The global nitrous oxide market size is expected to reach USD 1.47 billion by 2025, according to a new report by Grand View Research, Inc., posting a CAGR of 7.1% during the forecast period. Increasing demand from various industries, especially from the medical sector, is helping the market gain tremendous momentum. In addition, the rising prevalence of chronic diseases and the growing geriatric population in major countries is further fueling the demand over the forecast period.
Nitrous oxide is largely consumed by the medical, automotive, food & beverage, and electronics industries. More than 85.0% of nitrous oxide produced is consumed in the medical sector. It is extensively used as analgesic and anesthetic agent in medical applications. Economies such as the U.S., Germany, France, Japan, China, and India are major destinations for market players owing to the presence of a wide patient base suffering from chronic diseases.
Nitrous oxide is widely used in automotive engines to increase efficiency. It is one of the simplest ways to provide a significant horsepower boost to any gasoline engine. When nitrous oxide is injected into an engine, its molecules break down and release oxygen during combustion to allow the engine to produce more power. The global market is projected to expand significantly in the coming years. In 2016, North America was the largest market for nitrous oxide due to the high prevalence of chronic diseases. Moreover, surging demand from Asia Pacific is anticipated to support the growth of the overall market.
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Further key findings from the report suggest:
Global nitrous oxide demand was valued at USD 805.1 million in 2016 and is estimated to register a CAGR of 7.1% during the forecast period
Medical was the largest application segment in 2016 and is likely to register a CAGR of 7.2% between 2017 and 2025
Electronics segment accounted for 1.32% of the overall revenue in 2016 and is anticipated to witness moderate growth over the coming years
Asia Pacific market is projected to experience significant growth over the forecast period owing to the rising prevalence of chronic diseases in countries such as China, India, and Japan
Key players including Praxair Technology, Inc., Oxygen & Argon Works Ltd., The Linde Group, Matheson Tri-Gas, Inc., SOL Spa, Merck KGaA, Air Liquide, Airgas, Inc., and Ellenbarrie Industrial Gases Ltd. are engaged in the production of nitrous oxide in the global market.
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)
Food & Beverages
Nitrous Oxide Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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