Liquid Nitrogen Market Report By Insights, Size, and Growth - 2031

The liquid nitrogen market is projected to expand from US$ 18.83 billion in 2023 to US$ 28.87 billion by 2031, reflecting an anticipated compound annual growth rate (CAGR) of 5.5% during the period from 2023 to 2031.

Liquid nitrogen (LN2) is a cryogenic substance that is inert, non-corrosive, colorless, odorless, and non-flammable, with extremely low temperatures. While nitrogen is more frequently utilized in its gaseous form, it is often stored and transported as a liquid, which is a more economical method for product supply. LN2 is extensively employed across various commercial and technical sectors. Its applications include food freezing, deflashing and grinding of plastics and rubber, cooling processes, metal treatment, preservation of biological samples, pulverization, and other temperature-sensitive uses. The increasing demand from the metal fabrication sector significantly propels the liquid nitrogen market. Metals like iron, steel, copper, and aluminum are frequently subjected to heat treatment to enhance their physical characteristics.

The global liquid nitrogen market is categorized based on manufacturing techniques into cryogenic distillation and pressure swing adsorption. In 2023, the cryogenic distillation segment dominated the market share. This method operates on the principle of cryogenic distillation of liquefied air. Initially, atmospheric air fills the air separation unit, which is then compressed by an air compressor. Following compression, the air undergoes a cleanup process to eliminate impurities such as moisture, hydrocarbons, and carbon dioxide. The purified air is subsequently cooled to cryogenic temperatures using heat exchangers. At this juncture, nitrogen is directed into a high-pressure distillation column, where it is physically separated from other gases and collected at the top of the column. The nitrogen is then transferred to a low-pressure column for further distillation until it meets the required commercial purity standards. This cryogenic distillation method is recognized for its efficiency and is crucial for producing high-purity nitrogen.

In 2023, the Asia Pacific region accounted for the largest revenue share in the global liquid nitrogen market. The region is witnessing significant growth in the metal fabrication industry. According to the World Steel Association AISBL, steel production in Asia Pacific reached 1,367.2 metric tons in 2023, which in turn drives the demand for liquid nitrogen. In Australia, the liquid nitrogen market is bolstered by the expanding automotive sector, particularly due to the increasing consumer demand for electric vehicles (EVs). The Electric Vehicle Council of Australia Limited reported that EV purchases in the country doubled in 2023 compared to the previous year, with over 180,000 EVs registered. Supportive government policies aimed at achieving net-zero carbon emissions further encourage the adoption of EVs in Australia.

Key players in the liquid nitrogen market include Linde Plc, L'Air Liquide SA, Air Products and Chemicals Inc, SOL SpA, Praxair Technology Inc, Nippon Sanso Holdings Corp, Ube Corporation, AIR WATER INC, Gulf Cryo LLC, Osaka Gas Co Ltd, Tokyo Gas Chemicals Co Ltd, Messer SE & Co KGaA, nexAir LLC, ADNOC Gas, and Matheson Tri-Gas Inc. These companies are committed to delivering high-quality products to meet customer needs and are actively pursuing various strategies such as launching new products, expanding capacities, forming partnerships, and collaborating to maintain their competitive edge in the market. The forecast for the liquid nitrogen market provides valuable insights for stakeholders to devise their growth strategies. For instance, in May 2024, Linde announced a long-term agreement with H2 Green Steel to supply industrial gases for the world's first large-scale green steel production facility.

The overall size of the global liquid nitrogen market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants to validate the findings and obtain deeper analytical insights. Participants included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the liquid nitrogen sector.