Nitrous Oxide Market Size, Share, Growth Analysis, By Application(Medical, Electronics, Automotive, Food & Beverage), By Region - Industry Forecast 2024-2031

Nitrous Oxide Market size was valued at USD 1.12 billion in 2019 and is poised to grow from USD 1.2 billion in 2023 to USD 2 billion by 2031, growing at a CAGR of 7.1% in the forecast period (2024-2031).

Nitrous oxide, sometimes known as laughing gas, is a common substance used in both medical and non-medical settings. It is a colorless, non-flammable gas with a mildly pleasant odor. The electronics industry, food manufacturing, and racing vehicles are a few examples of non-medical end uses. It is frequently used as an analgesic and anesthetic in surgical and dental treatments in the medical field. It has good euphoric effects when inhaled, and because of this feature, it is sometimes used recreationally as a dissociative anesthetic.

The main trend driving market expansion is anticipated to be the rising demand from various industries, including the automotive, electronics, medical, and food and beverage sectors. As a result of the high prevalence of chronic diseases and the growing elderly population in important nations like China and India, significant demand from Asia Pacific is also helping the global market. Nitrous oxide use in the medical field has a negligible environmental impact. Only 1% of the nitrogen oxide produced into the atmosphere is used for medical purposes, yet it is responsible for 5% of all greenhouse impacts. Nitrous oxide used for medical purposes makes up 0.05% of all gas emissions that have an impact on the environment worldwide.

US Nitrous Oxide Market is poised to grow at a sustainable CAGR for the next forecast year.