2-January-2019: According to a report published by Grand View Research, Inc.; the global nitrous oxide market is expected to reach a valuation of around USD 1.47 billion by 2025. Factors like high prevalence of chronic diseases and increasing geriatric population in major economies are anticipated propel the market over the forecast period (2014 to 2025).
Growing demand from various industries such as electronics, automotive, and food and beverages is projected to propel market growth. In medical industry, nitrous oxide is used in surgery and dentistry procedures as an anesthetic and analgesic. It is used as a dissociative anesthetic due to its outstanding euphoric effects on inhaling. Nitrous gas is a non-flammable gas and can be used in non-medical applications including food processing, semiconductor industry, and racing cars. The wide scope of application is anticipated to bode well for market expansion over the forecast period.
Growing demand from various industries such as electronics, automotive, and food and beverages is projected to propel market growth. In medical industry, nitrous oxide is used in surgery and dentistry procedures as an anesthetic and analgesic. It is used as a dissociative anesthetic due to its outstanding euphoric effects on inhaling. Nitrous gas is a non-flammable gas and can be used in non-medical applications including food processing, semiconductor industry, and racing cars. The wide scope of application is anticipated to bode well for market expansion over the forecast period.
However, strict regulatory framework regarding transportation, possession, and use of nitrous oxide are anticipated to hinder market growth. The U.S. Food and Drug Administration (FDA) and Center for Drug Evaluation and Research (CDER) have provided guidelines regarding uses of medical gases and related equipment. Manufacturers are required to comply with the stern policies while manufacturing nitrous oxide. This factor is expected to restrain market growth to a certain extent.
The worldwide nitrous oxide market can be segmented on the basis of application and region. Based on application, the market can be categorized into medical, automotive, electronics, food and beverages, and others. In 2016, medical was estimated as the largest application segment. The segment is expected to expand at a CAGR of 7.2% between 2017 and 2025. Application of nitrous oxide as a single agent for partial sedation in dentistry, mainly in pediatric dental procedures. Therefore, rise in aging population across the globe coupled with prevalence of dental problems are expected to drive segment growth in the forthcoming years. Nearly 85 to 90% of nitrous oxide produced worldwide is utilized for medical applications.
The automotive segment is likely to display a healthy CAGR during the forecast period. Rising applications of nitrous oxide to boost engine power by augmenting oxygen content in fuel mixture to allow the engine to burn more fuel. These systems are majorly installed on motorcycles, trucks, cars, snowmobiles, and all-terrain vehicles (ATV). However, regulations regarding the use of this gas in road vehicles are different in different European countries.
In 2016, electronics held around 1.32% of overall market share in terms of revenue. The segment is likely to exhibit reasonable CAGR in the years to come.
Geographically, the market for nitrous oxide can be divided into North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. In 2016, North America was the dominant segment in terms of revenue. This region is projected to create attractive business opportunities during the forecast period. High prevalence of obesity, type 2 diabetes, heart disease, stroke, arthritis, cancer, and other chronic diseases will impel regional market expansion. Extensive application of nitrous oxide as a carrier gas for general anesthesia will further boost demand.
The U.S. market was valued at USD 156.54 million in 2016. Rising medical, automotive, and food and beverage applications are anticipated to bode well for regional market growth in the years to come. Possession of nitrous oxide is legal in many states under the federal law. However, under the U.S. Federal Food, Drug and Cosmetics Act (FFDCA), sale and distribution of the product for human consumption are prohibited in the country. Such factors may hinder market growth in near future.
Europe is anticipated to be a prominent market for nitrous oxide. It is mainly driven by rising mortality and morbidity rates. Majority of aging populace in Europe suffers with chronic diseases. Also, inactive lifestyles and high disposable income are contributing to rise in chronic disease among young and middle-aged population in Europe. This factor is expected to drive the market in near future.
Asia Pacific is projected to showcase significant CAGR during the forecast period. Increasing occurrence of chronic diseases in emerging countries such as India, China, and Japan is anticipated to bode well for regional market growth in the years to come.
Key companies operating in the nitrous oxide market include Matheson Tri-Gas, Inc.; Airgas, Inc.; Praxair Technology, Inc.; The Linde Group; and Ellenbarrie Industrial Gases Ltd. Countries such as the U.S., France, Germany, China, India, and Japan are the major destinations for market players.
In-Depth Research Report On Nitrous Oxide Market:
https://www.grandviewresearch.com/industry-analysis/nitrous-oxide-market
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