Westford, USA, June 14, 2023 (GLOBE NEWSWIRE) -- The global Nitrous Oxide market size is expected to reach USD 2 billion by 2030 and exhibit a CAGR of 7.1% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing demand from various end-use industries such as healthcare, automotive, and food and beverage, the increasing popularity of recreational use, and technological advancement in the production process are fueling the Market's growth.
Government Subsidies and Trends to Promote the Use of Nitrous Oxide
At a global scale, various trends in the nitrous oxide market are promoting growth, such as rising demand for nitrous oxide from the electronic industry for its use as a specialty gas, increasing adoption of nitrous oxide as a greenhouse gas to increase the crop yield, and growing popularity of nitrous oxide in the recreational industry for its euphoric effects.
Several government initiatives are promoting the growth of Nitrous Oxide. The governments of various countries are implementing initiatives to reduce greenhouse gas emissions, the increasing use of nitrous oxide in the medical industry for anesthesia and pain management, governments are also promoting the use of nitrous oxide in the food and beverages industry for whipped cream production and as a propellant for aerosols.
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Nitrous Oxide-Oxygen Mixture Type Demand to Grow Substantially in the Forecast Period
Nitrous Oxide-Oxygen Mixture dominated the global market owing to its widespread use. It is used in various medical applications, including dental surgeries, obstetrics, and emergency medicine. Nitrous oxide-oxygen mixtures are also used for anesthesia, pain management, and analgesia due to their fast-acting properties and ease of administration.
Medical and Healthcare is the Leading Application Segment
In terms of application, the medical and healthcare segment is the leading segment due to the demand for nitrous oxide as an anesthetic agent in surgical procedures and pain management. In addition, the increasing number of surgeries, the growing prevalence of chronic diseases, and the rising demand for pain management have helped the market to grow.
Asia-Pacific and North America are the leading Markets Due to the Increasing Demand for Nitrous Oxide in the Healthcare Industry
Region-wise, North America is one of the largest growing markets due to the increasing demand for nitrous oxide in the healthcare industry, particularly in the United States.
Moreover, Asia Pacific is the fastest-growing region for nitrous oxide due to the rising prevalence of chronic diseases, increasing geriatric population and growing demand for dental procedures in the region.
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Browse in-depth TOC on " Nitrous Oxide Market "
Pages - 251
Tables - 38
Figures - 74
Nitrous Oxide Market Report Suggests:
- Merck, a renowned science and technology company, recently acquired Erbi Biosystems, a Massachusetts-based company that has developed the 2 ml micro-bioreactor platform technology called the "Breez™." This acquisition is expected to enhance Merck's upstream portfolio in therapeutic proteins by enabling scalable cell-based perfusion bioreactor processes from 2ml to 2000L with rapid lab-scale process development.
- In terms of application, the medical and healthcare segment dominates due to the demand for nitrous oxide.
- In terms of type, the nitrous oxide-oxygen mixture type segment is projected to gain more popularity due to its widespread use.
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due presence of major market players
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Nitrous Oxide Market Segmentation:
The global Nitrous Oxide market report is segmented based on type, application, and region.
By Type
- Pure Nitrous Oxide
- Nitrous Oxide-Oxygen Mixture
- Others
By Application
- Medical
- Automotive
- Food & Beverage
- Electronics
- Aerospace
- Others
By Region
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- RoE
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- RoLA
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
Nitrous Oxide Market Major Company Profiles:
- Linde plc
- Air Liquide S.A.
- Praxair, Inc. (Now owned by Linde plc)
- Air Products and Chemicals, Inc.
- Taiyo Nippon Sanso Corporation
- SOL Group
- Ellenbarrie Industrial Gases Limited
- Merck KGaA
- Matheson Tri-Gas, Inc. (Now owned by Taiyo Nippon Sanso Corporation)
- BOC Gases (Now owned by Linde plc)
- Airgas, Inc. (Now owned by Air Liquide S.A.)
- The Southern Gas Limited
- Bristol Gases
- Abelló Linde S.A.
- Air Products AS
- Luxfer Gas Cylinders
- NORCO, Inc.
- KVK Corporation
- Goyal MG Gases Pvt. Ltd.
- NIPPON GASES CO., LTD.
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