Liquid Nitrogen Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Report Covers Global Liquid Nitrogen Companies & Growth and it is Segmented by Storage Type (cylinder and packaged gas), Function (coolant and refrigerant), End-user Industry (chemical and pharmaceutical, healthcare, transportation, and other end-user industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The market size and forecasts for Liquid Nitrogen are provided in terms of volume (million tons) for all the above segments.

Liquid Nitrogen Market Size

Liquid Nitrogen Market Summary
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Study Period 2018 - 2028
Market Volume (2023) 120.22 Million tons
Market Volume (2028) 151.62 Million tons
CAGR (2023 - 2028) 4.75 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Liquid Nitrogen Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Liquid Nitrogen Market Analysis

The Liquid Nitrogen Market size is expected to grow from 120.22 million tons in 2023 to 151.62 million Tons by 2028, at a CAGR of 4.75% during the forecast period (2023-2028).

COVID-19 hampered the market growth. The transportation industry suffered from the pandemic due to restrictions worldwide. However, due to the pandemic, the healthcare industry witnessed huge growth because of increased health concerns. It increased the demand for the liquid nitrogen market, as the demand for medical devices increased tremendously. Currently, the market recovered from the pandemic and is growing at a significant rate.

  • Over the medium term, the increasing demand from the chemical and pharmaceutical industry and the growing application in the healthcare industry are driving market growth.
  • However, the regulatory restrictions in maintaining liquid nitrogen plants are expected to hinder the market's growth.
  • Nevertheless, developing new manufacturing techniques will likely create opportunities for the market in the coming years.
  • The Asia-Pacific region dominated the global market with the largest consumption from countries such as China, India, and Japan.

Liquid Nitrogen Market Trends

Growing Demand from the Chemical and Pharmaceutical Industry

  • Liquid nitrogen is the liquefied form of the element nitrogen produced commercially by the fractional distillation of liquid air. It is used in many cooling and cryogenic applications.
  • Owing to its non-toxic, odorless, colorless, chemically inert, and inflammable properties, its application is highly used in the chemical and pharmaceutical industry.
  • The boiling point of nitrogen is -195 degrees Celsius. Because of this, its application as a coolant and refrigerant in the chemical and pharmaceutical industry is rapidly increasing.
  • The pharmaceutical industry in China is one of the largest in the world. The country produces generics, therapeutic medicines, active pharmaceutical ingredients, and traditional Chinese medicine.
  • According to the National Bureau of Statistics of China, in June 2022, China's monthly output volume of chemical active pharmaceutical ingredients (API) topped 300,000 metric tonnes. The figure gradually climbed over the previous three years, indicating a development in China's chemical medication business. Active pharmaceutical ingredients are medicinal chemicals responsible for a condition's therapy.
  • Moreover, according to the Department of Pharmaceuticals, India is the world's largest supplier of generic medications, and as of February 2022, the country supplied pharmaceuticals worth more than USD 22 billion. Regarding volume, Indian pharmaceuticals accounted for 20% of worldwide generic drug exports, with North America accounting for the lion's share. It is expected to value about USD 100 billion by 2030, increasing the scope for this market during the coming years.
  • The fact that nitrogen is a dry, inert gas is one of its greatest advantages. It implies that it won't interact with other substances. As a result, oxygen and other toxic or unwanted gases, particularly oxygen, can be replaced by N2.
  • Nitrogen is frequently used to manufacture pharmaceuticals to transfer the reaction mixture from one container to another. When delivering liquid or powdered medications, it is crucial to employ safe, inert gas since doing so might be hazardous. Several pharmaceutical chemicals may be harmed or even explode if exposed to oxygen or water vapor.
  • According to the Food and Drug Administration (Center for Drug Evaluation and Research (CDER)), it authorized 37 new medications in 2022. The amount of new pharmaceutical products hitting the market each year fluctuates greatly. In 2021, there were 50 approvals for unique medications.
  • Owing to all the factors mentioned above, the demand for liquid nitrogen is expected to grow from the chemical and pharmaceutical industries during the forecast period.
Liquid Nitrogen Market: Total Number of Novel Drugs Approved, in Units, Global, 2018-2022

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region is expected to dominate the market for liquid nitrogen during the forecast period. The growing chemical and pharmaceutical industries in countries such as China, India, and Japan are boosting the demand for the liquid nitrogen market in the region.
  • According to China's Healthcare Report, China's pharmaceutical and biopharmaceutical combined R&D investment is projected to expand at a compound annual rate of 23% through 2023. It will be possible when it reaches USD 49 billion, accounting for 23% of global drug development and testing spending.
  • The country includes a large and diverse domestic drug industry, comprising around 5,000 manufacturers, of which many are small- or medium-sized companies. It is expected to boost the growth of liquid nitrogen usage in the pharmaceutical industry.
  • The National Medical Products Administration and the National Administration of Traditional Chinese Medicine collaborated to release the "14th Five-Year Plan for Pharmaceutical Industry Growth." The 14th Five-Year Plan specifies the aims and directions for China's pharmaceutical industry's development during the following five years.
  • The 14th Five-Year Plan was developed in compliance with the ideas and standards outlined in the Framework of the 14th Five-Year Plan for National Economic and Social Development and Long-Term Goals for 2035.
  • India is expected to witness robust growth in its chemical industry. The government predicts the chemical industry to reach USD 304 billion by 2025, with opportunities offered by the anticipated increase in demand by about 9% per annum over the next five years.
  • According to the Scheme of Integrated Cold Chain and Value Addition Infrastructure, about 356 Cold Chain Projects in the food processing industry were approved in India in 2022, creating an increasing demand for liquid nitrogen.
  • Some leading producers of liquid nitrogen in the Asia-Pacific region include Linde PLC, Southern Industrial Gas Sdn Bhd, MVS Engineering Pvt. Ltd, and TAIYO NIPPON SANSO CORPORATION.
  • Therefore, the factors above are expected to boost the demand for the liquid nitrogen market in the region during the forecast period.
Liquid Nitrogen Market, Growth Rate by Region

