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How Is The Liquid Nitrogen Market Expected To Grow In Terms Of Size?

The market size for liquid nitrogen has been expanding significantly in the past few years. It’s projected to increase from $18.31 billion in 2024 to $19.24 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. The substantial growth experienced in the past is linked to its various applications such as industrial refrigeration, cryopreservation, food freezing, medical uses, and metal processing.

Over the coming years, the market size of liquid nitrogen is predicted to experience significant expansion. The market is projected to reach a value of $25.25 billion in 2029, with a compound annual growth rate (CAGR) of 7.0%. The projected escalation during this forecast period can be credited to the advent of new healthcare technologies, developments in biotechnology, pharmaceuticals, cryogenic energy storage, advancements in space exploration, and the growth of sustainable and green technologies. The forecast period is expected to see major trends such as cryotherapy and aesthetic procedures, biobanking and biopreservation, solutions for cryogenic storage, cryogenic cooling, and rocket propulsion.

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What Drivers Are Accelerating Expansion Of The Liquid Nitrogen Market?

The liquid nitrogen market’s progression is anticipated to be propelled by the growing requirement within the healthcare sector. Providing licensed healthcare professionals with the means to sustain or rejuvenate physical, mental, or emotional health, this sector widely utilizes liquid nitrogen. This element is chiefly employed to eliminate unwanted skin, warts, precancerous cells, and for cryogenics within healthcare. Liquid nitrogen’s common application is as a cryogenic liquid to remove unhealthy skin, exhibiting rapid freezing on contact with living cells. For instance, as per a September 2024 report released by The Centers for Medicare and Medicaid Services, a US agency, National Health Expenditures (NHE) in 2022 escalated by 4.1%, reaching $4.5 trillion, or $13,493 per capita, and accounted for 17.3% of the Gross Domestic Product (GDP). As a result, the continual rising demand from the healthcare sector is set to facilitate the liquid nitrogen market’s growth during the projected period.

Which Segments Define The Structure Of The Liquid Nitrogen Market?

The liquid nitrogenmarket covered in this report is segmented –

1) By Manufacturing Process: Cryogenic Distillation, Pressure Swing Adsorption, Other Manufacturing Processes

2) By Function: Coolant, Refrigerant

3) By Industry Vertical: Chemicals and Pharmaceuticals, Food and Beverage, Healthcare, Metal Manufacturing and Construction, Rubber and Plastic, Other Industry Verticals

Subsegments:

1) By Cryogenic Distillation: Atmospheric Distillation, Fractional Distillation

2) By Pressure Swing Adsorption (PSA): PSA For Nitrogen Generation, PSA For Purification

3) By Other Manufacturing Processes: Membrane Separation, Adsorption Process, Chemical Process

What Strategic Shifts And Innovations Are Influencing The Liquid Nitrogen Market?

Leading firms in the liquid nitrogen market are concentrating on creating liquid nitrogen (LN2) controlled-rate freezers to guarantee exact temperature control during freezing, meeting the rising demand from such industries as healthcare, food processing, and biotechnology. A liquid nitrogen (LN2) controlled-rate freezer is an advanced device created to intricately manage the cooling and freezing process by utilizing liquid nitrogen. This tool is essential for institutions involved in cryopreservation, especially those handling high-value biological materials that need meticulous management during the freezing and preservation process. For instance, BioLife Solutions, Inc., a biotechnology firm based in the US, introduced the IntelliRate i67C Liquid Nitrogen (LN2) Controlled-Rate Freezer in June 2023. This liquid nitrogen controlled-rate freezer has 67 liters (2.35 cu. ft.) of chamber volume, 40% more than other tabletop controlled-rate freezers (CRFs). Such design leads to lesser operations, streamlines the process of programming and setup, and optimizes the monitoring of LN2 and energy demands.

Who Are The Most Influential Companies In The Liquid Nitrogen Market?

Major companies operating in the liquid nitrogen market include Air Products and Chemicals Inc., Linde plc, NexAir LLC, Statebourne Cryogenics Ltd., Taiyo Nippon Sanso Corporation, Gulf Cryo, Emirates Industrial Gases Co. LLC, Southern Industrial San Bhd, Universal Industrial Gases Inc., Yingde Gases Group, Messer Group, AMCS Corporation., Air Liquide S.A., Asia Industrial Gases Pte. Ltd., MVS Engineering Pvt. Ltd., Cryogenic Industries Inc., Chart Industries Inc., Cryofab Inc., Cryoquip Inc., Cryostar SAS, Buzwair Industrial Gases Factories, INOX Air Products Pvt. Ltd., Yateem Oxygen, Cryomech Inc.

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Which Region Is Forecasted To Lead The Liquid Nitrogen Market In The Coming Years?

North America was the largest region in the liquid nitrogen market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the liquid nitrogen market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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