Oxygen Market Size, Share, Growth, and Industry Analysis, By Type (Medical Oxygen, Industrial Oxygen), By Application (Metallurgical Industrial, Chemical Industrial, Medical), and Regional Insights and Forecast to 2033

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OXYGEN MARKET OVERVIEW

The global Oxygen Market is poised for significant growth, starting at USD 48.75 billion in 2024, climbing to USD 50.72 billion in 2025, and projected to reach USD 69.41 billion by 2033, with a CAGR of 4%.

The Oxygen Market entails markets created specifically for sales, distribution, and commerce of oxygen primarily meant for use in medical, production, and environmental needs. Owing to these factors, there is an increased demand for welding and water treatments due to the human healthcare needs and enhanced technological equipment demands. The development in the technologies of oxygen generation and conservation has also worked in the favour of its proliferation. The governments and private sector ensure that there is adequate stock for supply, especially during any disasters, and this has contributed to high spending. Thus, the measures in the world of oxygen generation and carbon capture become one of the peculiarities of the market’s evolution in regard to the given topic.

COVID-19 IMPACT

Oxygen Industry Had a Positive Effect Due to Oxygen supply during COVID-19 Pandemic

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 market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The extent of the oxygen market was prominently accelerated by COVID-19, owing to the high demand for medical oxygen in hospitals and intensive care units. This led to the expansion of oxygen production and storage as well as distribution throughout the globe at a very fast pace. Governments and private companies sourced large amounts of on-site oxygen generation and pressure swing adsorption due to the demand. An increased pressure on the healthcare systems due to the deficit pushed for enhancement of delivery and availability of oxygen. That is why, eventually, the market brought long-term positive changes, enhancing healthcare for any crises in the future.

LATEST TRENDS

Market growth is driven by technology, sustainability, and cost efficiency

The oxygen market comprises growth in on-site oxygen generation, increasing utilization of oxygen in healthcare, and the latest development trends in oxygen storage. Among them, one of the most important is the tendency towards the application of PSA (Pressure Swing Adsorption) technology, allowing for the production of O₂ at a rather low cost without using traditional supplies. This is so fulfilling in areas such as hospitals and industries that are far from the source of oxygen supply. Also, as the topic of sustainability intensifies, firms are now seeking to develop environmentally conscious manufacturing processes to cut costs on energy.

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OXYGEN MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Medical Oxygen, Industrial Oxygen

• Medical Oxygen: It is used in facilities such as hospitals, clinics, and home care facilities to support patients who have respiratory illnesses like COPD, asthma, and COVID-19. Medical oxygen has become a necessity, especially during outbreaks of diseases, thus the need to have standard supply mechanisms. Continuous therapy can be obtained through other means of delivery like oxygen concentrators and liquid oxygen tanks. Medical oxygen is also a controlled product within a range that has to meet an acceptable quality for patients. With the advancement of the healthcare system worldwide, the segment of medical oxygen also advances by investing in production and distribution.

• Industrial Oxygen: Industrial oxygen is applied in sectors such as steelmaking, the chemical industry, and water and wastewater treatment. It plays an important role in burners and combustors, in cutting operations, and for improving the quality of welds created. The increase in the demand for industrial oxygen is because of the growth of the industrial sector and manufacturing industries in the emerging market. New technological developments such as on-site oxygen generation and environment-friendly production methods are some factors that have expanded this segment. But in recent times, industrial oxygen suppliers are targeting safe and economic methods in order to cater to the increasing demands with less impact on the environment.

By Application

Based on Application, the global market can be categorized into Metallurgical Industrial, Chemical Industrial, Medical

• Metallurgical Industrial: In the iron and steel industry as well as in the production of aluminium and other metals, oxygen is used to support combustion and raise the furnace temperatures. Oxygen is applied in processes such as oxygen fuel and oxygen-enriched combustion with the purpose of minimizing fuel consumption. It finds application in the purification of metals and the purification and enhancement of the yield of various products, such as metals. That is why industrial oxygen is needed by this sector, due to the tendency of an increased usage of metal products in construction, vehicles, and structures. This is because advancements in industries have made oxygen-based technologies the most suitable in the field of metallurgy, due to their efficiency in energy consumption.

