Oxygen Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Oxygen Market Analysis
The Global Oxygen Market is projected to register a CAGR of over 6% during the forecast period (2022-2027).
The demand for medical oxygen increased significantly during the COVID-19 pandemic as it was essential for treating severe cases of COVID-19. The oxygen production in various countries was increased to meet the increasing demand from hospitals. In Low and Middle-Income Countries, it was estimated that more than half a million people would require 1.1 million oxygen cylinders per day in 2021. Furthermore, the demand is likely to be strong in the medical industry owing to emerging cases of COVID globally.
- Over the short term, the increasing demand for oxygen from the medical and healthcare industry and the growing demand for oxygen from the metals and mining industry are some driving factors stimulating the market demand.
- High costs for manufacturing oxygen and alternative fuel gases used for welding and cutting applications hinder the market's growth.
- The growing usage of oxygen for cosmetics applications will likely provide opportunities to the market studied.
- The Asia-Pacific region is expected to dominate the market and will also witness the highest CAGR during the forecast period.
Oxygen Market Trends
This section covers the major market trends shaping the Oxygen Market according to our research experts:
Increasing Demand From Healthcare Industry
- Oxygen is used in healthcare facilities to treat respiratory illnesses such as COVID-19 and pneumonia. It is also essential for surgery and trauma.
- In healthcare units, oxygen is used in primary health care, general wards, emergency transport, delivery rooms, operating theatres, ICUs, specialized hospitals, and outpatient units.
- The demand for oxygen from healthcare facilities is expected to grow shortly because of the emerging cases of COVID. As of June 6th, 2022, the United States had around 743 thousand active COVID cases, China had around 501 thousand COVID cases, and India had around 45 thousand COVID cases. The growing COVID cases are expected to result in more hospitalization and increase the oxygen demand.
- The daily cases of COVID are growing in Russia, Japan, Australia, Mexico, and North Korea. On June 16th, 2022, Russia added more than 3,000 cases, while South Korea added around 8,000 cases. More than 16,000 new cases were reported in Japan, and more than 32,000 cases were added in Australia.
- Owing to all these factors, the oxygen market will likely grow globally during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy in terms of GDP. China and India are among the fastest emerging economies in the world.
- In 2021, Asia and Oceania produced 1.38 billion metric tons of crude steel, an increase of 0.6% compared to 2020. China is the world's largest producer of steel. The crude steel production in China was 1032.8 million metric tons in 2021, slightly less than the previous year but significantly higher than the previous years. The construction sector is the key factor driving the demand growth for steel in the country, which accounts for almost two-thirds of the country's steel consumption.
- Factors like the rise in iron and steel prices in recent years and the recent reform initiatives taken by the Chinese government are supporting the growth of the domestic iron and steel industry.
- In India, to meet the growing demand for oxygen from hospitals during the COVID pandemic, the central government of India funded 1,222 pressure swing adsorption plants through the PM cares fund that could produce 1,750 metric tons of captive oxygen daily. Further, many new plants have been set up in various states through public sector undertakings and corporate sponsorships.
- Due to all such factors, the market for oxygen in the region is expected to have a steady growth during the forecast period.
Oxygen Industry Overview
The oxygen market is partially fragmented in nature. Some of the major players in the market include Air Products Inc., Linde plc, Air Liquide, Yingde Gases Group, and Messer North America Inc, among others (not in any particular order).
Oxygen Market Leaders
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Air Products Inc.,
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Linde plc
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Air Liquide
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Yingde Gases Group
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Messer North America Inc
*Disclaimer: Major Players sorted in no particular order
Oxygen Market News
- In July 2021, Linde announced that it had started its new on-site facility in Qinzhou, China. The facility can supply up to 7,500 tons of oxygen per day.
- In June 2021, Air Liquide finalized the acquisition of Sasol's 16 Air Separation Units in Secunda, South Africa. The facility is the world's largest oxygen production site.
- In June 2021, Air Liquide and PAO Severstal, one of the leading steel producers, signed a new long-term contract to supply oxygen to the Severstal ChemMK site in Russia.
- In February 2021, Inox-Air Products announced plans to invest INR 2000 crore to build 8 new air separation units to meet India's growing demand for medical oxygen.
