Oxygen Market Report 2026

The oxygen market size has grown strongly in recent years. It will grow from $29.39 billion in 2025 to $32.13 billion in 2026 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to growth of steel and metal industries, increasing healthcare infrastructure, industrialization in developing economies, rising demand for welding applications, expansion of chemical manufacturing.

The oxygen market size is expected to see rapid growth in the next few years. It will grow to $47.86 billion in 2030 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to growth in healthcare oxygen demand, expansion of industrial gas applications, increasing infrastructure development, rising demand from metallurgical industries, advancements in oxygen generation technologies. Major trends in the forecast period include rising demand for medical oxygen supply, growing use of oxygen in steel manufacturing, expansion of oxygen applications in healthcare, increasing adoption in mining and mineral processing, focus on high purity oxygen production.

The increasing prevalence of various diseases related to breathing difficulties has contributed to the growth of the global oxygen market by boosting the use of medical oxygen. Conditions such as chronic obstructive pulmonary disease (COPD) are more common among the elderly. COPD is a type of obstructive lung disorder that causes long-term breathing challenges and requires the use of an oxygen concentrator, a device that increases oxygen levels in a patient’s blood and alleviates respiratory issues. For instance, in December 2023, according to the National Library of Medicine, a US-based medical library, the global number of COPD cases among individuals aged 25 and older is projected to rise by 23% by 2050, reaching nearly 600 million. Therefore, the rise in such cases has increased the demand for portable oxygen concentrators, which is driving the growth of the oxygen 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.

In October 2025, Air Liquide S.A., a France-based industrial gases company, acquired NovaAir for an undisclosed amount. Through this acquisition, Air Liquide aims to strengthen its geographic presence and service capabilities across India, notably expanding into East and South India, thereby enhancing its ability to supply oxygen and other industrial gases to industries such as healthcare, automotive, metals, and electronics. NovaAir is an India-based industrial gas company specializing in providing high-purity oxygen gas for industrial, medical, and laboratory applications.

Major companies operating in the oxygen market are Air Liquide, Linde plc, Air Products and Chemicals Inc., Praxair Inc., The BOC Group plc, Messer Group GmbH, Air Water Inc., Taiyo Nippon Sanso Corporation, Yingde Gases, SOL SpA, Matheson Tri-Gas, Iwatani Corporation, Supagas, Gulf Cryo, Buzwair Industrial Gases, Afrox, Gas Africa, Core Industrial Gases, SAID Group, Messer Gases del Peru S.A.

Asia-Pacific was the largest region in the oxygen market in 2025. North America was the second-largest region in the global oxygen market. The regions covered in the oxygen market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oxygen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The oxygen market consists of the sales of oxygen in cylinders, spray cans, and containers used as a catalyst. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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