• Chemical Industrial: The demand for oxygen is among the important aspects in the chemical industry because it is used in petrochemicals, oxidation, and hydrogen generation. It improves speed and effectiveness in the production of various relevant chemicals, for instance, ethylene oxide and acetic acid. Oxygen is also utilized in the purification of wastewater and the synthesis of fuels and other combustible compounds. A constant requirement of oxygen in industries such as those in the manufacturing of pharmaceutical products, textiles, and agricultural practices are some of the factors that have been fundamental in the growth of the market for industrial oxygen. Advances concern changes in the technologies of oxygen transportation and its purification, which lead to optimization of yield rates and a decrease of adverse effects of the sector on the environment.

• Medical: When it comes to medical purposes, oxygen is mainly used by patients that have breathing issues and require oxygen support for healthy respiration in cases like COPD, pneumonia, and COVID-19. Medical oxygen is used in surgeries, in intensive care and monitoring units, and during emergency procedures in the hospitals. There has been an increased need for portable oxygen concentrators and home health care products due to the increasing global population’s age. Medical oxygen is very vital in health organizations, and its distribution is strictly regulated in order to give it the most effective safety. With the advancement and development of the health sector and growing concerns in lung-related diseases in the world, the use of oxygen in the health industry goes on rising.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

Market growth is driven by respiratory diseases, aging population, and innovation

This has been especially due to respiratory illnesses like chronic obstructive pulmonary disease (COPD), asthma, and COVID-19, hence leading to the need for medical oxygen. Various hospitals and home healthcare services need an uninterrupted and constant source of oxygen for meeting the needs of their patients. The increased tendency of such diseases and the global elder population, which is vulnerable to respiratory diseases, also stimulates the market’s growth. Oxygen therapy has received enhancements, and the use of portable oxygen concentrators has improved general usability. As a result, there is sustained investment from both the government and healthcare organizations to have a robust infrastructure in the area of oxygen.

Market growth is driven by industrial oxygen use, technology, and efficiency

Oxygen is a very important gas used in systems that include manufacturing industries, metallurgical industries, and water purification industries. There is enhanced utilization of industrial oxygen in the production of steel, chemical processing, and welding. There is an increase in oxygen production efficiency through such technological innovations as pressure swing adsorption and cryogenic distillation. The oxygen generation system is an effective solution for the localized generation of oxygen gas, thereby decreasing reliance on regular suppliers in the industrial processes. This is an impressive fact, given the fact that oxygen consumption increases with the growth of industries across the world resulting oxygen market growth.

Restraining Factor

Market growth is hindered by high production costs, regulation, and infrastructure

With reference to the challenges faced by the oxygen market, one of the factors that dent the market is the high costs of production, storage, and transportation of oxygen. However, large-scale production of the fuel from cryogenic distillation and PSA technology needs large investments in equipment and energy. Secondly, oxygen is a highly reactive gas that needs its storage and use to be regulated by certain legal requirements, which, of course, would add more to the cost of operation. Many times, the remote and less developed areas do not have proper infrastructure for the supply of oxygen. Relating to the costs, the following drawbacks can hinder the growth of a particular market, especially in sensitive and health markets.

Opportunity

Market growth is driven by sustainable production, renewable energy, and innovation

The need to adapt to green and sustainable production of oxygen using renewable energy marks the potential for growth in the development of the market. Some of the emerging solutions include oxygen plants powered by renewable energy and technologies for carbon capturing. Companies and businesses are searching for ways of improving production that will help to decrease emissions but at the same time ensure that there is adequate oxygen production. Government policies on sustainability and clean energy also enhance investment in this in the athletic shoe industry. Considering the increase in demand for green products, the oxygen market will expand at a fast pace in the near future.

