Liquid Nitrogen Market Share

APAC Market Forecast

The liquid nitrogen market in Asia Pacific is expected to hold a share of 37% by the end of 2037. The market is expanding in the region owing to the robust progress of chemical and pharmaceutical industries, especially in China, and India, and the increasing demand for electronic products. In addition, the presence of a large and diverse domestic drug industry is also predicted to boost the market growth in the forecast period. As per a report, in 2022, about 295 acquisitions of biotechnology or pharmaceutical companies involving Chinese parties were recorded. The majority of the products produced by Chinese companies are generics, therapeutic drugs, active pharmaceutical components, and traditional Chinese remedies. In China, generic medications make up more than 90% of all registered pharmaceuticals. These factors are expanding the market in the region.

North American Market Statistics

North America liquid nitrogen market is anticipated to hold a share of 28% during the forecast period. The market for liquid nitrogen is growing due to an increase in the number of manufacturers and suppliers, along with a rise in research and development activities. The demand for liquid nitrogen in the healthcare sector, specifically for preserving biological samples, is also contributing to the market growth. According to a survey, the US economy is anticipated to generate a revenue of USD 27.13 billion by 2027. The healthcare sector employs 14% of adult Americans. Additionally, liquid nitrogen is utilized for welding and cutting in the metal manufacturing and construction industries, which is driving the market growth in the region due to increased reconstruction activities. These factors are accelerating the liquid nitrogen market growth in the region.