Global nitrous oxide market is expected to witness significant growth from 2015 to 2022 owing to aging demography and increasing food industry applications. Major applications are spread across multiple industries such as pharmaceuticals, semiconductors, food, and automotives.
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Growing geriatric population in major countries such as Japan, the U.S., Germany, and China is expected to increase nitrous oxide demand in the pharmaceutical industry over the forecast period. Surging healthcare services affordability in the emerging economies along with rising disposable income is anticipated to complement the regional market.
Semiconductors segment accounted for significant share of the overall revenue in 2014 and is expected to witness the fastest growth over the next seven years. Semiconductor processes using nitrous oxide include chemical vapor deposition, diffusion, rapid thermal processing, and chamber seasoning. Growing electronics manufacturing and semiconductor consumption especially in emerging economies such as China, India, Russia, and Brazil are expected to benefit the overall demand.
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Favorable regulatory framework such as the U.S. Food and Drug Administration Safety & Innovation Act is projected to aid the regional as well as the global market. This act overlooks the medical gas applications and related product regulations. Nitrous oxide is extensively used for food applications as a food additive in the form of an aerosol propellant. This gas is favored by food companies as it is soluble in fatty compounds and inhibits bacteria growth.
Stringent regulations and frequently changing policies governing nitrous oxide usage are anticipated to hamper the global market growth over the forecast period. Hazardous health effects associated with prolonged exposure to nitrous oxide such as asphyxiation risk, decrease in mental performance, and audio visual disability are projected to negatively impact growth and development.
Growing environmental concern regarding nitrous oxide emissions is another key factor that is expected to negatively impact the market. Such concerns have resulted in nitrous oxide being exposed to several environmental regulations such as those issued by the USEPA.
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