Oxygen Market Size (2024 - 2029)

The oxygen market is experiencing significant growth, driven by increased demand in the medical and healthcare sectors, particularly due to the COVID-19 pandemic. This surge in demand has led to expanded production capacities in various countries. Additionally, the metals and mining industries are contributing to the market's expansion. Despite challenges such as high manufacturing costs and competition from alternative gases, the market is poised for growth, with the Asia-Pacific region expected to lead in terms of market size and growth rate. The rising use of oxygen in cosmetic applications also presents new opportunities for market expansion.

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Market Size of Oxygen Industry

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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

Oxygen Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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 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
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Oxygen Market Size Summary

The global oxygen market is experiencing significant growth, driven by increased demand from the medical and healthcare sectors, particularly due to the ongoing impact of COVID-19. The pandemic has highlighted the critical need for medical oxygen in treating severe respiratory conditions, leading to a surge in production to meet hospital requirements. This heightened demand is expected to persist as new COVID cases continue to emerge globally. Additionally, the metals and mining industries are contributing to the market's expansion, although high manufacturing costs and competition from alternative fuel gases pose challenges. The cosmetics industry's growing use of oxygen presents new opportunities for market development. The Asia-Pacific region, with its rapidly expanding economies like China and India, is anticipated to lead the market, benefiting from robust industrial activities and infrastructure development.

In the Asia-Pacific region, the demand for oxygen is bolstered by the region's dominant position in steel production, with China being the largest global producer. The construction sector's demand for steel, coupled with government initiatives in countries like India to enhance oxygen production capabilities, supports market growth. The region's market is characterized by steady expansion, supported by strategic investments and infrastructure developments. The oxygen market is partially fragmented, with key players such as Air Products Inc., Linde plc, and Air Liquide actively expanding their operations through new facilities and acquisitions. These developments underscore the market's dynamic nature and the ongoing efforts by major companies to strengthen their market presence and meet the rising global demand for oxygen.

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Oxygen Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand From the Medical and Healthcare Industry

      2. 1.1.2 Growing Demand for Oxygen from the Metals and Mining Industry

    2. 1.2 Restraints

      1. 1.2.1 High Costs for Manufacturing Oxygen

      2. 1.2.2 Alternative Fuel Gases Used for Welding and Cutting Applications

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Form

      1. 2.1.1 Gas

      2. 2.1.2 Liquid

      3. 2.1.3 Solid

    2. 2.2 Type

      1. 2.2.1 Medical

      2. 2.2.2 Industrial

    3. 2.3 Application

      1. 2.3.1 Metals and Mining

      2. 2.3.2 Chemical Industry

      3. 2.3.3 Oil And Gas

      4. 2.3.4 Healthcare

      5. 2.3.5 Pharmaceutical

      6. 2.3.6 Other Applications

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 Italy

        4. 2.4.3.4 France

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Oxygen Market Size FAQs

The Oxygen Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Air Products Inc., , Linde plc , Air Liquide , Yingde Gases Group and Messer North America Inc are the major companies operating in the Oxygen Market.

Oxygen Market Report Snapshots

Oxygen Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)