As per MRFR analysis, the Industrial Oxygen Market Size was estimated at 52.62 (USD Billion) in 2022. The Industrial Oxygen Market Industry is expected to grow from 55.36 (USD Billion) in 2023 to 87.4 (USD Billion) by 2032. The Industrial Oxygen Market CAGR (growth rate) is expected to be around 5.2% during the forecast period (2024 - 2032).
The Industrial Oxygen market is experiencing significant growth, driven by rising demand from various end-use industries, including healthcare, manufacturing, and chemicals. The increasing use of oxygen in medical applications, such as respiratory therapy and anesthesia, is a major growth factor. Moreover, the growing adoption of oxygen in industrial processes, including metal cutting, welding, and glass production, is contributing to market expansion.
Emerging opportunities lie in the development of oxygen concentrators for home-based respiratory care, as well as the integration of oxygen production with renewable energy sources. Additionally, the rising adoption of cryogenic air separation technologies, which allow for efficient oxygen separation from air, is creating opportunities for market growth.
Recent trends include the increasing demand for high-purity oxygen for critical medical applications, the development of portable oxygen delivery systems, and the growing emphasis on safety and compliance in oxygen handling and storage. The market is also witnessing investments in research and development to enhance oxygen production efficiency and explore new applications in emerging industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The healthcare sector is one of the major consumers of industrial oxygen, with healthcare facilities such as hospitals, clinics, and medical facilities using oxygen for a number of medical applications, including patient respirations, supporting central nervous system activities, and providing oxygen needed for anesthesia, wound repair and other uses. Increased demand for the healthcare sector, in addition to the increased cases of chronic respiratory diseases, requires increased availability of oxygen.
The number of surgeries and medical procedures is also increasing. The Industrial Oxygen Market Industry is expected to witness the latest developments across the globe and continue to have steady growth during the estimated period due to increased demand for oxygen in the healthcare sector.
Industrial oxygen is applied in a huge array of industrial industries, encompassing steelmaking, metal fabrication, and chemical processing. The capacity for those industries, especially in the growing areas, influences the Industrial Oxygen Market Industry rate, as well. As an example, within the steelmaking process, oxygen may be valuable, as steelmaking and oxidation may channel the price and quality of steel projects. Moreover, within chemical processing, the impression of industries may add up to utilizing the equipment to achieve proper permutations as it may be an oxidizing facility and feedstock for multiple chemical reactions.
Demand for industrial oxygen will be driven by stringent government regulations regarding air pollution and environmental protection. Pollution control systems require oxygen to reduce the emission of harmful pollutants like sulfur dioxide and nitrogen oxides. Demand for oxygen in various industries is increasing as people are becoming aware of the impact of traditional fossil fuels on the environment, leading to the adoption of oxygen-based technologies. So, the Industrial Oxygen Market Industry can witness considerable growth due to government regulations and environmental concerns.
The Industrial Oxygen Market is classified by purity as 99.9%, 99.99%, 99.995%, and 99.999%. The segment of 99.9% occupied the majority of the market in 2023 and is anticipated to grow further, incorporating almost 55% by 2032. It is followed by 99.99% in terms of growth, which will become the leading branch by the end of the forecast period. The latter segment is thought to register a CAGR of 6.2%. The most saturated areas are such industries as steel, metal fabrication, and chemical processing, where 99.9 purity oxygen is heavily utilized.
Ultimately, the growth of 99.99% purity is occasioned by its mounting implementation in hospitals and other healthcare settings for respiratory therapy and anesthesia. As for 99.995% and 99.999%, the scope of their implementation lies within the electronics and semiconductor sectors, where high-purity oxygen is necessary for the manufacturing process. In terms of share, the Asia-Pacific area will be the leader, amassing over 40% in 2023. Such preeminence is due to the increasing demand from emerging economies like China and India, which are developing rapidly and spreading their industrial and urban areas, where oxygen is required in various aspects.
The second and third largest regional clients are bound to remain in North America and Europe, increasing demand at a slow and regular pace. As for the key participants, Air Liquide, Linde, Air Products and Chemicals, Inc., Messer Group, and Praxair Technology, Inc., are the principal market players. They are differentiating from the competitors by enlarging their production capacities, devising new technologies, and forging new strategic partnerships. Nevertheless, the market is predicted to become more competitive in the future, with new entrants and green technological innovations entering the stage.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Application segment is central to the Industrial Oxygen Market and has a highly positive influence on the growth of the market, as well as on the revenue levels. Steelmaking is one of the most important applications, as its share on the market is ever-growing due to rising demand for oxygen in steel production. Glass Production accounts for the same portion of the market, as oxygen serves to produce flat glass, containers, and specialty glasses. Chemical Processing is important, as oxygen is required for a number of chemical reactions, including the production of petrochemicals and plastics.
