Global Nitrous oxide market is anticipated to surge from $789.2 million back in 2017 to $1,441.2 million by the end of 2026, growing at a CAGR of 6.2% over the forecast period, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the nitrous oxide market based on product type, application, end user and region.
Some key insights pertaining to nitrous oxide market included in the report are listed below:
- Growing application of nitrous oxide from medical, chemical, automotive, and semiconductor manufacturing, and food & beverage packaging industry are predicted to drive market growth.
- The growing prevalence of chronic ailments and unprecedented increase of the global geriatric population are expected to boost product demand during the forecast period.
- Non-medical applications such as semiconductors, premium automobiles, and food processing & packaging are the leading end-users.
- The automobile and semiconductor end-use segments are estimated to be among the most rapidly growing segments over the forecast period.
- Demand for high definition, new display technologies like the OLED and ultra-high definition requiring higher amounts of nitrous oxide is adding to its demand.
- Presently, the gas is used in the production of metal oxide transistors which are rapidly replacing the traditional silicon-based technology.
According to the report, the product’s use as food & beverage propellant, foaming agents, and industrial agents, and as fuel oxidizer in rockets and race cars are some of its potential application sectors. However, according to the Kyoto protocol, the product has been considered a global warming compound. Nearly all warming contributions worldwide arise from secondary reaction of fertilizers in solids and other agriculture sources. Till date, this fact has been a major obstacle for nitrous oxide market growth.
The report delivers a comprehensive quantitative and qualitative analysis of the trends and opportunities in the global nitrous oxide market between 2017-2026. The report also analyses the geographical terrain of nitrous oxide market into North America, APAC, Europe, South America, and MEA. The North America market is further segmented into U.S. and Canada. While, Europe is divided into the UK, Germany, Italy, and the rest of Europe. Asia-Pacific is bifurcated into India, China, Japan, and Rest of Asia-Pacific.
In terms of regional growth, Asia Pacific was the most dominant market in 2017, cites the study. High demand from the medical industry which has been witnessing immense growth in proportion to the region's growing economy is projected to be the primary factor driving growth. Additionally, the electronics manufacturing business across China, South Korea, Japan and India have been a significant contributor to the region’s nitrous oxide demand.
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Moreover, presence of cheap but competent and skilled labor in the region has attracted several international automakers to establish their manufacturing facilities in the region. The rapidly growing automobile manufacturing sector is anticipated to augment the demand for nitrous oxide in APAC for the next eight years.
The leading industry participants operating in the competitive landscape of the global nitrous oxide market include KVK Corporation, Promas Engineers Pvt. Ltd., SS Gas Lab Asia, Ellenbarrie Industrial Gases Ltd., Merck KGaA, Air Liquide S.A., SOL S.p.A., Airgas, Inc., Matheson Tri-Gas Inc., The Linde Group, Oxygen and Argon Works Ltd, and Praxair, Inc.
Profiles of these companies have been highlighted in the report with respect to their business overview, product benchmarking, financials, and recent developments. These companies are employing growth strategies such as launching new products, mergers, and acquisitions in an effort to meet end-user demands and to enhance their position in the business space.