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.
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.
Access
Research Report of Nitrous Oxide Market@ www.grandviewresearch.com/industry-analysis/nitrous-oxide-market
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.
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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