Oxygen Market Size, Analytical Overview, Growth Factors, Demand, Trends and Global Forecast To 2030

The Business Research Company’s Oxygen Market Report - Opportunities And Strategies - Global Forecast To 2030

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The global oxygen market reached a value of nearly $27,741.8 million in 2019, having increased at a compound annual growth rate (CAGR) of 6.1% since 2015. The market is expected to decline from $27,741.8 million in 2019 to $27,548.0 million in 2020 at a rate of -0.7%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is also restrained due to uncertain demand from the industrial sector due to uncertain demand. The market is then expected to recover slightly and grow at a CAGR of 0.11% from 2021 ad reach $27,482.3 million in 2023. The market is expected to reach $30,052.0 million in 2025, and $ 36,553.2 million in 2030.

The Key drivers of the Oxygen market include:-
The increased demand for portable oxygen driven by home healthcare is expected to drive the market. A portable oxygen concentrator is a medical device that helps individuals with a low level of blood oxygen. The device is used to provide oxygen therapy to people that require greater oxygen concentrations than the levels of ambient air. The factors fueling the demand for portable oxygen concentrators is an increasing prevalence of chronic obstructive pulmonary diseases, growing consumer awareness for oxygen therapy devices, a changing consumer lifestyle, and a rise in investment by manufacturing companies towards the production of homecare products. People are also increasingly using oxygen pods or oxygen therapy for anti-ageing applications.

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Oxygen Market Segmentation:-
By Oxygen Type -
1. Medical Oxygen
2. Industrial Oxygen
3. Others

The industrial oxygen market was the largest segment of the oxygen market segmented by type, accounting for 77.4% of the total in 2019. Going forward, the medical oxygen segment is expected to be the fastest growing segment in the oxygen market, at a CAGR of 5.0% during 2019-2023.

By Application -
1. Mineral Processing
2. Automobiles
3. Healthcare
4. Cosmetics
5. Mining
6.Pharmaceuticals
7. Others

The others market was the largest segment of the oxygen market segmented by application, accounting for 27.6% of the total in 2019. Going forward, the healthcare segment is expected to be the fastest growing segment in the oxygen market, at a CAGR of 5.0%.

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By Geography - The Oxygen market is segmented Into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

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Some of the major key players involved in the Oxygen market are
1.Air Liquide
2.The Linde Group
3.Mitsubishi Chemical Holdings Corporation
4.Air Products and Chemicals Inc.
5.Yingde Gases

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.