed the data with 2022 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.
Growing adoption of liquid nitrogen in food and beverage industry is the key factor driving the growth of the global LN2 market. The food and beverage industry is another major driver of the global liquid nitrogen market as liquid nitrogen is increasingly used in various applications. Liquid nitrogen 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, liquid nitrogen can create a smoother, creamier texture and is used to make ice cream and other frozen desserts.
Moreover, liquid nitrogen 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 of liquid nitrogen 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 of liquid nitrogen in the food and beverage industry, driving the growth of the global liquid nitrogen market during the forecast period.
Liquid nitrogen as jet medium in petroleum engineering is the primary trend in the global LN2 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 of liquid nitrogen 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 for liquid nitrogen as 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 of liquid nitrogen 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 liquid nitrogen market during the forecast period.
Fluctuating prices of liquid nitrogen is a major challenge to the growth of the global LN2 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 for liquid nitrogen, which can pose challenges for both producers and consumers. Fluctuating prices can pose significant challenges to the global liquid nitrogen market. This is because the price of liquid nitrogen 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 of liquid nitrogen also face challenges when prices fluctuate. In summary, fluctuating prices in the global liquid nitrogen 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 liquid nitrogen market during the forecast period.
The 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 growth strategies.
Global Liquid Nitrogen Market Customer Landscape
Vendors 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 report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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 8,907.00 million in 2017 and continue to grow by 2021. In chemiccal 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 of liquid nitrogen 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 44% 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 liquid nitrogen 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 liquid nitrogen product 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 COVID-19 pandemic posed certain challenges for the liquid nitrogen market in North America in 2020. However, after the vaccination drive, governments of North American countries announced a series of economic packages to help industrial units return to normalcy. More investments will be required to redirect the growth of the regional economy. Such steps will drive industrial growth, thereby also fueling the demand for liquid nitrogen in the region. Moreover, rising concerns over climate change will encourage the use of clean energy in the region, which will support the growth of liquid nitrogen. Hence, the liquid nitrogen market is anticipated to grow in the region during the forecast period.
The liquid nitrogen market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global nitrogen liquid market as a part of the global commodity chemicals market within the global chemicals market. The global commodity chemicals market covers companies that primarily produce industrial and basic chemicals, including, but not limited to, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Liquid Nitrogen Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.14% |
Market growth 2023-2027 |
USD 5,846.77 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.7 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 44% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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, Gulf Cryo Holding CSC, 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 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 |
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