This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.
It traces the market's historic and forecast market growth by geography.
It places the market within the context of the wider oxygen market, and compares it with other markets.
The global oxygen market was worth $37.93 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 11% and reach $59.17 billion by 2023.
Increasing prevalence of various diseases related to breathing problems contributed to the global Oxygen market's growth by increasing use of Oxygen for medical purposes. Diseases such as Chronic Obstructive Pulmonary Disease (COPD) is more prevalent in the geriatric population. According to the United Nations (UN), the global geriatric population was 962 million in 2017 and is expected to reach 2.1 billion by 2050. Also, the Global Burden of Disease Study reports a prevalence of 251 million cases of COPD globally in 2016. Thus, the increased number of such cases has surged the demand for portable oxygen concentrators, 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, but it can cause other materials to catch fire. Excess 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 poorly ventilated room can cause severe damage to life and property. For example, in June 2019, an air separation plant (ASU) in China exploded due to the leakage of Oxygen from its equipment. Therefore, lack of safety measures while handling Oxygen negatively affecting 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 the companies to find new innovating ways to improve oxygen delivery. In order to improve the oxygen delivery and to monitor the oxygen dosage to patients in respiratory care facilities, Camcon Medical in 2018 introduced Binary Actuation Technology (BAT). BAT is an innovative solution that aids in providing accurate dosage, reduces wastage by provided cost effective solution to the patients who require oxygen therapy. It is through such innovative methods that entities involved in the oxygen market are able to improve economic benefit of the products.
In October 2018, NGK Spark Plug Co., Ltd., Japan based company involved in spark plugs and technical ceramics business, acquired all the shares of each of CAIRE Inc. (United States), Chart BioMedical Limited (United Kingdom) and Chart BioMedical Co., Ltd. (China) from subsidiaries of Chart Industries, Inc for $133.5 million. Through the acquisition NGK Spark Plug aims to expand its global reach while strengthening its product line by utilizing technical support from its acquisitions. All the three acquired companies are involved in oxygen-related product business including oxygen concentrators, liquid oxygen systems and oxygen generation systems used in hospitals and other institutions as their prime business.
The Oxygen market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. In 2019, Asia Pacific accounts for around 40% of the market.
Major players in the market are Linde Group, Praxair Technology Inc, Air Liquide, Taiyo Nippon Sanso, Yingde Gases, Air Water Inc, Airgas Inc., Guangdong Haute Gas Co. Ltd, Baosteel Metal Co. Ltd.
Key Topics Covered
1. Executive Summary
2. Oxygen Market Characteristics
3. Oxygen Market Size And Growth 3.1. Global Oxygen Historic Market, 2015 - 2019, $ Billion 3.1.1. Drivers Of The Market 3.1.2. Restraints On The Market 3.2. Global Oxygen Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion 3.2.1. Drivers Of The Market 3.2.2. Restraints On the Market
4. Oxygen Market Segmentation 4.1. Global Oxygen Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Oxygen Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Mineral Processing Applications
5. Oxygen Market Regional And Country Analysis 5.1. Global Oxygen Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion 5.2. Global Oxygen Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion