Market Size of Oxygen Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
