Oxygen Market: Segmented: By Type (Medical Oxygen, Industrial Oxygen, Others), By Form (Liquid, Gaseous, Compressed), By Application (Cosmetics, Pharmaceuticals, Automobiles, Mining, Mineral Processing Applications, Healthcare, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Oxygen Market to surpass USD 79.3 Billion by 2032 from USD 37.04 Billion in 2021 at a CAGR of 7.2% in the coming years, i.e., 2022-32.
Oxygen is a chemical element that contains single type of atom. The process of respiration by which glucose is used to deliver energy to cells is reliant on oxygen. Oxygen is also required for burning to occur. Some of the common oxygen uses are the manufacturing of plastics, steel, and textiles, the brazing, welding, and cutting of steel and other metals. The use of oxygen as a rocket propellant, oxygen therapy, and life support systems for aircraft, submarines, space travel, and diving are all common applications of oxygen. Steel Sector holds the most common commercial use of oxygen. A variety of compounds, including nitric acid and hydrogen peroxide, are also produced in large quantities.
The demand for oxygen production is rising globally due to the expansion of businesses such as agriculture, drinks, transportation, chemicals, medicine, food, glass, shipbuilding, steel production, and space exploration. These industries all depend on stable oxygen for their processes. The market for oxygen is expanding due to the numerous applications of oxygen in the chemical sector as an oxidizing agent and catalyst.
Oxygen market is categorized on the basis of Form into Liquid, Gaseous, and Compressed. The healthcare industry uses compressed oxygen most widely, this compressed segment is predicted to develop at a higher rate over the forecast period. Compressed medical oxygen is a therapeutic gas that is given in cylinders that have been filled to high pressure and are used to revive infants, adults, and children. Only a medical expert holds the right to prescribe medical oxygen.
Oxygen market is categorized on the basis of application into Cosmetics, Pharmaceuticals, Automobiles, Mining, Mineral Processing Applications, Healthcare, and Others. Over the forecast period, the pharmaceuticals segment is anticipated to develop at a faster rate. Oxygen analyzers are crucial for the secure manufacture of medications. Medical experts use oxygen to treat respiratory conditions, such as pneumonia and COVID-19, and for surgery and trauma.
The Growing Applications of Oxygen in Multiple Industries
Steel industry and metal refineries are the two major consumers of oxygen. In addition to the healthcare sector, the manufacturing of glass, paper and pulp, medicines, ceramics, effluent treatment facilities, and petroleum processing all need oxygen. The primary users of oxygen are the steel industries, which use it to raise combustion temperatures and decrease the need for other energy sources. In the pharmaceutical industry, oxygen is used to create synthesis gas, propylene oxides, and ethylene oxides. To improve the caliber of the air input in the catalytic cracking units of refineries, oxygen is used as a regenerator catalyst. The worldwide oxygen market has progressed as a result of an increase in the consumption of oxygen as a catalyst and oxidizing agent in various industries.
Rising Adoption of IoT by the Oxygen Manufacturers for Better Analysis and Interpretation
In order to get real-time data and identify gaps in the manufacturing process, many oxygen manufacturers are implementing IoT (Internet of Things) technology to connect machinery and intelligent devices. Plant managers and senior management process, analyze, and interpret the data to improve quality and reach ideal production levels.
The Growing Awareness of Alternative Products and Investments to Develop Such Products
The market for oxygen is predicted to develop slowly due to less awareness of the adoption of substitute products such oxygen concentrators among consumers. Technology improvements are making it possible to create cutting-edge oxygen supply items, and this is anticipated to be a limitation on the oxygen gas market. For instance, Inogen Inc., a provider of cutting-edge respiratory equipment for use in homecare settings, recently introduced the Inogen One G5 portable oxygen concentrator as a new unique product. The Inogen One G5 is the portable oxygen concentrator with the highest oxygen output per pound of weight currently on the market. Also, the use of oxygen treatment or oxygen pods for anti-aging purposes is rising. Growing investments for the development of such products is restraining the growth of the oxygen market over the forecast period.
Oxygen market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Due to the expansion of the healthcare and manufacturing industries, the APEJ (Asia Pacific excluding Japan) region dominates the oxygen market. Moreover, the expansion of mining and mineral processing, where oxygen serves as a major catalyst, supports the expansion of the oxygen market in the region. North America and Europe market is increasingly prone to increased oxygen consumption owing to the growing number of scientific and waste recycling applications.
Due to the COVID-19 outbreak, there was a considerable surge in the demand for medical oxygen worldwide. The demand for medical oxygen was 5–10 times more than typical, according to the European Industrial Gases Association, whose members include Air Liquide and Linde. Air Liquide witnessed 4-6 times the typical demand for medical oxygen in Italy and Eastern France. The COVID-19 outbreak's influence on the economy had an adverse effect on the demand for industrial oxygen. Several steel facilities had been shut down throughout the shutdown.
|Market size value in 2021||USD 37.04 Billion|
|Revenue forecast in 2032||USD 79.3 Billion|
|Growth Rate||CAGR of 7.2% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Form, Application, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Baosteel Metal Co. Ltd., Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products, Praxair Technology Inc., AMCS Corporation, Silver Chain, TAIYO NIPPON SANSO, Airgas Inc., Air Water Inc., Yingde Gases, Guangdong Haute Gas Co. Ltd., Messer Group GmbH, Iwatani International Corporation, and Other Prominent Players.|
The Oxygen market size was estimated at USD 37.04 Billion in 2021 and is expected to reach USD 79.3 Billion in 2032.
Oxygen is a chemical element that contains single type of atom. The process of respiration by which glucose is used to deliver energy to cells is reliant on oxygen.
The Compressed and Pharmaceuticals segments accounted for the larger share of the Oxygen Market.
Key players in the Oxygen market are Baosteel Metal Co. Ltd., Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products, Praxair Technology Inc., AMCS Corporation, Silver Chain, TAIYO NIPPON SANSO, Airgas Inc., Air Water Inc., Yingde Gases, Guangdong Haute Gas Co. Ltd., Messer Group GmbH, Iwatani International Corporation, and Other Prominent Players.
The global The oxygen market is expanding due to the numerous applications of oxygen in the chemical sector as an oxidizing agent and catalyst.thermal ceramics market's expansion is mostly dependent on advancements in the building industry. The requirement to construct thermally insulated areas can only be satisfied by using thermal ceramics such as insulation bricks or ceramic fibers, which is driving market demand. The use of thermal ceramics in mining and metal processing has also played a si
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