Oxygen Market Growth Outlook Through 2024-2033

Overview and Scope
Oxygen is a colorless, non-metallic gas that is highly reactive in nature. Oxygen forms oxides with many compounds and other elements. The oxygen is used in various applications, such as steel mills to oxidize unwanted impurities in steel. Oxygen is also used in the food industry, medical oxygen for respiration, and oxy-acetylene torches.

Sizing and Forecast
The oxygen market size has grown rapidly in recent years. It will grow from $39.28 billion in 2023 to $44.3 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, a rise in industrialization, an increased demand for medical oxygen due to covid-19, an increasing focus on home healthcare and an increasing demand from the aerospace industry.

The oxygen market size is expected to see rapid growth in the next few years. It will grow to $70.65 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to increasing government support, an increasing aging population, rising air pollution levels and an increasing demand for oxygen from the healthcare industry. Major trends in the forecast period include launch of iot (internet of things)-enabled medical oxygen plants, increasing investments, advancements in oxygen generators, the emergence of high-flow nasal therapy, launch of air separation plants and strategic shift to portable oxygen concentrators.

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Segmentation & Regional Insights
The oxygen market covered in this report is segmented –

1) By Product: Medical Oxygen, Industrial Oxygen, Other Product Types
2) By Form: Companion Animals, Livestock
3) By Application: Cosmetics, Pharmaceutical, Automobiles, Mining And Mineral Processing, Healthcare, Other Applications
4) By End-User Industry: Metallurgical Industry, Chemical Industry, Health Care Industry, Other End-User Industries

Asia-Pacific was the largest region in the oxygen market in 2023. North America was the second-largest region in the global oxygen market. The regions covered in the oxygen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The increasing prevalence of various diseases related to breathing problems has contributed to the global oxygen market’s growth by increasing the use of oxygen for medical purposes. Diseases such as Chronic obstructive pulmonary disease (COPD) are more prevalent in the geriatric population. COPD is a type of obstructive lung disease that results in long-term breathing problems. COPD requires the use of an oxygen concentrator, which is a device that improves the level of oxygen in the blood of patients and addresses their breathing problems. According to the World Health Organization (WHO), in 2022, the number of persons aged 80 years or older is expected to triple by 2050 to reach 426 million. Thus, the increased number of such cases has spurred the demand for portable oxygen concentrators, which is therefore driving the oxygen market’s growth.

Key Industry Players

Major companies operating in the oxygen market report are Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products and Chemicals Inc., Yingde Gases, The BOC Group PLC, Air Water Inc., Messer Group GmbH, Iwatani International Corporation, Guangdong Huate Gas Co., Ltd., ResMed, Nidek Medical industries, Praxair Inc., Core Industrial Gases, Taiyo Nippon Sanso, AMCS Corporation, Flogas Britain Ltd., NGK Spark Plug Co, Ltd., WIKA Alexander Wiegand SE & Co. KG, SOL SpA, Supagas, GRASYS, Invacare corporation, Inogen Inc., Drive deviibiss industries, Oxair, SAID Group, Matheson Tri-Gas, Messer Gases del Peru S.A., BOC Healthcare, Gulf Cryo, Buzwair, Gas Africa, Afrox

The oxygen market report table of contents includes:

1. Executive Summary
2. Oxygen Market Characteristics
3. Oxygen Market Trends And Strategies
4. Oxygen Market – Macro Economic Scenario
5. Global Oxygen Market Size and Growth
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31. Oxygen Market Other Major And Innovative Companies
32. Global Oxygen Market Competitive Benchmarking
33. Global Oxygen Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Oxygen Market
35. Oxygen Market Future Outlook and Potential Analysis
36.Appendix

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