The global liquid nitrogen market size is expected to reach USD 27.07 billion by 2032, according to a new study by Polaris Market Research. The report “Liquid Nitrogen Market Share, Size, Trends, Industry Analysis Report, By Function (Refrigerant and Coolant); By Processing Technology; By End-Use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for electronic products on a global scale has been a key element in market expansion. Also, the need for liquid nitrogen has increased due to the expanding healthcare sector. It is employed as a cryogen in cryotherapies, cryosurgeries, and cryopreservation because of its low-temperature capacity to destroy decaying tissues and remove skin tags, warts, verrucae, skin malignancies, and moles. One of the greatest options for combining two metals that cannot be welded, cemented, or soldered is liquid nitrogen shrink fitting.
The market is expected to grow over the next few years due to increasing demand from various application industries, including automotive, metals & fabricators, rubber & plastic, healthcare, electronics, construction, and food & beverages. Rapid industrialization, infrastructure development, and medical activities are projected to increase market growth.
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Liquid removed from the nitrogen compression remains at a temperature nearby -320°F. The product has numerous applications in various industries, including pharmaceuticals, chemicals, ceramic and glass, petroleum processing, steelmaking, metal refining, paper & pulp manufacturing, and healthcare. Owing to its inertness and coldness, application segments of the product have been increasing in several end-use industries.
As liquid nitrogen is warmed and vaporized to ambient temperatures, it absorbs heat quantities, allowing the temperature level to come down quickly and instantly. The product’s coldness and inertness make it the potential coolant for food freezing. Soft and heat-sensitive materials are also treated using liquid nitrogen at room temperature, which allows them to be fractured and machined. Examples include plastics, tires, pharmaceuticals, and even metals.
Liquid Nitrogen Market Report Highlights
Polaris Market Research has segmented the Liquid Nitrogen market report based on function, processing technology, end-use, and region:
Liquid Nitrogen, Function Outlook (Revenue - USD Billion, 2019 - 2032)
Liquid Nitrogen, Processing Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Liquid Nitrogen, End-Use (Revenue - USD Billion, 2019 - 2032)
Liquid Nitrogen, Regional Outlook (Revenue - USD Billion, 2019 - 2032)