Nitrous Oxide Market Share, Size, Trends, Industry Analysis Report, By End Use (Medical, Electronics, Automotive, Food & Beverage); By Region, And Segment Forecasts, 2023-2032
- Published Date:Jul-2023
- Pages: 118
- Format: PDF
- Report ID: PM1353
- Base Year: 2022
- Historical Data: 2019-2021
The global nitrous oxide market was valued at USD 1,121.73 million in 2022 and is expected to grow at a CAGR of 8.4% during the forecast period.
Nitrous oxide, commonly called laughing gas, is a colorless gas with a mildly sweet aroma and flavor. Its production involves the thermal decomposition of ammonium nitrate. This gas is a reliable and safe sedative, extensively used in surgery and dentistry. Additionally, it is employed as an anesthetic, a propellant and additive in fuels, and even as a food additive. Due to its ability to induce euphoria and elicit hysterical effects, it has earned the nickname "laughing gas." The World Health Organization has recognized its significance by including it in the 'List of Essential Medicines.'
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The healthcare sector is anticipated to witness a surge in the adoption of nitrous oxide due to the rising number of surgeries and dental implants. Consequently, this is expected to drive the growth of the global nitrous oxide market in the foreseeable future. Nitrous oxide is commonly inhaled to alleviate pain associated with acute coronary syndrome, childbirth, oral surgery, and trauma. Moreover, it is a rapid and highly efficient analgesic gas utilized by ambulance crews in the U.K. and Canada. Apart from its medical applications, nitrous oxide is also known for its recreational use, which includes inducing euphoria and potentially mild hallucinations.
Nevertheless, it is important to note that the excessive use of nitrous oxide can adversely affect the body. Excessive shivering, sweating, nausea, vomiting, fatigue, and dizziness are potential side effects. The U.S. Department of Health, Welfare, and Education has also cautioned that disclosing nitrous oxide may result in short-term impairments in audiovisual ability, manual dexterity, and mental performance. Furthermore, prolonged disclosure of nitrous oxide can lead to a deficiency in vitamin B12. These factors are expected to impede the growth of the market moderately.
The demand for nitrous oxide is anticipated to experience growth due to its expanding applications across various industries, including medical, automotive, semiconductor manufacturing, chemicals, and food and beverage packaging. The prevalence of chronic diseases and the growing elderly population worldwide are expected to contribute to increased demand in the forecast period. Nitrous oxide finds application in end-use sectors such as semiconductors, premium automobiles, and food processing and packaging, which are projected to create opportunities for growth in the upcoming years.
Nitrous oxide is widely utilized in the automotive, medical, and food and beverage sectors in the United States. It is legal to possess nitrous oxide in several states by federal law. However, the Food and Drug Administration (FDA) regulates nitrous oxide under the Food, Drug, and Cosmetics Act. This regulatory framework prohibits the sale and distribution of nitrous oxide for human consumption purposes.
The utilization of nitrous oxide in the medical industry has a negligible environmental impact. Nitrous oxide contributes to merely 5% of the overall greenhouse effects, with only 1% of nitrogen oxide emissions released into the atmosphere from medical use. As a result, medical nitrous oxide accounts for a mere 0.05% of the total gas emissions that impact the environment globally.
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The market has several growth drivers that contribute to its expansion. Nitrous oxide is used in medical and dental procedures as an anesthetic agent. The growing demand for medical practices and the increasing number of surgeries worldwide drive the demand for nitrous oxide in the healthcare sector.
It is used as fuel in aerosol food products, such as whipped cream, which helps create a creamy texture. The popularity of convenience foods and the rising demand for innovative food products are driving the growth of the market in the food and beverage industry.
Also, Nitrous oxide is used as a performance-enhancing additive in automotive engines. It is commonly employed in racing and high-performance vehicles to boost power temporarily. The growing popularity of automotive sports and the demand for improved engine performance drive the growth of the market in the automotive sector.
Nitrous oxide is a potent greenhouse gas and is being targeted for emission reduction efforts. As environmental regulations become more stringent, industries are adopting technologies to mitigate nitrous oxide emissions. It drives the demand for nitrous oxide abatement systems and catalytic converters, fueling the market's growth.
