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 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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The growing demand for nitrous oxide market is driven by its increased usage in many industries, mainly from medical sector. High occurrence of chronic illnesses and growing elderly population in most countries is adding to the rise of nitrous oxide market. Growing demand among industries like automotive, electronics, and food and beverages are other contributing factors towards market growth. In medical industry, nitrous oxide is used in as an anesthetic and analgesic during surgical procedures.
Nitrous oxide or laughing gas is a colorless and non-flammable gas with a little bit sweet odor, which is widely used for various medical and non-medical applications. The use of nitrous oxide in the medical sector have a minimal impact on the environment. Nitrous oxide is primarily used as an inhalation anesthetic product in medicines. Administration of this product is mainly accompanied by simultaneous administration of a volatile agent such as ethrane, halothane, etc. However, strict rules and regulations over the possession, transportation, and usage are posing a challenge to the growth of the market. Usage of medical gases and their associated equipment is regulated by the Center for Drug Evaluation and Research and the U.S. Food and Drug Administration. These guidelines reveal practices and procedures for compressed medical gas fillers, including home respiratory services. Manufacturers are compelled to comply with rules and guidelines laid down for the manufacturing and marketing of medical gases.
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Nitrous oxide market trend is governed by regulations related to it over various regions, it varies from country to country based on the application. Federal law has approved possession of nitrous oxide in many states. However, Food and Drug Administration controls sale and distribution for human consumption, due to Food Drug and Cosmetics Act. Furthermore, rigorous rules and regulation over factors like usage, possession and transportation are some challenges to the development of the market. Center for Drug Evaluation and Research, U.S. Food and Drug Administration regulate the use of medical gases and related equipment. The guidelines give a detailed explanation on procedures and practices related to compressed medical gas filler, also for home respiratory services. Industrialists have to follow rules and regulations while manufacturing and marketing of various medical gases.
Nitrous oxide is widely used in automotive engines to increase the 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.
Nitrous oxide market is segmented based on application type and regional segments. Application type is segmented as medical, automobiles, semiconductors, food and beverages. Based on region the nitrous oxide market is divided into North America, Europe, Asia Pacific, Central and South America, Middle East and Africa. North America contributes to maximum of market share owing to increased number of chronic disease like type 2 diabetes, stroke, cancer, heart diseases and similar health threats. The sedentary lifestyle across globe has led to many people suffering from chronic illness and resultant growth in Nitrous oxide market.
Some key players in global nitrous oxide market size are 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 some of the key players engaged in extensive R&D and production of nitrous oxide. Moreover, Promas Engineers Pvt. Ltd., SS Gas Lab Asia, KVK Corporation, and Carbide and Chemicals and many others.
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Analyst Commentary for Nitrous Oxide Market
The Medical industry provides major share in Nitrous oxide market owing to its anesthetic and therapeutic properties. It is also used in small procedures like dressing of burns, debridement and wound suturing. In dental treatments it is used during tooth extraction procedures and it is used as a refrigerant in laparoscopy and cryosurgery.
The consumption of nitrous oxide is strongly affected by regulations related to nitrous oxide in various countries. They usually vary from country to country for various application sectors. However, there are several laws pertaining to distribution to minors and to recreational inhalation. Its consumption in the automotive sector is also being affected by strict rules by respective transport authorities of a country. Its usage in road vehicles to increase the power of an engine is not allowed.
Discussing the geographical view, the Europe is more likely to be be considered as a leading destination for market players. Majority of aging population suffers from chronic diseases. Today, increasing in income and sedentary lifestyles, young-and middle-aged are also being diagnosed chronic diseases. These factors are projected to bolster the demand for nitrous oxide in the region.
What to expect from the upcoming report on ‘Nitrous oxide market:
- Future prospects and current trends of the Nitrous oxide market by the end of forecast period (2018-2025)
- Information regarding technological progressions as well as innovations across the world
- Supportive initiatives by government likely to influence the market dynamics.
- In-depth analysis of different market segmentations including regional segmentations, applications and types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
- Trends, drivers, opportunities, restraints, challenges and key developments in the market
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