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Global Oxygen Market projected to Reach USD 83,044 Million by 2026
Global Oxygen Market
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Oxygen is a colorless and odorless element that exists commonly in gaseous form at normal temperatures.It is an essential element for life and constitutes for nearly 21% of the earth's atmosphere. From an industrial perspective, oxygen is a non-metal chemical element and a highly reactive oxidizing agent which actively produces oxides by reacting with different compounds and elements.
The most common method of oxygen production is through air separation with the use of a cryogenic distillation process or vacuum/pressure/hybrid swing absorption process. However, the cost of production is very high in the absorption process. Innovative and economical methods, such as membrane gas separation, for production of oxygen are actively finding broader applications in various industries. The industries have a moderate necessity for highly pure oxygen with a purity level of up to 45%. Oxygen is generally stored in containers and cylinders in the form of liquid.
The foremost consumers of oxygen are the steel manufacturing industries, metal refineries. The oxygen is also used in petroleum processing, pharmaceuticals, glass and ceramic production, effluent plant treatment as well as paper and pulp production. In steel industries which are primary consumers of oxygen, use oxygen for increasing combustion temperatures thereby reducing the consumption of other energy materials. In pharmaceutical oxygen is used for the manufacturing of propylene oxides, ethylene oxides, and synthesis gas. In refineries, oxygen is used as a regenerator catalyst to enhance the quality of air feed in catalytic cracking units. The consumption of oxygen as a catalyst and oxidizing agents in these industries has seen an upward trend which in turn has increased the size of the global oxygen market. Moreover, the rising application of oxygen in breathing aids and apparatus in hospitals as well as in diving and trekking adventures is an additional factor that is propelling the growth of oxygen market. However, the cost of oxygen is still a major factor restricting the growth in smaller-scale applications. Moreover, continuous innovation in portable concentrators is changing the dynamics of the oxygen market, particularly in the healthcare segment.
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The segmental analysis predicts the gaseous form of oxygen to occupy more than68 % of market share by 2026 while being the highest consumed form of oxygen throughout the period.
Among the applications, the automobile industry and mining & mineral processing are expected to major areas of consumption while acquiring a combined market share of greater than 80 % by 2026. Oxygen consumption in mining and mineral processing is expected to grow in synergy with the global oxygen market while exhibiting a CAGR of around 8 % during the forecast period of 2020 to 2026.
The global market is split into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Asia Pacific region will continue to dominate the global market share of the oxygen market. North America and Europe are expected to witness market growth of 7.8 % during forecast period. Asia Pacific, North America, and Europe together will contribute to more than 90 % of global oxygen consumption.
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Major players in the global oxygen market covered in this report include Airgas Inc., Yingde Gases, The Linde Group, Air Liquide, Baosteel Metal Co. Ltd., Praxair Technology Inc., Air Water Inc., Guangdong Haute Gas Co. Ltd., and Taiyo Nippon Sanso.
This report segments the oxygen market as follows:
Global Oxygen Market: By Form Segmentation Analysis
Gaseous
Liquid
Solid
Global Oxygen Market: By Application Segmentation Analysis
Pharmaceutical
Cosmetics
Mining and Mineral Processing
Automobiles
Others
Global Oxygen Market: By End Use Segmentation Analysis
Medical
Industrial
Scientific
Global Oxygen Market: Regional Segmentation Analysis
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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