Liquid Nitrogen Market is expected to reach US$ 28.87 Billion by 2031

Increasing Use of Liquid Nitrogen in Pharmaceutical Industry to Bolster Liquid Nitrogen Market Growth  

According to our latest market study on "Liquid Nitrogen Market Size and Forecast to 2031 – Global Analysis – by Manufacturing Method and End-Use Industry," the market was valued at US$ 18.83 billion in 2023 and is projected to reach US$ 28.87 billion by 2031; it is anticipated to record a CAGR of 5.5% from 2023 to 2031. The report includes growth prospects along with the liquid nitrogen market trends and their foreseeable impact during the forecast period.

Liquid nitrogen is used in applications such as aerospace & defense, automotive, chemical, food & beverages, metal fabrication, pharmaceutical, electronics and semiconductors, etc. In the automotive and restoration industries, nitrogen is used in combination with various other welding gases to weld components such as auto parts, frames, and mufflers. In the chemical industry, liquid nitrogen is used as a pressurizing gas. Nitrogen is a major cryogenic agent in cooling, chilling, and food freezing. It is also used to power medical devices.

Global Liquid Nitrogen Market Breakdown – by Region

The liquid nitrogen market report emphasizes the key factors driving the market. Liquid nitrogen is extensively used in various pharmaceutical applications. Liquid nitrogen is primarily used in healthcare settings to power surgical tools, medical research equipment, and other medical instruments. Liquid nitrogen is significantly used for cryotherapy medical spas. Medical spas that offer cryotherapy use whole-body cryosaunas to submerge the clients in nitrogen gas, reducing their skin temperature. Removing toxins, reducing inflammation, and enhancing circulation are among the medical advantages of liquid nitrogen in cryotherapy. It is also used to store and freeze tissues, blood, and cells at cryogenic temperatures to prevent oxidation of samples. Thus, the widespread application of liquid nitrogen in the pharmaceutical industry fuels the liquid nitrogen market growth.

North America accounted for the second-largest liquid nitrogen market share in 2023. The chemical and electronics & semiconductors industries are growing significantly in North America, majorly in the US. According to the US Department of Homeland Security, the market share for specialty chemicals in North America accounted for 23.4% as of 2022, higher than the global average. In addition, in April 2024, SAMSUNG collaborated with the Biden-Harris Administration to sign a nonbinding preliminary memorandum of terms (PMT). According to this PMT, US$ 6.4 billion will be raised in direct funding under the Science Act and CHIPS to strengthen the region's semiconductor supply chain, support advancement in technology leadership, and fuel global competition. With this collaboration, SAMSUNG is expected to invest over US$ 40 billion in the development and production of leading-edge chips in North America. Liquid nitrogen is widely used as a cryopump in cooling shields that help create an ultra-pure vacuum space where chips can be manufactured by molecular layer building via multi-beam epitaxy systems. Thus, the growing operations in the chemical and electronics & semiconductors industries in the region drive the demand for liquid nitrogen. The liquid nitrogen market in the US is driven by the flourishing chemicals industry in the country. According to the US Department of Homeland Security, the US chemical sector is the second largest chemical producer worldwide, as 13% of the world's chemicals are produced in the country. The US chemical sector contributes to over 25% of the total US GDP, with the presence of numerous chemical production facilities. Further, 96% of the US goods and commodities are manufactured using chemical products. In Canada, the increasing demand for food & beverage products in the market is expected to boost the demand for liquid nitrogen in the country over the forecast period. This increasing demand for food & beverage products in the market is expected to boost the demand for liquid nitrogen in the country over the forecast period.

Global Liquid Nitrogen Market: Trends

Traditionally, liquid nitrogen is obtained from cryogenic separation and pressure swing adsorption, in which the nitrogen is separated from atmospheric air and then processed into a liquid format. However, the process emits greenhouse gas emissions, increasing the environmental concern among manufacturers. Thus, manufacturers are now developing environment-friendly production processes to limit the impact on the environment. For instance, these processes include the use of biomass that has been gasified with nitrogen. This technique produces liquid nitrogen by mixing hydrogen gas and carbon dioxide gas into a gaseous state. This trend of advanced development of liquid nitrogen offers high efficiency of industrial processes for producing liquid nitrogen; the process is also eco-friendly and user-friendly. It does not cause greenhouse gas emissions, making this process a popular option among manufacturers. ECHEMI GLOBAL CO is a leading chemical manufacturer and offers sustainable and lab-friendly liquid nitrogen. Thus, the development of sustainable and lab-friendly liquid nitrogen is expected to bolster market growth in the coming years.

Based on end-use industry, the liquid nitrogen market is segmented into aerospace & defense, automotive, chemical, food & beverage, metal fabrication, pharmaceutical, electronics & semiconductors, and others. The metal fabrication segment accounted for the largest liquid nitrogen market share in 2023. In metal production, nitrogen is used for heat treating and inerting. In metalworking, nitrogen is commonly used in the annealing process. Nitrogen annealing includes reducing metal hardness and increasing ductility through heat treatment. In addition, nitrogen is widely used in plasma and laser cutting processes for noble materials, including austenitic or high alloy steel and aluminum. The growing demand for manufactured goods and rising demand for lightweight materials, particularly in the aerospace and automotive sectors, are mainly driving the metal fabrication industry. This is positively impacting the demand for liquid nitrogen from the metal fabrication industry. 

A few of the key players in the liquid nitrogen market include Linde Plc, L'Air Liquide SA, Air Products and Chemicals Inc, SOL SpA, Praxair Technology Inc, Nippon Sanso Holdings Corp, Ube Corporation, AIR WATER INC, Gulf Cryo LLC, Osaka Gas Co Ltd, Tokyo Gas Chemicals Co Ltd, Messer SE & Co KGaA, nexAir LLC, ADNOC Gas, and Matheson Tri-Gas Inc. The market players offer innovative products at affordable prices that attract a large number of consumers, which would open new opportunities for them in the coming years. Liquid nitrogen market forecasts can help stakeholders plan their growth strategies.

The liquid nitrogen market involves the segmentation of the market based on:

The liquid nitrogen market analysis is based on manufacturing method and end-use industry. The liquid nitrogen market, based on manufacturing method, is divided into cryogenic distillation and pressure swing adsorption. By end-use industry, the market is segmented into aerospace & defense, automotive, chemical, food & beverage, metal fabrication, pharmaceutical, electronics & semiconductors, and others. The scope of the liquid nitrogen market report focuses on North America (US, Canada, and Mexico), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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