The global nitrous oxide market was valued at USD 962.0 million in 2020 and is expected to grow at a CAGR of 7.2% during the forecast period. Increasing market demand for nitrous oxide from a wide range of industries, especially from the medical sector, is expected to drive its market. It is a colorless gas with a sweet odor, also named laughing gas, and is non-flammable.

It is a gaseous material that is produced from the thermal decomposition of ammonium nitrate. The considerable pervasiveness of several types of chronic diseases and an increasing number of geriatric populations, especially in Europe and North America, are anticipated to be potential implications for the product to experience higher market demand in the next five to six years. Few of the non-medical applications of the product include semiconductors, food processing & packaging, and premium automobiles, among the significant end-uses.

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Nitrous oxide is mainly used as an inhalation anesthetic product in medicines. The administration of this product is primarily accompanied by simultaneous administration of a volatile agent such as ethane, halothane, etc. This product is also used in high-end supercars, which also plays a significant contributor to its market demand. It is an excellent oxidizer that can support combustion to its maximum potential, which no other gas can and hence has no substitute in this regard.

Nitrous oxide itself is inflammable but is an excellent oxidizer that provides additional oxygen for the extra fuel to burn, hence producing more power. It is used in combustion engines as the oxygen present in nitrous oxide causes the combustion of fuels more rapidly. Nitrous oxide is also used in high-tech thin film industries of LCD and semiconductor manufacturing.

Its primary application constitutes reactions with silicon precursors or silane to produce high-quality films applied in microelectronic transistors as electrical insulators. Moreover, the product has been used increasingly to manufacture thin fill oxides with several other elements, including aluminum, titanium, indium, magnesium, and zirconium. It is also used in the selective etching of semiconductor thin films.

Nitrous Oxide Market Report Scope

The market is primarily segmented on the basis of end-use, and region.

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Insight by End-Use

The end-use market segment of the nitrous oxide market is further bifurcated into medical, electronics, automotive, and food & beverage. The medical market segment was the largest application segment in 2020. It is used as an anesthetic agent for several therapeutic indications. In severe pain, it is one of the first applied medication agents with fifty percent of oxygen.

Furthermore, in conditions of short-term procedures such as burn dressings or wounds suturing and debridement, this is widely used. In dental procedures during tooth extraction or other brief procedures, nitrous oxide has been a non-substitutable agent. It is also occasionally used as an insufflating agent in laparoscopy and cryosurgery as a refrigerant.

The electronics market is yet another promising sector to look out for increasing demand for the product. It is less reactive and hence is more proffered than oxygen. Owing to these functional advantages, it is used to control the oxygen amount in thin films, reduce side oxidation reactions, and selectively etch one thin film while allowing others to remain. In the present industry scenario, nitrous oxide demand for electronics is approximately 10,000 metric tons per year, which is anticipated to increase over the forecast period.

Geographic Overview

The Asia Pacific nitrous oxide market was the largest regional revenue contributor in 2020. Increasing market demand from the medical industry, which has been growing proportional to the region’s rising economy, is anticipated to be the primary source. Even the electronics manufacturing industry of China, Japan, South Korea, and even India has been a significant contributor to Asia Pacific demand for nitrous oxide.

Moreover, the presence of or increasing availability of cheap but qualified and highly skilled labor in the region has attracted many premium car manufacturers to set up their manufacturing facilities for economies of scale. The rapidly developing and expanding automobile manufacturing industry in this region also has and will further augment market demand for nitrous oxide over the forecast period.

Competitive Landscape

Some of the leading nitrous oxide industry participants include KVK Corporation, SS Gas Lab Asia, Promas Engineers Pvt. Ltd., Ellenbarrie Industrial Gases Ltd., Air Liquide S.A., Merck KGaA, SOL S.p.A., Matheson Tri-Gas Inc., Airgas, Inc., The Linde Group, Praxair, Inc., and Oxygen and Argon Works Ltd.

Qualitative Analysis

• Industry overview
  • Industry trends
  • Market drivers and restraints
  • Market size
  • Growth prospects
  • Porter’s analysis
  • PESTEL Analysis
  • Value Chain Analysis
  • Key market opportunities prioritized
• Competitive landscape
  • Overview
  • Financials
  • Product benchmarking
  • Latest strategic developments

Quantitative Analysis

• Market size, estimates, and forecasts from 2016 - 2028
• Market revenue estimates for end-use up to 2028
• Regional market size and forecast for end-use segments up to 2028
• Company financials