The Business Research Company’s report on the Oxygen Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the oxygen market?
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.
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How has the oxygen market size evolved, and what are the latest forecasts for its expansion?
The oxygen market size has grown rapidly in recent years. It will grow from $44.45 billion in 2024 to $50.3 billion in 2025 at a compound annual growth rate (CAGR) of 13.2%. 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 $79.44 billion in 2029 at a compound annual growth rate (CAGR) of 12.1%. 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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Which major companies dominate the oxygen market?
Major companies operating in the oxygen market include 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
What trends will shape the future of the oversized cargo transportation market?
Major companies operating in the oxygen market are focusing on developing innovative solutions, such as cryogenic oxygen tanks, to enhance the efficiency and storage capacity of oxygen supply. Cryogenic oxygen tanks refer to specialized storage containers designed to hold oxygen in its liquid state at extremely low temperatures, typically below -183 degrees Celsius. For instance, in June 2024, Hypro, a US-based turnkey solution provider, launched a new range of cryogenic tanks designed for the global market, specifically for the storage and transportation of liquid oxygen (O2), carbon dioxide (CO2), and nitrogen (N2). Available in capacities ranging from 10 to 100 tons, these tanks are constructed from high-quality SS 304 stainless steel with vacuum insulation and meet international safety standards, including U, CE, and PESO certifications. Suitable for various applications, such as industrial manufacturing and breweries, this launch underscores Hypro’s commitment to enhancing its product offerings in the gas storage sector to meet growing global demand for efficient cryogenic solutions.
Which region dominates the oxygen market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the oxygen market in 2024. 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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How is the oxygen market segmented, and which segment holds the largest share?
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
Subsegments:
1) By Medical Oxygen: Compressed Medical Oxygen, Liquid Medical Oxygen, Portable Oxygen Concentrators
2) By Industrial Oxygen: Compressed Industrial Oxygen, Liquid Industrial Oxygen, High-Purity Oxygen For Specialty Applications
3) By Other Product Types: Aviator’s Breathing Oxygen, Recreational Oxygen, Welding And Cutting Oxygen
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What defines the structure and scope of the oxygen market?
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.
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