Nitrous oxide is an oxide of nitrogen found in gaseous state. It is colorless non-flammable gas which is insoluble in water. Nitrous oxide gas has chemical formula N2O with oxidizing properties. It is used in aircraft engines and rockets and in automobile sector, as well as in aerosol propellants.
Major factors driving growth of the global nitrous oxide market is increasing use of nitrous oxide for medicinal purposes. Growing aging population, coupled with rising occurrence chronic diseases are also key factors propelling growth of the global nitrous oxide market. However, government regulation regarding transportation and usage of nitrous oxide may hamper growth of the target market.
The global nitrous oxide market has been segmented on the basis of application and region. On the basis of application, the market is segmented into electronics, medical, food and beverages, automotive, and others. Medical segment holds major share in terms of revenue and expected to witness high growth in the near future, due to increasing usage of nitrous oxide in hospitals and dental clinics. Growing population couple with increasing dental and chronic problems among individuals is a factor expected to boost growth of the medical segment. In terms of revenue, automotive segment is expected to witness lucrative growth in the global market.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Market in North America is dominates the global market in terms of revenue, owing to increasing ratio of patients with cancer, obesity, and chronic diseases in this region. Europe market expected to account for second highest share in terms of revenue over the forecast period, followed by Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific market is anticipated tow witness high growth in terms of revenue over the forecast period.
Key players operating in the global nitrous oxide market include Praxair Technology, Inc., Oxygen & Argon Works Ltd, The Linde Group, Matheson Tri-Gas, Inc., SOL Spa, Merck KGaA, Air Liquide S.A., Airgas, Inc., Ellenbarrie Industrial Gases Ltd., and Promas Engineers Private Limited.