Liquid Nitrogen Market Set to Soar Past USD 26.63 Billion by 2030 | Skyquest Technology
The global Liquid Nitrogen market size is expected to reach USD 26.63 billion by 2030 and exhibit a CAGR of 5.7% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing applications in healthcare, food and beverage processing, electronics manufacturing, and metal fabrication, growing demand for cryogenic freezing and preservation, the expanding use of liquid nitrogen in pharmaceutical research and biotechnology, and its role in energy storage and cooling processes in various industries are fueling the market’s growth.
Westford, USA, Feb. 12, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Liquid Nitrogen Market, increasing adoption for cryopreservation and storage of biological samples and tissues, rising demand for liquid nitrogen in the food and beverage industry for freezing and packaging applications, growing use in electronics manufacturing for cooling and semiconductor production, expanding applications in metal fabrication and welding, and the development of advanced cryogenic technologies for medical and healthcare applications are the trends that aid in the market’s growth.
Browse in-depth TOC on “Liquid Nitrogen Market”
- Pages – 157
- Tables – 62
- Figures – 75
Liquid nitrogen is a colorless, odorless, and non-flammable cryogenic liquid that is formed when nitrogen gas is cooled below its boiling point of -195.79 °C (-320.42 °F). It is the most common cryogenic liquid and is used in a wide variety of applications.
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Prominent Players in Liquid Nitrogen Market
- Air Liquide
- Linde plc
- Air Products and Chemicals, Inc.
- Taiyo Nippon Sanso Corporation
- Gulf Cryo
- Messer Group
- Chart Industries, Inc.
- Matheson Tri-Gas
- Nippon Sanso Holdings Corporation
- Worthington Industries, Inc.
- NexAir LLC
- Matheson Inc.
- Messer Industries
- Cryogenic Industries
- Airgas, Inc.
- Praxair, Inc.
- BOC Group plc
- NexAir LLC
- Advanced Cryogenics, Inc.
- Cryogenic Gases International Corporation
- Matheson Tri-Gas, Inc.
- White Martins S. A.
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Cryogenic Tanks Demand to Grow Substantially in the Forecast Period
Cryogenic Tanks dominates the global online market as they are larger storage vessels designed for industrial and commercial-scale applications. They can hold substantial quantities of liquid nitrogen and are often used in food processing, metal fabrication, and electronics manufacturing industries.
Healthcare and Medical is the Leading Application Segment
Cryopreservation of biological samples, tissues, and cells is critical in healthcare and medical research. Liquid nitrogen is used for the long-term storage of biological materials, including stem cells and genetic samples, which are valuable for research, diagnostics, and regenerative medicine. The healthcare sector’s continuous need for cryopreservation drives consistent demand for liquid nitrogen.
North America is the leading Market Due to the Technological Advancements
North America, particularly the United States, has a mature industrial base and a strong presence in healthcare, electronics manufacturing, and research. The region’s advanced healthcare sector drives demand for liquid nitrogen in cryopreservation and medical applications. A robust electronics manufacturing industry in the U.S. contributes to the use of liquid nitrogen for semiconductor production. North America’s focus on research and development also supports the demand for liquid nitrogen in various scientific fields.
A recent report thoroughly analyzes the major players operating within the Liquid Nitrogen market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Liquid Nitrogen.
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Key Developments in Liquid Nitrogen Market
- In March 2023, Air Liquide announced the expansion of its liquid nitrogen production facility in the United States. The expansion is expected to increase the company’s liquid nitrogen production capacity by 50%.
- In February 2023, Praxair announced the acquisition of BOC’s liquid nitrogen business in the United States. The acquisition is expected to strengthen Praxair’s position in the liquid nitrogen market and expand its customer base.
Key Questions Answered in Liquid Nitrogen Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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