Market Size of Liquid Nitrogen Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 125.93 Million tons |
| Market Volume (2029) | 158.82 Million tons |
| CAGR (2024 - 2029) | 4.75 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Liquid Nitrogen Market Analysis
The Liquid Nitrogen Market size is estimated at 125.93 Million tons in 2024, and is expected to reach 158.82 Million tons by 2029, growing at a CAGR of 4.75% during the forecast period (2024-2029).
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.