Liquid Nitrogen Industry Overview

The liquid nitrogen market is fragmented in nature. Some of the major players in the market include Air Liquide, Air Products and Chemicals, Inc., Gulf Cryo, Linde plc, and TAIYO NIPPON SANSO CORPORATION, among others.

Liquid Nitrogen Market Leaders


  2. Air Liquide

  3. Gulf Cryo

  4. Linde plc

  5. Air Products and Chemicals, Inc. 

*Disclaimer: Major Players sorted in no particular order

Liquid Nitrogen Market Concentration

Liquid Nitrogen Market News

  • April 2022: Linde plc signed another long-term arrangement to supply bulk industrial gases with a major space launch firm in Florida. Linde will deliver liquid nitrogen to the client from its air separation facility in Mims, Florida, expanding to increase production capacity by up to 50%. The extra capacity, expected to begin operations in 2023, will fulfill the new agreement's demands and increase demand from clients in the aerospace, healthcare, manufacturing, food processing, and water treatment end sectors.
  • February 2022: INOX Air Products opened its sixth air separation plant in Hosur, India, to satisfy expanding healthcare and industrial demand. The INR 3000 million (USD 36.48 billion) plant at SIPCOT Phase II was completed in just 20 months. It will produce high-purity liquid nitrogen with a capacity of up to 150 MT per day, twice the current amount.

Liquid Nitrogen Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Chemical and Pharmaceutical Industry

      2. 4.1.2 Growing Application in the Healthcare Industry

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Regulatory Restrictions in Maintaining Liquid Nitrogen Plant

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Storage Type

      1. 5.1.1 Cylinder

      2. 5.1.2 Packaged Gas

    2. 5.2 Function

      1. 5.2.1 Coolant

      2. 5.2.2 Refrigerant

    3. 5.3 End-user Industry

      1. 5.3.1 Chemical and Pharmaceutical

      2. 5.3.2 Healthcare

      3. 5.3.3 Transportation

      4. 5.3.4 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.4.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.4.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.4.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis (%) **/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Air Liquide

      2. 6.4.2 Air Products and Chemicals, Inc.

      3. 6.4.3 Cryomech Inc.

      4. 6.4.4 Gulf Cryo

      5. 6.4.5 Linde plc

      6. 6.4.6 MVS Engineering Pvt. Ltd

      7. 6.4.7 Southern Industrial Gas Sdn Bhd

      8. 6.4.8 Praxair Technology, Inc.

      9. 6.4.9 Messer Group


    5. *List Not Exhaustive

    1. 7.1 Development of New Manufacturing Techniques

    2. 7.2 Other Opportunities

**Subject to Availability

Liquid Nitrogen Industry Segmentation

Nitrogen in a liquid state at low temperature is known as liquid nitrogen. It is a form of element nitrogen and can be used in cryogenic and cooling applications. It is included in all main pharmacological medication classes, including antibiotics. The liquid nitrogen market is segmented based on storage type, function, end-user industry, and geography. The liquid nitrogen market is segmented into cylinders and packaged gas by storage type. By function, the market is segmented into coolant and refrigerant. The end-user industry segments the market into chemical, pharmaceutical, healthcare, transportation, and other industries. The report also covers the market size and forecasts for the liquid nitrogen market in 15 countries across major regions. Each segment's market sizing and forecasts are based on volume (million tons).

Storage Type
Packaged Gas
End-user Industry
Chemical and Pharmaceutical
Other End-user Industries
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Liquid Nitrogen Market Research FAQs

The Liquid Nitrogen Market size is expected to reach 120.22 million tons in 2023 and grow at a CAGR of 4.75% to reach 151.62 million tons by 2028.

In 2023, the Liquid Nitrogen Market size is expected to reach 120.22 million tons.

TAIYO NIPPON SANSO CORPORATION, Air Liquide, Gulf Cryo, Linde plc and Air Products and Chemicals, Inc. are the major companies operating in the Liquid Nitrogen Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the Asia Pacific accounts for the largest market share in the Liquid Nitrogen Market.

Liquid Nitrogen Industry Report

Statistics for the 2023 Liquid Nitrogen market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Liquid Nitrogen analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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