The global oxygen market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Oxygen is an industrial gas that caters to a wide array of applications in several end-use industries. It is a diatomic colorless gas known for its reactive oxidizing property. Oxygen is largely used in industries which include chemical, medical, steel and metallurgy, food industry, water treatment, metal cutting and welding among several others. The commercial method of preparing 99% pure oxygen is through air separation by vacuum-swing adsorption process or cryogenic distillation process.
The global oxygen market can also be segmented on the basis of end-use industries:
Rising demand for oxidizing agents in chemical industries and steel plants is likely to drive the oxygen market. As oxygen is used for these applications, demand for oxidizing agents is expected to fuel the growth of this market. Demand for oxidizing agents in chemical industries and steel plants are actually increasing because of growing economy in developing countries. Additionally, demand for medical, metallurgy, water treatment, metal cutting and welding is likely to increase at a greater rate because of an upsurge in demand due to growing end-use markets. This demand is growing at a higher rate, which in turn will boost consumption of oxygen.
Drivers and Restraints of Oxygen Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for oxygen market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Recent mergers and acquisitions in industrial gases industry have caused further consolidation in the oxygen market making it difficult for new players entering the market.
Oxygen Market by Region
Asia was the largest consumer of oxygen and this pattern is anticipated to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, India and Japan were the largest consumers of oxygen in this region. Growing demand for chemical, medical, steel and other industries will drive oxygen market in Asia. Consumption of oxygen in North America was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from chemical, steel and medical and other industries. Demand from the Middle East and South America was low relatively and is likely to stay same in the next few years.
Top players in this market include Air Liquide, Air Products and Linde-Praxair. Other significant players operating in the oxygen market include BASF, Gulf Cryol, Taiyo Nippon Sanso Corporation, Asia Technical Gas Co (PTE) LTD (ATG) and Goyal MG Gases Pvt. Ltd. among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth