Market Size in 2023 | Market Forecast in 2032 | Growth Rate (in %) | Base Year |
---|---|---|---|
USD 19.14 Billion | USD 31.34 Billion | CAGR at 5.63% | 2023 |
According to the report published by Zion Market Research, the global Liquid Nitrogen Market size was valued at USD 19.14 Billion in 2023 and is predicted to reach USD 31.34 Billion by the end of 2032. The market is expected to grow with a CAGR of 5.63% during the forecast period. The report analyzes the global Liquid Nitrogen Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Liquid Nitrogen Market industry.
Simple nitrogen in a liquid state at an extremely low temperature is known as liquid nitrogen. It is colorless in nature. It is a cryogenic liquid, which when in contact with living cells can cause rapid freezing. Owing to this property, liquid nitrogen is widely used as a coolant.
The global liquid nitrogen market is likely to have a great boost in the coming future. The ability of liquid nitrogen to act as a coolant is the main reason that has powered the growth of the global market. Further, the rise in the demand of liquid nitrogen in transport and food industry is also driving the growth of the global liquid nitrogen market. Additionally, growing demand from industry is also one of the main reasons that are driving the global market. Moreover, use of advanced technology is also powering the growth of the global market.
On the other hand, the high value for transportation is the main reason hindering the growth of global liquid nitrogen market. Additionally, high cost for production is also one of the significant reasons that are restraining the growth of the global market. Besides this, growing accidents in the industry when in contact with liquid nitrogen is also one of the reasons that are decreasing the growth of the global market. Lack of job opportunities is also hampering the growth of global liquid nitrogen market.
The global Liquid Nitrogen Market can be segmented based on end user, distribution, function and manufactuing process.
Based on end user industry, the global market for liquid nitrogen is mainly classified as food & beverages, chemicals & pharmaceuticals, metal manufacturing & construction, healthcare, electronics and energy, rubber & plastic, and others.
On the basis distribution, the global market is segmented into merchant liquid distribution, cylinder & packaged distribution, tonnage distribution, and others.
Based on function, the global market for liquid nitrogen is mainly bifurcated as coolant and refrigerant.
On the basis of manufacturing process, the global market is divided into cryogenic distillation and pressure swing adsorption
Report Attributes | Report Details |
---|---|
Report Name | Liquid Nitrogen Market Research Report |
Market Size in 2023 | USD 19.14 Billion |
Market Forecast in 2032 | USD 31.34 Billion |
Growth Rate | CAGR of 5.63% |
Number of Pages | 196 |
Key Companies Covered | Air Liquide S.A., Linde Ag, Praxair Inc., Taiyo Nippon Sanso Corporation, Nexair LLC., Gulf Cryo, Air Products and Chemicals Inc., Southern Industrial Gas BHD, and Emirates Industrial Gases Co |
Segments Covered | By End user industry, By Distribution, By Function, By Manufacturing Process and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Geographically, the global liquid nitrogen market is segmented as North America, Asia-Pacific, Europe, and Rest of the World. Rising demand from the industry is one of the main factors that are lowering the global market in Canada and the U.S. Growing awareness about liquid nitrogen has boosted the global market in China and India. Huge demand for coolants in France and Germany will boost the global market in Europe. The remaining part of the world will show a steady growth in the global liquid nitrogen market.
Key players in the global market for liquid nitrogen are:
By End user industry
By Distribution
By Function
By Manufacturing Process
Global Liquid Nitrogen Market: Regional Segment Analysis
What Report Provides
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