Medical use is a developing segment, accounting for another 1/5. The total revenue of the Industrial Oxygen Market is expected to grow immensely in the period under consideration, as the utilization level of these areas demonstrates a very pronounced growth all over the world. The market data and statistics indicate a very positive development of the market, conditioned by increasing demand on the one hand and by the progress in technologies on the other.
The Industrial Oxygen Market is segmented by Form into Gas and Liquid. The Gas segment is expected to hold a larger share of the market in 2024, owing to its ease of transportation and lower storage costs. The Liquid segment is expected to grow at a faster CAGR during the forecast period due to its higher purity and concentration, which makes it ideal for use in certain industrial applications, such as metalworking and welding. Overall, the Industrial Oxygen Market is expected to grow at a steady pace during the forecast period, driven by increasing demand from various end-use industries, such as healthcare, manufacturing, and construction.
The Industrial Oxygen Market segmentation by Usage comprises Primary Oxygen and Secondary Oxygen. The Primary Oxygen segment, valued at USD 29.4 billion in 2023, is projected to reach USD 46.9 billion by 2032, growing at a CAGR of 5.8%. This segment includes oxygen used in steelmaking, iron and steel production, and non-ferrous metal production. The Secondary Oxygen segment, valued at USD 25.9 billion in 2023, is projected to reach USD 40.5 billion by 2032, growing at a CAGR of 5.5%.
This segment includes oxygen used in chemical and petrochemical production, glass manufacturing, and food and beverage processing. The growth of the Industrial Oxygen Market is driven by factors such as increasing demand from emerging economies, rising steel production, and growing demand for oxygen in various industrial applications.
The Industrial Oxygen Market is expected to reach a valuation of USD 64.2 billion by 2027, exhibiting a CAGR of 5.6% during the forecast period. Regionally, North America held the largest market share in 2022, accounting for over 35% of the global revenue. The growth in this region can be attributed to the increasing demand for industrial oxygen in various industries, including healthcare, metal fabrication, and chemical processing. Europe is another significant market for industrial oxygen, with a market share of around 28%.
The region is home to a large number of manufacturing industries, which are major consumers of industrial oxygen.APAC is projected to be the fastest-growing regional market, with a CAGR of 6.2% during the forecast period. The growth in this region is primarily driven by the expanding manufacturing sector in countries such as China and India. South America and MEA are also expected to witness steady growth in the industrial oxygen market, with CAGRs of 4.8% and 4.5%, respectively, during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The key participants in the Industrial Oxygen Market are focusing on building regional prominence and developing an extensive product portfolio. The development of the Industrial Oxygen Market is owed to the rising demand from varied industries such as steel, chemicals, and healthcare. As the Industrial Oxygen Market has witnessed a higher demand in developed such as Europe, it is characterized by the high prevalence of fractional growth. Therefore, the level of competition is projected to be highly dispersed.
Air Liquide is an industry leader in the development of the Industrial Oxygen Market with its presence in the Americas, Europe, and Asia-Pacific. The company provides an extensive range of industrial gases, including oxygen, nitrogen, hydrogen, and argon. Alongside these gases, Air Liquide also provides other gases in its product portfolio, such as carbon dioxide, helium, acetylene, and specialty gases. Furthermore, the company is also engaged in providing engineering and construction services for industrial gas plants. Air Liquide has developed a diverse and robust product portfolio and has made a significant investment in innovation.
In addition, the company has a large customer base and a strong distribution network to enhance its regional presence in developed and developing countries. Air Liquid is strongly positioned to benefit from the mounting demand from emerging markets. Praxair is another substantial competitor in the Industrial Oxygen Market. Praxair has developed the Industrial Oxygen Market position in North America, Europe, and Asia. It has developed an extensive product base and has included businesses related to industrial gases, surface technologies, rigid containers, and specialty chemicals. Praxair has developed a strong customer base, an efficient production capacity, and a well-established distribution network. The company is the leading provider for the steel industry and is likely to benefit from the increasing demand from the automotive and aerospace industries.
