The global industrial oxygen market is projected to grow from its 2023 valuation of US$ 70.54 Bn to its projected 2033 worth of US$ 158.02 Bn.
In terms of volume, oxygen is one of the world’s most in-demand gases. Oxygen and its compounds are used in a wide range of sectors, from steel manufacturing and metal cutting to petrochemical processing, water purification, oxyfuel combustion, pulp, and paper production, and many more.
Massive infrastructure investments in Asia-Pacific and North America are fueling a rise in steel industry applications. Increasing oxygen usage in industries like refining, petrochemicals, agrochemicals, polymers, pigments, oleochemicals, and gas-to-liquid projects is also predicted to boost the demand for industrial oxygen.
As a result of these drivers, it is predicted that the worldwide demand for industrial oxygen would increase at a growth rate of 8.4%over the next five years, with the United Kingdom, the United States, Germany, and Japan rising to prominence as major suppliers.
Industrial oxygen market growth can be attributed to its widespread usefulness. Sales of industrial oxygen in metalworking and the gasification of municipal trash have also contributed to this growth. Many firms in the steel industry in emerging countries have joined together with suppliers of industrial oxygen to guarantee a consistent supply.
To close the gap between oxygen production and consumption, many different application sectors have explored various strategies. As a result, the industrial oxygen market now looks brighter than ever.
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Demand for industrial oxygen might rise owing to technological improvements in oxygen production. Progress in the nuclear industry has also contributed to an increase in demand for industrial oxygen. The increasing adoption of industrial oxygen in semiconductor manufacturing has contributed to an expansion in demand for industrial oxygen in growing countries of the world.
Key Takeaways
- Expansion of the welding and cutting industries is hampered by the high cost of producing oxygen and other fuel gases.
- Demand for industrial oxygen is expected to grow steadily over the next few years due to several causes, including rising industrial oxygen requirements in the medical and healthcare sectors and in the metals and mining industries.
- Industrial oxygen market growth is expected to be most rapid in Asia-Pacific.
- The industrial oxygen market is projected to expand as a result of the rising popularity of oxygen-based beauty treatments.
Competitive Landscape
As of now, only a few companies control more than two-thirds of the global industrial oxygen industry. Industrial oxygen is currently supplied by industry leaders like Linde AG, Air Liquide, and Air Products & Chemicals Inc. These industrial oxygen market key players have several organic and inorganic techniques to keep them at the top during evaluation time.
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A merger between the Linde Group and Praxair, Inc. Due to this, Linde has surpassed all other competitors and is now the industry leader in industrial gases around the globe. Air Liquide and Gulf Coast Growth Ventures entered into a long-term agreement in 2019 that calls for the construction of a new air separation unit capable of producing 2 metric tons of oxygen per day.
Key Segments
By Product Type:
- Compressed Oxygen Gas
- Liquefied Oxygen
By End Use:
- Automotive & Aerospace
- Chemical Processing
- Energy
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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