The scope of our recent study on the "Liquid Nitrogen Market Size and Forecast (2021-2031), Global and Regional Growth Opportunity Analysis -by Manufacturing Method and End-Use Industry" includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players and their key developments.
The liquid nitrogen market size is expected to grow from US$ 18.83 billion in 2023 to US$ 28.87 billion by 2031; it is estimated to register a CAGR of 5.5% from 2023 to 2031.
Atmospheric air is the major and only raw ingredient used for manufacturing liquid nitrogen. Oxygen (21%), nitrogen (78%), and other gases (1%) form air. The nitrogen gets separated from atmospheric air, and the liquid nitrogen is manufactured by using various distillation processes for commercialization. Liquid nitrogen can be produced for direct sale or as a byproduct of the liquid oxygen manufacturing process. The liquid nitrogen is produced commercially by using various technologies such as cryogenic separation and pressure swing adsorption. In a cryogenic nitrogen plant, air from the atmosphere is pumped in, compressed, and cooled to cryogenic temperatures in heat exchangers to produce liquid nitrogen. Compressed air is generally passed through a molecular sieve to remove impurities such as moisture, carbon dioxide, and hydrocarbons. The air is then pushed into a high-pressure distillation column, which separates nitrogen from other gases and forms a layer at the bottom of the column. It is continually distilled until it fulfills industrial requirements.
Based on the manufacturing method, the global liquid nitrogen market is segmented into cryogenic distillation and pressure swing adsorption. The cryogenic distillation segment held the largest market share in 2023. The principle of the cryogenic distillation method is based on a cryogenic distillation of liquefied air. The cryogenic distillation method is considered efficient and it is instrumental in generating high-purity nitrogen. Another method of manufacturing liquid nitrogen is pressure swing adsorption. Pressure swing adsorption (PSA) is the technology of air-to-nitrogen generation by using adsorption processes in PSA nitrogen generators. This method finds application in food packaging and laboratory instrumentation, among others. PSA nitrogen generators for scientific applications are designed to produce high-purity nitrogen by regulating gas adsorption and adsorbent regeneration by changing pressures in two adsorber-adsorbent-containing vessels. This method requires a constant temperature, close to ambient. Further, high capital investment is required to purchase the gas generator. Also, purity is directly related to flow rate; high purity-high flow rate nitrogen generators are considered to be more expensive.
Based on end-use industry, the global liquid nitrogen market is segmented into aerospace & defense, automotive, chemical, food & beverage, metal fabrication, pharmaceutical, electronics & semiconductors, and others. The metal fabrication segment held 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. The food and beverage industry is another major end-use industry for liquid nitrogen. In the food & beverages industry, liquid nitrogen is used for freezing and chilling, flour and dough cooling, meat mixing, and modified atmosphere packaging. Liquid nitrogen, being a cryogenic liquid, is capable of accomplishing extremely low temperatures-which makes it a top-notch tool for diverse packages in meal processing and protection. Liquid nitrogen is used for flash freezing, which involves subjecting food items to extremely low temperatures within a short period. This facilitates preserving the texture and nutritional value of the meals by minimizing ice crystal formation and preserving the integrity of cellular systems. Also, liquid nitrogen plays an important role in extending the shelf life of perishable food objects. Liquid nitrogen is used in modified atmosphere packaging (MAP) to extend the shelf life of food products. It entails replacing the air within the packaging with a managed fuel combination, which includes liquid nitrogen. Thus, the wide applications of liquid nitrogen in the food & beverages industry drive the market growth.
The global liquid nitrogen market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest revenue share of the global liquid nitrogen market in 2023. China is witnessing significant growth in the food & beverages industry owing to increased disposable income and a growing population. According to the US Department of Agriculture, in 2023, food production in China grew by 2.9%, which is 1.9% higher than the average industrial production growth rate. The country is also witnessing increased demand for processed food and packaged food products due to increased focus on convenience among consumers. Liquid nitrogen plays a crucial role in reducing food soilage, discoloration of food products, and giving strength to retail food packaging. Thus, the growing food & beverages industry fuels the demand for liquid nitrogen in China. Further, the liquid nitrogen market in India is driven by the growing metal fabrication industry owing to increased production of metal products in the country. According to the Press Information Bureau, the steel industry in Italy accounts for significant growth, becoming the second-largest steel producer in the world. The domestic finished production of steel recorded 81.4 metric tons in 2023, with a growth of 14.3% from the previous year. Additionally, in December 2021, the government of India approved the inclusion of Specialty Steel under its Production Linked Incentive (PLI) Scheme to promote and support the manufacturing of specialty steel in the country. The rise in steel production fuels the demand for liquid nitrogen in India.
Global Liquid Nitrogen Market Breakdown - by Region
The report includes the segmentation of the liquid nitrogen market as follows:
The liquid nitrogen market analysis is based on the manufacturing method and end-use industry. The liquid nitrogen market, based on manufacturing method, is segmented 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. By geography, the liquid nitrogen market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is sub-segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The liquid nitrogen market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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