Liquid Nitrogen Market Size to grow by USD 5,846.77 million from 2022 to 2027, The growing adoption of liquid nitrogen in the food and beverage industry to boost the market growth

NEW YORK, June 5, 2023 /PRNewswire/ -- The global liquid nitrogen market size is estimated to increase by USD 5,846.77 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 6.14% during the forecast period. The growing adoption of liquid nitrogen in the food and beverage industry is the key factor driving the growth of the global LN2 market. By adding pressure to the liquid nitrogen, which causes it to dissolve in the liquid, resulting in carbonation, liquid nitrogen can be used to create carbonated drinks. Furthermore, the use of liquid nitrogen in the food and beverage industry has several advantages. Additionally, the rapid cooling with liquid nitrogen helps preserve food texture and quality and extends shelf life. Hence, such applications in end-user segments drive market growth during the forecast period. Discover some insights on the market size historic period (2017 to 2021) and Forecast 2023-2027 before buying the full report -Request a sample report

Liquid nitrogen market – Vendor AnalysisVendor Landscape - The global liquid nitrogen market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer liquid nitrogen in the market are 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. and others.

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Global competitiveness and key competitor positions

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Vendor Offerings -

Air Liquide SA - The company offers liquid nitrogen for the food and beverage industry.

Air Products and Chemicals Inc. - The company offers liquid nitrogen such as liquid nitrogen in cryogenic liquid cylinders and cryogenic storage tanks.

AMCS Corp. - The company offers liquid nitrogen such as AMCS Ultra N and NL series liquid nitrogen.

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Liquid Nitrogen Market - Segmentation Assessment

Segment OverviewTechnavio has segmented the market based on 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).

The market share growth by the chemicals/pharma/biotech segment will be significant for overall market growth during the forecast period. Liquid nitrogen finds a wide array of applications in the chemical industry, such as pressurizing gas and transporting liquids by propelling them through pipelines. Also, in the pharmaceutical and biotechnology sector, liquid nitrogen is used to freeze medicines, chemical formulations, and biological samples for subsequent studies and research. The stringent environmental regulations to control hazardous air pollutants, liquid nitrogen is beneficial as it reduces VOC emissions when used as a refrigerant. Furthermore, it condenses VOCs by cooling the emissions at a low temperature, which helps in the recovery of valuable products and encourages recycling. Hence, such applications in different industries drives the segment growth during the forecast period.

Geography OverviewBy geography, the global liquid nitrogen market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global liquid nitrogen market.

North America is estimated to account for 44% of the growth of the global market during the forecast period. The region has the major share of the global liquid nitrogen market during the forecast period due to an increase in development activities, an increasing number of manufacturers and suppliers, and joint ventures and new manufacturing plants. For instance, Air Products and Chemicals will have a joint venture with Linde North America to set up a manufacturing plant in New York, which produces liquid nitrogen, oxygen, and argon. Hence, the demand for gases will be driven by the healthcare, construction, and metals industries in this region.

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Liquid Nitrogen Market – Market Dynamics

Key Trends -

Liquid nitrogen as a jet medium in petroleum engineering is an emerging trend influencing the global LN2 market growth.

Liquid nitrogen can effectively clean and remove unwanted material from oil wells, pipelines, and other equipment.

This makes it a popular blasting medium in petroleum engineering. Furthermore, 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 process, which is known as nitrogen lifting or nitrogen injection, causes the liquid nitrogen to expand rapidly, further creating a high-velocity jet stream that can loosen and remove clogs, scale, and other debris.

Hence, such trends boost market growth for liquid nitrogen during the forecast period.

Major challenges -

Fluctuating prices of liquid nitrogen is a major challenge hindering the growth of the global LN2 market.

The prices of liquid nitrogen are subject to changes in supply and demand, energy prices, and raw material costs.

When prices are high, consumers may seek alternatives or reduce their usage, which leads to decreased demand and revenue for producers.

Furthermore, the price of liquid nitrogen is highly dependent on several factors such as supply and demand, energy prices, and raw material costs.

Such factors are unpredictable and subject to change, which can lead to volatility in liquid nitrogen prices.

Hence, factors like fluctuating prices may impede the market growth of liquid nitrogen during the forecast period.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in the sample report!

What are the key data covered in this Liquid Nitrogen Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the liquid nitrogen market between 2023 and 2027

Precise estimation of the size of the liquid nitrogen market and its contribution to the market with a focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the liquid nitrogen market across North America, APAC, Europe, South America, and Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of liquid nitrogen market vendors

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Liquid Nitrogen Market Scope

Report Coverage

Details

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

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global liquid nitrogen market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Usage Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Chemicals/pharmaceutical/biotechnology - Market size and forecast 2022-2027

6.4 Food and beverages - Market size and forecast 2022-2027

6.5 Metal manufacturing and construction - Market size and forecast 2022-2027

6.6 Others - Market size and forecast 2022-2027

6.7 Market opportunity by Application

7 Market Segmentation by Usage

7.1 Market segments

7.2 Comparison by Usage

7.3 Coolant - Market size and forecast 2022-2027

7.4 Refrigerant - Market size and forecast 2022-2027

7.5 Market opportunity by Usage

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 APAC - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 UK - Market size and forecast 2022-2027

9.12 Germany - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Air Liquide SA

12.4 Air Products and Chemicals Inc.

12.5 AMCS Corp.

12.6 Asia Industrial Gases Pte. Ltd.

12.7 Asia Technical Gas Co Pte Ltd.

12.8 Buzwair Industrial Gases Factories

12.9 Cryomech Inc.

12.10 Goyal Group

12.11 Gulf Cryo Holding CSC

12.12 Linde Plc

12.13 Messer SE and Co. KGaA

12.14 MVS Engineering Pvt. Ltd.

12.15 Nippon Sanso Holdings Co., Ltd.

12.16 Statebourne Cryogenics Ltd.

12.17 Yingde Gas Group Co. Ltd.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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