Owing to the Rise in Oxygen Applications Worldwide, the Industrial Oxygen Market to set grow at a phenomenal CAGR of 7.9% over the next decade, Future Market Insights, Inc.

Industrial Oxygen Market Players Prioritize Capacity Investments in Line with Upcoming Steel and Infrastructure Projects. North America is a leading market for industrial oxygen and will register a 7.2% CAGR through the end of 2031

NEWARK, Del., Oct. 13, 2022 /PRNewswire/ -- The global industrial oxygen market is anticipated to bode well throughout the projection period from 2021 to 2031 with a year-on-year (YoY) rise of 8.4% in 2021. According to the newly released data, the global industrial oxygen market is expected to be valued at US$ 60.03 Bn by the end of the year. As per FMI projections, the industrial oxygen market is expected to surge at a phenomenal CAGR of 7.9% throughout the assessment period from 2021 to 2031.

The growth of the water is attributed to the rising water treatment sector. In addition to that, the rising demand for liquid fuel or jet fuel in the aerospace sector also has contributed to growth. Due to the rising investments in healthcare, construction, and aerospace sectors, the demand for industrial oxygen is increasing exponentially around the world. The demand for liquefied oxygen is expected to be the higher among all, accounting for 56.7% of sales in the market in 2021.

Within the historic period ranging from 2016 to 2022, the demand for global industrial oxygen rose at around 7% CAGR. Growth is driven by the expansion of the construction and infrastructure sector has been aiding the growth of the market owing to the growing consumption of metals. As per the estimations, demand for industrial oxygen is expected to remain high in the chemicals industry, owing to the requirement of oxygen as raw material and as an oxidizing agent for the production of several chemicals.   

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Key Takeaways

• On the basis of global demand by volume, oxygen is a critical and vital gas. Several industries such as steel making & metal cutting, chemical industry applications, comprises of petrochemical industries, water treatment and oxyfuel combustion applications, pulp and paper processing, and others rely on oxygen and its compounds in small or bulk quantities.
• Owing to the massive infrastructural developments in Asia Pacific regions, the expansion of the steel industry is expected to propel industrial oxygen market growth over the projection period.
• The rise in oxygen applications including those in refined products, petrochemicals, agrochemicals, polymers, pigments, oleo chemicals, and gas-to-Liquid projects are also expected to bolster growth in industrial oxygen.
• The rising number of Covid-19 patients all over the world has resulted in an increasing demand for oxygen in specific years from 2020 to 2021. Heightened demand is associated with the first and second waves of the pandemic. In certain regions, an outbreak of the third wave has also shaped a positive outlook for the industrial oxygen market.
• Since Covid-19 is directly associated with respiratory syndrome, the consistent demand for oxygen from the medical and healthcare sector has fueled growth in the global market. Several medical institutions and hospitals are heftily investing in technological advancements following the outbreak of the COVID-19 pandemic are estimated to bolster the consumption of industrial oxygen in the coming years.

Competitive Landscape

Key market players operating in the industrial oxygen sector are focusing on expanding production capacities by setting up new production units, especially in emerging economies. Prominent key players are also aiming at strategic mergers and acquisitions to enhance their geographic market presence. Dominant companies in the industry are concentrating on technological advancements in order to boost their production capacity at minimal operating costs.   

More Insights into the Industrial Oxygen Market

The United States is expected to dominate the global industrial oxygen market as it accounted for around US$ 4.8 billion market share in 2021 and the global industrial oxygen market grew at a robust rate of 8.9% year on year, bucking initial skepticism about how the market would perform during a global pandemic.

Significant growth in the automotive, aerospace, iron and steel, chemical, metal fabrication, and welding industries and the healthcare sector are anticipated to boost the growth of the industrial oxygen market in Germany. Germany is expected to witness growth at the rate of 7.3% over the forecast period.

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Industrial Oxygen Market by Category

By Product Type:

• Compressed Oxygen Gas
• Liquefied Oxygen
• Oxygen Gas Mixture

By End Use:

• Automotive & Aerospace
• Chemical Processing
• Energy
• Construction & Metallurgy
• Medical & Healthcare
• Food & Beverages
• Welding & Metal Fabrication
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East and Africa

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Table of Content

1. Executive Summary

1.1. Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Technology Roadmap

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Innovation / Development Trends

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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SOURCE Future Market Insights