The Industrial Oxygen Market is projected to reach USD 87.4 billion by 2032, exhibiting a CAGR of 5.2% from 2024 to 2032. This growth can be attributed to the increasing demand for oxygen in various industries, including healthcare, metalworking, and chemical processing. The market is also witnessing significant growth due to the rising adoption of oxygen therapy in hospitals and the growing use of oxygen in industrial processes such as metal cutting and welding.
Recent developments in the market include the development of new technologies for the production and distribution of oxygen. For instance, in 2023, Air Liquide announced the launch of its new oxygen production facility in the United States, which uses advanced cryogenic technology to produce high-purity oxygen. This facility is expected to meet the growing demand for oxygen in the healthcare and industrial sectors.
| Report Attribute/Metric | Details |
| Market Size 2022 | 52.62(USD Billion) |
| Market Size 2023 | 55.36(USD Billion) |
| Market Size 2032 | 87.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.2% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | T Gases, Air Liquide, Linde, Air Products and Chemicals, Taiyo Nippon Sanso Corporation, Praxair, Rivoj, Messer Cutting Systems, Shanghai Linfang International, Basf, The Linde Group, Nippon Gases, Iwatani Corporation, Messer Group, AGA AB |
| Segments Covered | Oxygen Purity, Application, Form, Usage, Regional |
| Key Market Opportunities | Growing demand from the healthcare sector Rising applications in metal fabrication Expansion in the petrochemical industry Increasing use in the food and beverage sector Development of new oxygen production technologies |
| Key Market Dynamics | 1 Rising demand for oxygen in healthcare2 Growing industrialization and urbanization3 Increasing adoption of oxygen therapy4 Government regulations and safety concerns5 Technological advancements and product innovation |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Industrial Oxygen Market is expected to reach USD 87.4 billion by 2032, exhibiting a CAGR of 5.2% during the forecast period (2024-2032).
Asia-Pacific was the largest regional market for industrial oxygen in 2023, accounting for over 40% of the global market share. The growth in this region is primarily attributed to the increasing demand from end-use industries such as steel, chemicals, and electronics.
Industrial oxygen is primarily used in metal fabrication, chemical processing, glass manufacturing, and healthcare. In metal fabrication, it is used for cutting, welding, and heat treatment. In chemical processing, it is used for oxidation reactions, gasification, and synthesis. Other applications include food processing, wastewater treatment, and environmental control.
Major players in the Industrial Oxygen Market include Air Liquide, Air Products and Chemicals, Inc., Linde plc, Praxair Technology, Inc., and Messer Group. These companies account for a significant share of the global market.
The growth of the industrial oxygen market is primarily driven by the increasing demand from various end-use industries, such as metal fabrication, chemical processing, and glass manufacturing. The rising demand for steel, chemicals, and electronics is expected to fuel the growth of the industrial oxygen market over the forecast period.
The industrial oxygen market faces challenges such as intense competition, stringent regulations, and fluctuating raw material prices. Intense competition among key players may lead to price wars and reduced profitability. Stringent regulations regarding the production, storage, and transportation of industrial oxygen can increase operational costs for companies.
The industrial oxygen market presents opportunities for growth in emerging economies, such as China, India, and Brazil. The increasing demand for industrial oxygen from these regions is expected to drive market growth. Additionally, the development of new technologies, such as membrane separation and cryogenic air separation, can provide cost-effective solutions for industrial oxygen production.
The COVID-19 pandemic had a mixed impact on the Industrial Oxygen Market. While the demand for industrial oxygen declined in some sectors, such as automotive and manufacturing, it increased in the healthcare sector due to its use in medical applications. Overall, the market is expected to recover and continue growing in the post-pandemic period.
When investing in the industrial oxygen market, key factors to consider include market size and growth potential, competitive landscape, technological advancements, regulatory environment, and economic conditions. Investors should also consider the company's financial performance, management team, and market share.
The future prospects for the Industrial Oxygen Market are positive. The increasing demand from various end-use industries, coupled with the development of new technologies and emerging markets, is expected to drive market growth. The market is anticipated to witness steady growth over the next decade, with a focus on sustainability and innovation.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Experienced business professional with a demonstrated history of working in the cfnb industry. skilled in market research, and market estimation. strong professional with a masters focused in marketing management.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