The market is primarily segmented based on end-use, and region.
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The medical segment held the largest market share in 2022
In 2022, the medical segment held the largest market share, which is extensively employed as an anesthetic agent across various therapeutic indications. In cases of severe pain, it is often one of the first medications administered, typically in a 50% oxygen mixture. Additionally, nitrous oxide finds widespread use in short-term procedures such as burn dressings, wound suturing, and debridement. In dental procedures, nitrous oxide is an indispensable agent, particularly in tooth extractions and other brief interventions. It is also occasionally utilized as an insufflating agent in laparoscopy and as a refrigerant in cryosurgery.
The electronics industry is an important segment exhibiting a growing nitrous oxide demand. Nitrous oxide is preferred over oxygen due to its lower reactivity. This characteristic makes it particularly suitable for applications in controlling the oxygen content in thin films, minimizing side oxidation reactions, and selectively etching specific thin films while preserving others. Currently, the electronics sector requires an estimated 10,000 metric tons of nitrous oxide per year, and this demand is expected to rise during the forecast period.
The Asia Pacific largely dominated the market in 2022
In 2022, the Asia Pacific largely dominated the market and emerged as the contributor to the revenue of the nitrous oxide market. The region's strong and growing economy has increased demand for nitrous oxide, primarily driven by the expanding medical industry. Additionally, China, Japan, South Korea, and India's electronics manufacturing sectors have played a significant role in driving the demand for nitrous oxide in the Asia Pacific region.
Furthermore, abundant and affordable skilled labor in the region has been a key factor in attracting premium car manufacturers to establish their production facilities to benefit from economies of scale. The region's rapidly growing automobile manufacturing industry has significantly contributed to the demand for nitrous oxide and is expected to continue driving market growth in the forecast period.
In 2022, North America is projected to contribute to the global market significantly. The region presents substantial opportunities for growth throughout the forecast period. The rising majority of chronic disorders like type 2 diabetes, cancer, heart disease, stroke, arthritis, and obesity are compelling the expansion of the regional market. Nitrous oxide is employed as a carrier gas for producing full general anesthesia, further supporting regional market growth.
The major global market players include SS Gas Lab Asia, KVK Corporation, Promas Engineers Pvt. Ltd., Air Liquide S.A., Ellenbarrie Industrial Gases Ltd., Merck KGaA, Oxygen and Argon Works Ltd.Matheson Tri-Gas Inc., SOL S.p.A., Airgas, Inc., Praxair, Inc., and The Linde Group.
- In August 2016, Crosstex's subsidiary Cantel Medical Corporation expanded its market and diversified its portfolio by acquiring Accutron Inc. This acquisition allowed them to become the top manufacturer of conscious sedation, nitrous oxide delivery systems, and nasal masks.
- In October 2018, the merger of Praxair Inc. and The Linde Group was completed for US$ 90 Billion, forming the largest player in the global industrial gases market. The acquisition aimed to expand Praxair Inc.'s product portfolio and geographic reach.
Nitrous Oxide Market Report Scope
Market size value in 2023
USD 1,212.14 million
Revenue forecast in 2032
USD 2,507.11 million
8.4% from 2023 - 2032
2019 - 2021
2023 - 2032
Revenue in USD million and CAGR from 2023 to 2032
By End-Use, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
SS Gas Lab Asia, KVK Corporation, Promas Engineers Pvt. Ltd., Air Liquide S.A., Ellenbarrie Industrial Gases Ltd., Merck KGaA, Oxygen and Argon Works Ltd.Matheson Tri-Gas Inc., SOL S.p.A., Airgas, Inc., Praxair, Inc., and The Linde Group
The Nitrous Oxide Market report covering key segments are end-use, and region
Nitrous Oxide Market Size Worth $ 2,507.11 Million By 2032
The global nitrous oxide market is expected to grow at a CAGR of 8.4% during the forecast period
Asia Pacific regions is leading the global market
Key driving factors in Nitrous Oxide Market Growing demand for medical practices.