Challenge

Market growth is hindered by supply chain issues, infrastructure, and costs

The establishment of the Oxygen Markets is somewhat problematic because of the disturbances in the supply chain, specifically during a pandemic. Due to transportation constraints, lack of storage space, and regional imbalances in production, availability may not meet demand in some areas. This context reveals that developing countries particularly suffer from a bad infrastructure organizational network, which slows down the distribution process and makes it very costly. Other reasons include variability in the supply of raw materials as well as adopting higher costs of energy, which affect production. To overcome all these challenges calls for the investment in localized production and reliable supply chains.

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OXYGEN MARKET REGIONAL INSIGHTS

• North America

Market growth in North America is driven by healthcare, industry, and innovation

North America is the largest market for oxygen due to better healthcare infrastructure, a strong industrial base, and high usage of oxygen technological products and services. The many industries located in the region control a reliable demand for oxygen due to manufacturing and medical purposes. The leading role is played by the United States Oxygen Market because of large investments in medical oxygen and state-of-the-art technologies used in various industries. Supplying medical oxygen has been going through constant developments both in on-site generation of oxygen and the enhancement of the supply chain.

• Europe

Market growth in Europe is driven by healthcare, industry, and sustainability

Europe holds significant oxygen market share due to robust healthcare systems and the various assignments in the industrial stance. This is one area that requires oxygen in the region, especially for diseases such as respiratory illnesses, which act as drivers for the market. Advances in the technological aspects of oxygen generation and storage also seem to be pioneered in Europe. It is for this reason that such sectors as the steel, chemical, and manufacturing industries escalate the demand for oxygen. Moreover, there is a shift in the EU’s policies in favour of sustainable green energy and, therefore, environmentally friendly oxygen technology.

• Asia

Market growth in Asia is driven by healthcare, industry, and demand.

There is an elaborate market for oxygen in Asia because of its large population and its growing demand, especially from countries such as China and India. Depending on the constantly increasing number of cases of respiratory illnesses, the need for medical oxygen has been growing, driven by the development of health care facilities. Manufacturing, the steel industry, and petroleum refineries are a few industrial fields that demand a bulk amount of oxygen. The development of portable oxygen generation, especially in the rural areas, is playing a role in increasing the supply of the substance. This interest is evident due to the commitment most Asian countries have made to the improvement of their economic prospects and the enhancement of healthcare services and delivery.

KEY INDUSTRY PLAYERS

Market growth is driven by strategic expansions, technology, and infrastructure investments

Currently, many companies from across the world offering oxygen are engaged in strategic expansion and technological development of the oxygen market, such as Air Liquide, Linde, and Praxair. It’s those companies that help to enhance the production of the means of oxygen manufacturing, such as Pressure Swing Adsorption (PSA) and cryogenic distillation. They also fix a lot of capex on infrastructure; this secures the supply of raw materials and services to the medical and industrial markets. Such partnerships with providers and industries condition market development and partly contribute to the improvement of oxygen availability for people across the world as well as to the implementation of environmentally friendly production approaches.

List Of Top Oxygen Companies

• Yingde Gases (China)
• HANGZHOU HANGYANG (China)
• SCGC (Thailand)
• Baosteel Gases (China)
• Foshan Huate (China)

KEY INDUSTRY DEVELOPMENT

November 2023, Recent developments in the industrial processes of the oxygen market are the establishment of oxygen production by Air Liquide in Bhubaneswar, India. The demand for both medical and industrial use of oxygen has been on the rise in the eastern part of India, particularly in healthcare facilities, steel, and chemical industries. One area that I believe is effective is the oxygen supply since the facility employs innovative technologies required to make proper supplies of oxygen where it matters most: emergency cases in hospitals. The investment supplements India’s increasing demand for oxygen, especially after the COVID-19 pandemic, to improve industrial and healthcare productivity.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential Applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.