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Oxygen Market Size (2024 - 2029)

The oxygen market is experiencing significant growth, driven by increased demand in the medical and healthcare sectors, particularly due to the COVID-19 pandemic. This surge in demand has led to expanded production capacities in various countries. Additionally, the metals and mining industries are contributing to the market's expansion. Despite challenges such as high manufacturing costs and competition from alternative gases, the market is poised for growth, with the Asia-Pacific region expected to lead in terms of market size and growth rate. The rising use of oxygen in cosmetic applications also presents new opportunities for market expansion.

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Market Size of Oxygen Industry

Oxygen Market Summary
Study Period 2019 - 2029
Market Volume (2024) 538.11 Million tons
Market Volume (2029) 637.47 Million tons
CAGR (2024 - 2029) 4.59 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Oxygen Market Major Players

*Disclaimer: Major Players sorted in no particular order

Oxygen Market Analysis

The Oxygen Market size is estimated at 538.11 Million tons in 2024, and is expected to reach 637.47 Million tons by 2029, growing at a CAGR of 4.59% during the forecast period (2024-2029).

  • The increasing demand for oxygen in the medical and healthcare sector and the growing demand for oxygen in the metals and mining industry are the major factors driving the demand for the market studied.
  • After the COVID-19 pandemic, oxygen production increased in various countries to meet the rising demand from hospitals. The demand is likely to remain strong in the medical industry and other sectors.
  • However, high costs for manufacturing oxygen and the availability of other fuel gases used for welding and cutting applications are expected to hinder the market's growth.
  • Nevertheless, the growing usage of oxygen for portable oxygen concentrators, which are becoming increasingly affordable and user-friendly, and technological advancements in oxygen generation are expected to create more opportunities for the market.
  • Asia-Pacific is expected to dominate the market and witness the highest growth during the forecast period.

Oxygen Industry Segmentation

Oxygen is critical for human life. In addition to being required for human sustenance, oxygen is used for a variety of industrial and medical applications. For instance, combined with fuel gases or with argon (Ar) and carbon dioxide (CO₂), oxygen is also used for metal cutting, welding, scarfing, hardening, cleaning, and melting applications.

The oxygen market is segmented by form, type, application, and geography. By form, the market is segmented into gas, liquid, and solid. By type, the market is segmented into medical, industrial, and other types. By application, the market is segmented into metals and mining, chemical industry, oil and gas, healthcare, pharmaceuticals, and other applications. The report also covers the market size and forecasts for the oxygen market in 27 countries across major regions. For each segment, the market sizing and forecasts are provided on the basis of volume (kilotons).

By Form
Gas
Liquid
Solid
By Type
Medical
Industrial
Other Types (Scientific and Electronic)
By Application
Metals and Mining
Chemical Industry
Oil and Gas
Healthcare
Pharmaceutical
Other Applications (Automotive and Aerospace, Energy, and Cosmetics)
By Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
NORDIC Countries
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
Qatar
United Arab Emirates
Nigeria
Egypt
South Africa
Rest of Middle East and Africa
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Oxygen Market Size Summary

The global oxygen market is experiencing significant growth, driven by increased demand from the medical and healthcare sectors, particularly due to the ongoing impact of COVID-19. The pandemic has highlighted the critical need for medical oxygen in treating severe respiratory conditions, leading to a surge in production to meet hospital requirements. This heightened demand is expected to persist as new COVID cases continue to emerge globally. Additionally, the metals and mining industries are contributing to the market's expansion, although high manufacturing costs and competition from alternative fuel gases pose challenges. The cosmetics industry's growing use of oxygen presents new opportunities for market development. The Asia-Pacific region, with its rapidly expanding economies like China and India, is anticipated to lead the market, benefiting from robust industrial activities and infrastructure development.

In the Asia-Pacific region, the demand for oxygen is bolstered by the region's dominant position in steel production, with China being the largest global producer. The construction sector's demand for steel, coupled with government initiatives in countries like India to enhance oxygen production capabilities, supports market growth. The region's market is characterized by steady expansion, supported by strategic investments and infrastructure developments. The oxygen market is partially fragmented, with key players such as Air Products Inc., Linde plc, and Air Liquide actively expanding their operations through new facilities and acquisitions. These developments underscore the market's dynamic nature and the ongoing efforts by major companies to strengthen their market presence and meet the rising global demand for oxygen.

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Oxygen Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Increasing Demand for Oxygen in the Medical and Healthcare Sectors

      2. 1.1.2 Growing Demand for Oxygen in the Metals and Mining Industry

      3. 1.1.3 Other Drivers

    2. 1.2 Market Restraints

      1. 1.2.1 High Costs for Manufacturing Oxygen

      2. 1.2.2 Availability of Other Fuel Gases Used for Welding and Cutting Applications

      3. 1.2.3 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 By Form

      1. 2.1.1 Gas

      2. 2.1.2 Liquid

      3. 2.1.3 Solid

    2. 2.2 By Type

      1. 2.2.1 Medical

      2. 2.2.2 Industrial

      3. 2.2.3 Other Types (Scientific and Electronic)

    3. 2.3 By Application

      1. 2.3.1 Metals and Mining

      2. 2.3.2 Chemical Industry

      3. 2.3.3 Oil and Gas

      4. 2.3.4 Healthcare

      5. 2.3.5 Pharmaceutical

      6. 2.3.6 Other Applications (Automotive and Aerospace, Energy, and Cosmetics)

    4. 2.4 By Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Malaysia

        6. 2.4.1.6 Thailand

        7. 2.4.1.7 Indonesia

        8. 2.4.1.8 Vietnam

        9. 2.4.1.9 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Spain

        6. 2.4.3.6 NORDIC Countries

        7. 2.4.3.7 Turkey

        8. 2.4.3.8 Russia

        9. 2.4.3.9 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Colombia

        4. 2.4.4.4 Rest of South America

      5. 2.4.5 Middle East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 Qatar

        3. 2.4.5.3 United Arab Emirates

        4. 2.4.5.4 Nigeria

        5. 2.4.5.5 Egypt

        6. 2.4.5.6 South Africa

        7. 2.4.5.7 Rest of Middle East and Africa

Oxygen Market Size FAQs

The Oxygen Market size is expected to reach 538.11 million tons in 2024 and grow at a CAGR of 4.59% to reach 637.47 million tons by 2029.

In 2024, the Oxygen Market size is expected to reach 538.11 million tons.

Oxygen Market Report Snapshots

Oxygen Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)