According to a report by Altus Market Research titled, “Oxygen Global Market Analysis 2022-2031 by Product(Medical Oxygen; Industrial Oxygen); Application(Cosmetics; Pharmaceutical; Automobiles; Mining; Healthcare); Form(Compressed; Liquid, Gaseous), End-User(Metallurgical; Chemical; Health Care)“, the global oxygen market size reached a value of nearly $30,242.5 million in 2021, having increased at a compound annual growth rate (CAGR) of 6.0% since 2016. The market is expected to grow from $30,242.5 million in 2021 to $53,791.2 million in 202 6 at a rate of 12.2%. The market is then expected to decline at a CAGR of 11.4% from 2026 and reach $92,141.5 million in 2031.
Market Growth Drivers:
Growth in the historic period resulted from increased demand for oxygen due to COVID-19, emerging markets growth, low interest rate environment, increased prevalence of respiratory diseases, rising air pollution levels, increased aging population and increasing industrial demand. Factors that negatively affected oxygen market growth in the historic period were uncertain demand from industry, safety challenges, changing regulations and health hazards. Going forward, global population growth and urbanization, increasing focus on home healthcare, applications of oxygen in healthcare, growing demand from different industries and aging population will drive market growth. Factors that could hinder the growth of the oxygen market in the future include alternative products for healthcare applications, and transportation challenges.
Market Growth by Key Players:
The global oxygen market is moderately fragmented, with a large number of regional players operating in the market. The top ten competitors in the market made up to 51.08% of the total market in 2021. Major players in the market include Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products and Chemicals Inc., and Yingde Gases.
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Player-adopted strategies in the oxygen market include strengthening oxygen business through strategic investments and opening new production units and business expansion through mergers and acquisitions.
Market Growth by Segments:
The oxygen market trends are segmented by product type into medical oxygen, industrial oxygen, other product types. The industrial oxygen market was the largest segment by product type, accounting for 70.4% of the total market in 2021. The other product types market is expected to be the fastest-growing segment in oxygen market product type, going forward at a CAGR of 15.0% during 2021-2026 period.
Market Growth by Applications:
The oxygen market is segmented by application into cosmetics, pharmaceutical, automobiles, mining, mineral processing, healthcare and other applications. The other applications market was the largest segment by application accounting for 25.6% of the total market in 2021. The automobiles market is expected to be the fastest-growing segment in oxygen market by application, going forward at a CAGR of 14.6% during 2021-2026 period.
The oxygen market is segmented by form into compressed, liquid and gaseous. The liquid was the largest segment by form, accounting for 55.6% of the total market in 2021. The compressed segment is expected to be the fastest-growing segment in oxygen market segmented by form, going forward at a CAGR of 13.6% during 2021-2026 period.
Market Growth by End Users:
The oxygen market is segmented by end-user industry into metallurgical industry, chemical industry, health care industry, other end-use industries. The metallurgical industry market was the largest segment by end-user industry, accounting for 30.7% of the total market in 2021. The other end-use industries segment is expected to be the fastest-growing segment in oxygen market segmented by end-user industry, going forward at a CAGR of 13.8% during 2021-2026 period.
Market Growth by Region:
Asia-Pacific was the largest region in the oxygen market, accounting for 45.3% of the global market in 2021. 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 Asia-Pacific, where growth will be at CAGRs of 19.5% and 15.0% respectively from 2021-2026.
Future Investment Opportunities:
The top opportunities in the oxygen market segmented by product type will arise in the industrial oxygen segment, which will gain $18,182.5 million of global annual sales by 2026. The top opportunities in the oxygen market segmented by application will arise in the other applications segment, which will gain $7,087.4 million of global annual sales by 2026. The top opportunities in the oxygen market segmented by form will arise in the liquid segment, which will gain $14,490.7 million of global annual sales by 2026. The top opportunities in the oxygen market segmented by end-user industry will arise in the metallurgical industry segment, which will gain $8,052.9 million of global annual sales by 2026. The oxygen market will gain the most in China at $8,895.9 million.
Market: Trend-based Strategies
Market-trend based strategies for the oxygen market include developing customized air separation plants, adopting IoT (Internet of Things) technologies, focusing on the shift from aluminum cylinders to oxygen concentrators, focusing on the rapid emergence of high-flow nasal therapy and focusing on strategic mergers and acquisitions.
Growth Strategies by Altus Market Research for Companies in the Market:
To take advantage of the opportunities, Altus Market Research recommends the oxygen companies to focus on portable oxygen concentrators, use vacuum swing adsorption technique, adopt internet of things (IoT) technology, expand in emerging markets, scale up in countries offering incentives, offer competitive pricing, continue to participate in trade shows and events, conduct awareness programs for medical oxygen, continue to target fast-growing end-use industries and target at-home healthcare consumers.
Other Players Covered in the Report
Taiyo Nippon Sanso, Air Water Inc., Messer Group GmbH, Iwatani International Corporation, Guangdong Huate Gas Co., Ltd., Praxair Inc., NGK Spark Plug Co, Ltd., Oxair, Messer Group, Core Industrial Gases, Supagas, Lind Gas Plc, AMCS Corporation, Flogas Britain Ltd, The BOC Group plc, SOL SpA, SAID Group, GRASYS, Matheson Tri-Gas, Aeroflow Healthcare, Airgas, Maverick Oxygen & Respiratory Equipment Llc, Messer Gases del Peru S.A., WIKA Alexander Wiegand SE & Co. KG, BOC Healthcare, Gulf Cryo, Buzwair, Gas Africa, Afrox
