|Fastest Growing Market:||Asia-Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
Scope of the Report
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).
|Metals and Mining|
|Oil And Gas|
Key Market Trends
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.
To understand key trends, Download Sample Report
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.
To understand geography trends, Download Sample Report
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).
- 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.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Demand From the Medical and Healthcare Industry
4.1.2 Growing Demand for Oxygen from the Metals and Mining Industry
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
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
5.3.1 Metals and Mining
5.3.2 Chemical Industry
5.3.3 Oil And Gas
5.3.6 Other Applications
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.4.4 South America
22.214.171.124 Rest of South America
5.4.5 Middle-East and Africa
126.96.36.199 Saudi Arabia
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
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
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Usage of Oxygen from Cosmetic Applications
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The Oxygen Market market is studied from 2017 - 2027.
What is the growth rate of Oxygen Market?
The Oxygen Market is growing at a CAGR of >6% over the next 5 years.
Which region has highest growth rate in Oxygen Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Oxygen Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Oxygen Market?
Air Products Inc., , Linde plc , Air Liquide , Yingde Gases Group , Messer North America Inc are the major companies operating in Oxygen Market.