At 6.0% CAGR, Asia Pacific Liquid Nitrogen Market is Projected to be Worth US$ 14,944.47 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific liquid nitrogen market was valued at US$ 9,368.51 million in 2023 and is expected to reach US$ 14,944.47 million by 2031, registering a CAGR of 6.0% from 2023 to 2031. Rising demand for liquid nitrogen in food & beverages industry and growing number of applications in chemical industry are among the critical factors attributed to drive the Asia Pacific liquid nitrogen market growth.

The growing food & beverages industry across various economies boosts the demand for liquid nitrogen. In the food & beverages sector, liquid nitrogen is majorly used to chill, freeze, cool, and preserve products. It is utilized in freezing baked goods, meat, poultry, and fish, along with prepared foods, fruits, and vegetables, while retaining their original color, scent, and flavor. Preservation involves cooling the food product or freezing it with the help of liquid nitrogen, thereby improving the product’s shelf-life. It is also used for storage and transportation of perishable food products. Compared to traditional mechanical freezers, liquid nitrogen has minimal adverse environmental effects and requires limited initial equipment investment. Moreover, the adoption of cryogenic freezing in the food & beverages industry is increasing due to growing concerns over the safety of food products. Cryogenic freezing does not affect the final product's quality and is more environmentally friendly and time efficient. Cryogenic freezing system use liquid nitrogen as the refrigerant. Thus, the preference for liquid nitrogen among various food and beverage manufacturers is increasing owing to the rising adoption of cryogenic freezing.

Additionally, liquid nitrogen infusions are one of the latest eye-catching food trends. With the ability to create fog-like effects and flash-freeze foods, liquid nitrogen has recently found applications in ice cream, snacks, and cocktails.

On the contrary, stringent regulatory framework hamper the growth of Asia Pacific liquid nitrogen market.

Based on manufacturing method, the Asia Pacific liquid nitrogen market is bifurcated into cryogenic distillation and pressure swing adsorption. The cryogenic distillation segment held 68.3% market share in 2023, amassing US$ 6,398.34 million. It is projected to garner US$ 10,394.25 million by 2031 to register 6.3% CAGR during 2023–2031.

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 24.2% share of Asia Pacific liquid nitrogen market in 2023, amassing US$ 2,271.38 million. It is anticipated to garner US$ 3,596.19 million by 2031 to expand at 5.9% CAGR during 2023–2031.

Based on country, the Asia Pacific liquid nitrogen market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 40.4% share of Asia Pacific liquid nitrogen market in 2023. It was assessed at US$ 3,781.22 million in 2023 and is likely to hit US$ 6,271.24 million by 2031, registering a CAGR of 6.5% during 2023–2031.

Key players operating in the Asia Pacific liquid nitrogen market are 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, among others.

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