San Francisco, 05 Dec 2018 - According to a report by Grand View Research, Inc.; the global nitrous oxide market is anticipated to value USD 1.47 billion by 2025. High demand from various industries, particularly from healthcare sector is anticipated to drive market over the forecast period (2014 to 2025). Growing requirement for anesthetic agents owing to prevalence of chronic diseases is anticipated to propel demand. Nitrous oxide is a non-flammable and colorless gas with slightly sweet odor. It can be used for various medical and non-medical applications. Upon, inhaling it is expected to offer euphoric effects and this property is likely to lead to its recreational usage as a dissociative anesthetic.
Rising cases of chronic disorders attributed to increasing geriatric population is expected to fuel growth of market for nitrous oxide. Increasing adoption in automotive sector owing to the ability of nitrous oxide to boost engine power can augment demand over the forecast period. High adoption in other non-medical end uses such as semiconductor and food processing is likely to further fuel market development during the forecast period.
Stringent regulations from the U.S. Food and Drug Administration (FDA) based on the Food Drug and Cosmetics Act can restrict sale and distribution of nitrous oxide for human consumption. In addition, stern regulatory framework regarding transportation, possession, and use of nitrous oxide can also pose challenge to market growth during the forecast period.
The worldwide nitrous oxide market is segmented on the basis of application, and region. Based on application, the market is categorized into medical, electronics, automotive, food and beverages, and others. In 2016, medical segment dominated the market and accounted for the largest market share. Approximately 85% to 90% of nitrous oxide produced across the world is utilized in medical sector. It is used as analgesic and anesthetic agent in dentistry and surgical procedures. It is also used as single agent for partial sedation in dentistry, mostly in pediatric dental applications. Moreover, rapid rise in aging population and high prevalence of dental problems can contribute to growth in near future.
Automotive segment is predicted to register health growth during the forecast period. In modern automobiles, nitrous oxide can be used to significantly boost engine power by increasing oxygen content of fuel mixture, thus enabling engine to burn more fuel. Majority of nitrous oxide systems are expected to be installed on motorcycles, trucks, snowmobiles, and All-Terrain Vehicle (ATVs) and cars. However, legislation pertaining to use of nitrous oxide in road vehicles varies from country to country.
Regional segmentation includes Europe, North America, Asia Pacific, Central and South America, and Middle East and Africa. In 2016, North America dominated the market and accounted for largest market share. It is expected to register steady CAGR during the forecast period. High prevalence of chronic diseases such as type 2 diabetes, heart disease, cancer, obesity, and arthritis can fuel market growth. It can be used to provide carrier gas for producing powerful general anesthesia.
Europe is expected to be a prominent destination for market players. Chronic diseases are likely to be major causes of morbidity and mortality in Europe. Prevalence of chronic diseases is relatively higher among aging population. However, sedentary lifestyle is expected to contribute to a rise in chronic diseases among young and middle aged population. These factors are likely to fuel regional demand in near future.
Some of the leading companies in nitrous oxide market are Oxygen & Argon Works Ltd.; Praxair Technology, Inc.; The Linde Group; Matheson Tri-Gas, Inc.; and Ellenbarrie Industrial Gases Ltd. Consumption of nitrous oxide is expected to be highly affected by different rules and regulations for different countries and application sectors. While it is not illegal to sell or possess nitrous oxide, distribution of the product to minors is prohibited. Consumption in automotive sector can get affected by stringent regulations by respective transport authorities of different countries. Its usage in road vehicles to enhance power of an engine is not allowed.
Grand View Research has segmented the global nitrous oxide market on the basis of application and region:
Nitrous Oxide Application Outlook (Revenue, USD Million, 2014 - 2025)
- Automotive
- Medical
- Electronics
- Food & Beverages
- Others
Nitrous Oxide Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Middle East & Africa
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-nitrous-oxide-market
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.
For More Information: www.grandviewresearch.com
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