Industrial Oxygen Market Size, Share, Growth Analysis, By Product(Compressed Oxygen Gas, Liquefied Oxygen), By Type(On-Site Type, Bulk Type), By End Use(Steel Production, Chemical) - Industry Forecast 2024-2031

Global Industrial Oxygen Market size was valued at USD 42.60 billion in 2022 and is poised to grow from USD 45.65 billion in 2023 to USD 79.31 billion by 2031, growing at a CAGR of 7.15% during the forecast period (2024-2031).

The global industrial oxygen market plays a vital role across various sectors, serving as a crucial element from metalworking to healthcare applications. Beyond its fundamental significance in sustaining human life, oxygen functions as a reactant, oxidizer, and carrier gas in numerous industrial processes. Growth in this market is propelled by several factors, including increasing demand from manufacturing, particularly in metal fabrication, as oxygen is indispensable for oxy-fuel welding, cutting, and the production of metals and chemicals. Additionally, sectors like construction, automotive, and healthcare significantly contribute to this growth, with medical oxygen being pivotal for respiratory therapy and anesthesia, a necessity underscored by the COVID-19 pandemic's surge in demand for medical oxygen. Advancements in oxygen production and distribution technologies, such as cryogenic distillation and pressure swing adsorption, have enhanced supply chain efficiency and reliability, ensuring a steady provision of industrial oxygen.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Industrial Oxygen Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Industrial Oxygen Market Segmental Analysis

The Global Industrial Oxygen Market is segmented based on product, type, end use, and region. Based on product, the market is segmented into compressed oxygen gas, and liquefied oxygen. Based on type, the market is segmented into on-site type, bulk type, cylinder type. Based on end use, the market is segmented into Steel Production, Chemical, Copper and Aluminum, Glass Industry, Wastewater Treatment, Pulp and Paper Industry, Food & Beverage, Plastic Industry, Semiconductors, and Other. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Industrial Oxygen Market

The commercial oxygen market is primarily propelled by the healthcare sector, where oxygen plays a critical role in various scientific applications such as respiratory therapy, anesthesia, and emergency care. With the rising prevalence of respiratory diseases and an aging global population, there has been a significant increase in the demand for medical oxygen. The COVID-19 pandemic has further emphasized the crucial role of oxygen supply in healthcare, leading to a surge in demand.

Restraints in the Global Industrial Oxygen Market

One significant constraint in the industrial oxygen market pertains to the susceptibility of its delivery chain. Oxygen production typically involves intricate processes like cryogenic distillation or pressure swing adsorption (PSA), which rely on sophisticated infrastructure and technology. Any disruptions along the delivery chain, whether due to natural disasters, equipment malfunctions, or logistical hurdles, have the potential to trigger shortages and disrupt market stability.

Market Trends of the Global Industrial Oxygen Market

A prominent trend in the industrial oxygen sector is the growing demand for medical-grade oxygen, largely spurred by the heightened necessity for oxygen in healthcare facilities emphasized by the COVID-19 pandemic. This surge in demand has prompted oxygen suppliers and manufacturers to adjust their operations to meet this shift in demand, potentially influencing the broader industrial oxygen market landscape.