Oxygen Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand From the Medical and Healthcare Industry
- 4.1.2 Growing Demand for Oxygen from the Metals and Mining Industry
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4.2 Restraints
- 4.2.1 High Costs for Manufacturing Oxygen
- 4.2.2 Alternative Fuel Gases Used for Welding and Cutting Applications
- 4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 Form
- 5.1.1 Gas
- 5.1.2 Liquid
- 5.1.3 Solid
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5.2 Type
- 5.2.1 Medical
- 5.2.2 Industrial
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5.3 Application
- 5.3.1 Metals and Mining
- 5.3.2 Chemical Industry
- 5.3.3 Oil And Gas
- 5.3.4 Healthcare
- 5.3.5 Pharmaceutical
- 5.3.6 Other Applications
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 Italy
- 5.4.3.4 France
- 5.4.3.5 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle-East and Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Air Products Inc.
- 6.4.2 Air Liquide
- 6.4.3 Bhuruka Gases Limited
- 6.4.4 Daesung Group
- 6.4.5 Gulf Cryo
- 6.4.6 Inox-Air Products Inc
- 6.4.7 KOATSU GAS KOGYO CO., LTD.
- 6.4.8 Linde plc
- 6.4.9 Matheson Tri-Gas, Inc
- 6.4.10 Messer North America Inc
- 6.4.11 Nippon Gases
- 6.4.12 SHOWA DENKO K.K
- 6.4.13 SOL Spa
- 6.4.14 TAIYO NIPPON SANSO CORPORATION
- 6.4.15 Yingde Gases Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Usage of Oxygen from Cosmetic Applications
Oxygen Industry Segmentation
Oxygen is critical for human life. Apart from the requirement for sustenance of human life, oxygen is used for a variety of industrial and medical applications. The oxygen market is segmented by form, type, application, and geography. By Form, the market is segmented into Gas, Liquid, and Solid. By Type, the market is segmented into Medical and Industrial. By Application, the market is segmented into Metals and Mining, Chemical Industry, Oil and Gas, Healthcare, Pharmaceuticals, and Other Applications. The report also covers the market size and forecasts for the oxygen market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).
| Form | Gas | |
| Liquid | ||
| Solid | ||
| Type | Medical | |
| Industrial | ||
| Application | Metals and Mining | |
| Chemical Industry | ||
| Oil And Gas | ||
| Healthcare | ||
| Pharmaceutical | ||
| Other Applications | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Oxygen Market Research FAQs
What is the current Oxygen Market size?
The Oxygen Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Oxygen Market?
Air Products Inc., , Linde plc , Air Liquide , Yingde Gases Group and Messer North America Inc are the major companies operating in the Oxygen Market.
Which is the fastest growing region in Oxygen Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Oxygen Market?
In 2024, the Asia-Pacific accounts for the largest market share in Oxygen Market.
What years does this Oxygen Market cover?
The report covers the Oxygen Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Oxygen Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
How is the Oxygen Market segmented?
The Oxygen Market is segmented by a) Type: Medical and Industrial b) Form: Gas, Liquid, and Solid c) Application: Metals and Mining, Chemical Industry, Oil & Gas, Healthcare and Pharmaceutical d) End User Industry: Metallurgical Industry, Chemical Industry, Health Care Industry
Oxygen Industry Report
The industrial and medical oxygen markets are experiencing robust growth, driven by the increasing demand for oxygen in chemical processes, advancements in production technologies, and its essential role in cleaner energy and hydrogen production. The surge in respiratory issues and the critical importance of oxygen in healthcare underscore the growth in the medical segment. Meanwhile, the global oxygen industry, including both sectors, benefits from the rising prevalence of respiratory diseases, environmental pollution, and innovative delivery solutions. The Asia-Pacific region, led by China and India, is at the forefront due to rapid industrialization and the expansion of healthcare facilities. Trends like IoT-enabled medical oxygen plants and a shift towards portable oxygen concentrators are shaping the market. Despite challenges like safety concerns and high production costs, the widespread demand for oxygen in industries such as healthcare, metallurgy, and energy is poised to propel market growth. For detailed market insights and forecasts, Mordor Intelligence™ Industry Reports offer a comprehensive analysis of the oxygen industry, including a market forecast outlook and a historical overview, available as a free report PDF download.
