Oxygen Global Market Opportunities And Strategies To 2032

This report describes and explains the oxygen market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global oxygen market reached a value of nearly $34,888.7 million in 2022, having increased at a compound annual growth rate (CAGR) of 8.2% since 2017. The market is expected to grow from $34,888.7 million in 2022 to $62,719.7 million in 2027 at a rate of 12.2%. The market is then expected to grow at a CAGR of 12.8% from 2027 and reach $114,293.6 million in 2032.

Growth in the historic period resulted from 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. Factors that negatively affected growth in the historic period were safety challenges, health hazards associated with oxygen manufacturing and high costs for manufacturing oxygen.

Going forward, increasing government support, an increasing aging population, rising air pollution levels and an increasing demand for oxygen from the healthcare industry will drive the market. Factors that could hinder the growth of the oxygen market in the future include transportation challenges and the Russia-Ukraine war.

The oxygen market is segmented by product type into medical oxygen, industrial oxygen and other product types. The industrial oxygen was the largest segment of the oxygen market by product type, accounting for $25,742.2 million or 73.8% of the total market in 2022. The medical oxygen market is expected to be the fastest-growing segment going forward at a CAGR of 13.1%.

The oxygen market is segmented by form into liquid, gaseous and compressed. The liquid market was the largest segment of the oxygen market by form, accounting for $20,390.2 million or 58.4% of the total market in 2022. The gaseous market is expected to be the fastest-growing segment going forward at a CAGR of 12.8%.

The oxygen market is segmented by application into cosmetics, pharmaceutical, automobiles, mining and mineral processing, healthcare and other applications. The other applications was the largest segment of the oxygen market by application, accounting for $9,550.0 million or 27.4% of the total market in 2022. The automobiles market is expected to be the fastest-growing segment going forward at a CAGR of 13.5%.

The oxygen market is segmented by end user industry into metallurgical industry, chemical industry, health care industry and other end use industries. The metallurgical industry was the largest segment of the oxygen market by end user industries, accounting for $11,239.9 million or 32.2% of the total market in 2022. The health care industry market is expected to be the fastest-growing segment going forward at a CAGR of 13.2%.

Asia Pacific was the largest region in the oxygen market, accounting for 44.8% of the global market in 2022. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the oxygen market will be Africa and the Middle East, where growth will be at CAGRs of 18.8% and 15.6% respectively from 2022-2027.

The oxygen market is relatively concentrated, with a few large players dominating the market. The top ten competitors in the market made up to 51.08% of the total market in 2021. The market concentration can be attributed to the high entry barriers and high costs associated with expansion. Going forward the market is expected to experience further consolidation with the rising number of mergers and collaboration among players in the market. Air Liquide was the largest competitor with 18.26% share of the market, followed by The Linde Group with 11.35%, Mitsubishi Chemical Holdings Corporation with 8.54%, Air Products and Chemicals Inc. with 5.12%, Yingde Gases with 4.23%, Taiyo Nippon Sanso with 1.89%, Air Water Inc. with 0.87%, Messer Group GmbH with 0.74%, Iwatani International Corporation with 0.05%, and Guangdong Huate Gas Co., Ltd. with 0.01%.

The top opportunities in the oxygen market by product type will arise in the industrial oxygen market, which will gain $20,112.3 million of global annual sales by 2027. The top opportunities in the oxygen market by form will arise in the liquid market, which will gain $15,988.2 million of global annual sales by 2027. The top opportunities in the oxygen market by application will arise in the other applications market, which will gain $7,783.2 million of global annual sales by 2027. The top opportunities in the oxygen market by end user industry will arise in the metallurgical industry market, which will gain $8,770.2 million of global annual sales by 2027. The oxygen market size will gain the most in China at $8,898.8 million.

Market-trend-based strategies for the oxygen market 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.

Player-adopted strategies in the oxygen industry include strengthening oxygen business by strategic investments and opening new production units to increase production, strengthening position in the global oxygen market through strategic mergers and collaborations to ease oxygen supply, expansion through mergers and acquisitions, strengthening oxygen business by increasing the number of oxygen production facilities to serve existing customers and new customers and expansion through strategic investments.

To take advantage of the opportunities, the publisher recommends the oxygen companies to focus on the launch of new air separation plants, increase focus on advancements in oxygen generators, focus on IoT (Internet of Things)-enabled medical oxygen plants, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to target fast-growing end-user industries and focus on fast-growing applications.