Electronic Grade Nitrous Oxide (N2O) Market Size, Share, Growth, and Industry Analysis, By Type (Above 99.9995 % and Above 99.999 %), By Application (Semiconductor and LCD/OLED), Regional Forecast By 2031

Updated On: 08 July 2024

Electronic Grade Nitrous Oxide (N2O) Market Report Overview

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The global electronic grade nitrous oxide (N2O) market size was USD 188.5 million in 2022 & the market is expected to reach USD 363.51 million in 2031, exhibiting a CAGR 7.6% of during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

The global electronic grade nitrous oxide is also known as, electronic specialty gas. It is a highly purified form of nitrous oxide that is used in the electronics industry for various applications, such as in the production of semiconductors, flat panel displays, and other electronic components. This high-purity nitrous oxide is typically free of impurities and contaminants that could interfere with electronic processes. It is produced through a highly controlled manufacturing process that involves distillation, purification, and quality control measures to ensure that it meets specific electronic industry standards. Increasing demand for semiconductors is driving the market.

The global electronic grade nitrous oxide (N2O) market progression can be credited to the upsurge in the demand due increasing demand for electronic devices. With the increasing use of electronic devices such as smartphones, laptops, tablets, and other consumer electronics, the demand for electronic grade nitrous oxide is also growing. This is because it is used as a critical component in the production of high-purity silicon wafers, which are used in the manufacture of these devices.

COVID-19 Impact: Pandemic led to increase in demand for electronic devices

The effects of the COVID-19 pandemic are already being felt on a global level, the global electronic grade nitrous oxide (N2O) was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The pandemic had a significant impact on the semiconductor & electronics as well. Pandemic has increased demand for electronic devices. With more people working and studying from home, there has been an increase in demand for electronic devices such as laptops, tablets, and smartphones. This has driven the demand for electronic grade nitrous oxide market.

Latest Trends:

"Growing demand from semiconductor industry to augment market growth"

The semiconductor industry is the largest end-user of electronic grade nitrous oxide, and the demand for electronic grade nitrous oxide is expected to grow as the semiconductor industry continues to evolve. With the increasing use of advanced technologies such as artificial intelligence, the internet of things, and 5G networks, the demand for high-quality semiconductors is expected to grow, driving the demand for electronic grade nitrous oxide (N2O).

Electronic Grade Nitrous Oxide (N2O) Market Segmentation

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• By Type

Based on type, the global electronic grade nitrous oxide (N2O) market is divided into above 99.9995 % and above 99.999 %.

• By Application

Based on application, the market is divided into semiconductor and LCD/OLED.

Driving Factors

"Growth of the medical sector to offer lucrative opportunities to the market"

Electronic grade nitrous oxide is also used in the medical industry as an anesthetic agent. The growth of the medical industry is, therefore, a significant driver for the electronic grade nitrous oxide market.

"Increasing focus on renewable energy may gain growth in the market"

The world is shifting towards renewable energy sources, and it is a critical component in the production of solar panels. As the demand for renewable energy systems continues to grow, the demand for N2O is expected to increase.

"Rising product demand from the food and beverage industry to drive growth in the market"

In the food industry, N2O is widely used in the production of whipped cream, which is a popular ingredient in desserts and pastries. The gas is used as a whipping agent to create a light, fluffy texture in whipped cream, making it more appealing to consumers. Additionally, N2O is also used as a propellant in aerosol cans, which are widely used in the food industry to package products such as cooking spray and whipped cream.

RESTRAINING FACTORS

"Stringent regulations and high competition to hinder market progress"

The production, storage, and transportation of electronic grade N2O are regulated by various environmental and safety regulations, which make it difficult for manufacturers to comply with all the requirements. Compliance with these regulations can be expensive and time-consuming, which can impact the profitability of manufacturers. The global electronic grade N2O market is highly competitive, with several large and small players operating in the market. This makes it difficult for new players to enter the market of electronic grade nitrous oxide (N2O) and compete with established players.

Electronic Grade Nitrous Oxide (N2O) Market Regional Insight

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"Asia-Pacific to dominate the market due to the rapid industrialization in the region"

Asia-Pacific is estimated to be the fastest-growing region in the overall market over the forecast period, owing to rapid industrialization, increasing population, and rising living standards in emerging economies including China, India, Indonesia, and Vietnam among others. In addition, the increasing demand for electric vehicles and renewable energy is expected to drive the growth of the Asia Pacific market.

North America likely to hold the second-largest share in the market. The North American market is expected to be dominated by the United States, with a market share. Canada is the second largest market in North America. The market is expected to grow rapidly in Canada owing to the increasing demand for nitrous oxide for medical applications.

Key Industry Players

"Market Players to Boost Market Growth by adopting various strategies"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Linde Gas (Germany)
• Chongqing Tonghui Gas (China)
• Air Liquide (Paris, France)
• Jinhong Group (China)
• Showa Denko (Tokyo, Japan)
• Sumitomo Seika (Japan)
• Ling Gas (Beijing, China)
• Taiyo Nippon Sanso (Japan)
• Messer (U.S.)

Report coverage

This report examines an understanding of the global electronic grade nitrous oxide (N2O) market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.