Asia-Pacific Liquid Nitrogen Market Forecast to 2031 - Regional Analysis - by Manufacturing Method and End-use Industry

The Asia Pacific liquid nitrogen market was valued at US$ 9.36 billion in 2023 and is expected to reach US$ 14.94 billion by 2031; it is estimated to register a CAGR of 6.0% from 2023 to 2031.

Growing Number of Applications in Chemical Industry Boosts Asia Pacific Liquid Nitrogen Market

In the chemical industry, liquid nitrogen is often used in manufacturing, processing, handling, storage, and transportation. It is employed as a cryopreservation agent and serves as the raw material for cloning processes. Liquid nitrogen is used as a pressurizing gas, propelling liquids through pipelines. Also, it is used to shield oxygen-sensitive materials from the air as well as to remove volatile organic chemicals from process streams. In chemical analysis, liquid nitrogen is commonly used during sample preparation. It is used for maintaining concentration and reduction of the volume of liquid samples. Liquid nitrogen helps produce fertilizers, dyes, nitric acid, and explosives.

Further, specialty chemicals manufacturing companies are expanding their capacities to cater to surging demand from domestic and international markets. The chemical sector in Japan, India, European countries, and the US is significantly increasing. According to the India Brand Equity Foundation (IBEF), India became the sixth-largest producer of chemicals worldwide and ranked third in Asia; the chemical industry contributed 7% to the country’s GDP in 2023. Furthermore, the demand for chemicals and petrochemicals in India is anticipated to almost triple and reach US$ 1 trillion by 2040. Thus, the growing liquid nitrogen usage in chemical applications across various economies is expected to create lucrative opportunities for the liquid nitrogen market growth during the forecast period.

Asia Pacific Liquid Nitrogen Market Overview

Asia Pacific is experiencing substantial growth in the metal fabrication industry. According to the World Steel Association AISBL, the region produced 1,367.2 metric tons of steel as of 2023. This growing steel production in the region boosts the demand for liquid nitrogen. Further, the growing pharmaceutical industry in Asia Pacific also drives the demand for liquid nitrogen.

Several key players operating in the pharmaceutical industry are expanding their global footprint in the region to meet the growing requirement for pharmaceutical products. For instance, in March 2024, Novo Nordisk A/S, one of the leading pharmaceutical product manufacturers, announced an investment of US$ 556 million to expand its sterile preparations project in Tianjin, China. Such expansions in the production facilities across the region help meet the growing demand for pharmaceutical products.

Asia Pacific Liquid Nitrogen Market Revenue and Forecast to 2031 (US$ Million)

Asia Pacific Liquid Nitrogen Market Segmentation

The Asia Pacific liquid nitrogen market is categorized into manufacturing method, end-use industry, and country.

• Based on manufacturing method, the Asia Pacific liquid nitrogen market is bifurcated into cryogenic distillation and pressure swing adsorption. The cryogenic distillation segment held a larger Asia Pacific liquid nitrogen market share in 2023.
• In terms of end-use industry, the Asia Pacific liquid nitrogen market is segmented into aerospace and defense, automotive, chemical, food and beverage, metal fabrication, pharmaceutical, electronics and semiconductors, and others. The metal fabrication segment held the largest Asia Pacific liquid nitrogen market share in 2023.
• By country, the Asia Pacific liquid nitrogen market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific liquid nitrogen market share in 2023.

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, and Matheson Tri-Gas, Inc. are some of the leading companies operating in the Asia Pacific liquid nitrogen market.

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