Oxygen Global Market Report 2023

NEW YORK, Feb. 13, 2023 /PRNewswire/ -- Major players in the oxygen market are Linde Group, Praxair Technology Inc, Air Liquide, Taiyo Nippon Sanso, Yingde Gases, Air Water Inc, Airgas Inc, Guangdong Haute Gas Co.Ltd, and Baosteel Metal Co.

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The global oxygen market will grow from $34.83 billion in 2022 to $39.28 billion in 2023 at a compound annual growth rate (CAGR) of 12.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The oxygen market is expected to grow from $62.36 billion in 2027 at a CAGR of 12.2%.

The oxygen market consists of the sales of oxygen in cylinders, spray cans, and containers used as a catalyst.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Oxygen is a colorless, non-metallic gas that is highly reactive in nature.Oxygen forms oxides with many compounds and other elements.

The oxygen is used in various applications, such as steel mills to oxidize unwanted impurities in steel. Oxygen is also used in the food industry, medical oxygen for respiration, and oxy-acetylene torches.

Asia Pacific was the largest region in the oxygen market in 2022.North America was the second-largest region in the oxygen market.

The regions covered in the oxygen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main product types of oxygen are medical oxygen, industrial oxygen, and other product types.Medical oxygen is high purity oxygen that has been used for medical treatments and has been developed for use in the human body.

Medical oxygen cylinders contain only high purity oxygen gas; no other gases are permitted in the cylinder to avoid contamination.The various applications are cosmetics, pharmaceuticals, automobiles, mining, and mineral processing applications.

The various applications are the metallurgical industry, chemical industry, health care industry, and other applications.

The increasing prevalence of various diseases related to breathing problems has contributed to the global oxygen market's growth by increasing the use of oxygen for medical purposes.Diseases such as Chronic Obstructive Pulmonary Disease (COPD) are more prevalent in the geriatric population.

COPD is a type of obstructive lung disease that results in long-term breathing problems.COPD requires the use of an oxygen concentrator, which is a device that improves the level of oxygen in the blood of patients and addresses their breathing problems.

According to the United Nations (UN), in 2020, there were an estimated 727 million people aged 65 years or over worldwide, and that number is expected to reach 1.5 billion by 2050. Thus, the increased number of such cases has spurred the demand for portable oxygen concentrators, which is therefore driving the oxygen market's growth.

Lack of safety measures adopted while handling oxygen in industries such as manufacturing, mining, etc. limits the growth of the oxygen market. Though oxygen is not flammable itself, it can cause other materials to catch fire. Excessive contact with liquid oxygen can cause severe skin and eye irritation and burns, as well as frostbite. Further, any leak in oxygen containers if kept in a poorly ventilated room can cause severe damage to life and property. For example, in June 2021, an oxygen tank explosion killed a man in Springfield, Missouri, the USA. Therefore, a lack of safety measures while handling oxygen negatively affects the oxygen market.

Companies involved in the market are developing innovative ways to utilize oxygen in various industries such as medical, chemical, etc.The rising need among patients across healthcare services acts as a driving force for companies to find new innovative ways to improve oxygen delivery.

In order to improve the oxygen delivery and to monitor the oxygen dosage of patients in respiratory care facilities, Camcon Medical introduced Binary Actuation Technology (BAT).BAT is an innovative solution that aids in providing accurate dosage and reduces wastage by providing cost-effective solutions to patients who require oxygen therapy.

It is through such innovative methods that entities involved in the oxygen market are able to improve the economic benefit of the products.

In August 2021, Linde, an Ireland-based chemical company, acquired HPS Gases for the amount of 27.5 crores. This acquisition of HPS Gases will strengthen its position and help it grow as an organization. HPS Gases is an India-based manufacturer of industrial gases.

The countries covered in the oxygen market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The oxygen market research report is one of a series of new reports that provides oxygen market statistics, including oxygen industry global market size, regional shares, competitors with an oxygen market share, detailed oxygen market segments, market trends and opportunities, and any further data you may need to thrive in the oxygen industry. This oxygen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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