Industrial Oxygen Market is estimated to Grow at a CAGR Of 8.50% During the Estimated Time Frame

Industrial oxygen is a type of oxygen that is used in industrial purposes such as manufacturing plants, for tasks that may include oxidation, combustion and even to help accelerate certain chemical reactions.

Data Bridge Market Research analyses that the industrial oxygen market is expected to undergo a CAGR of 8.50% during the forecast period. This indicates that the market value, which was USD 65,100.00 million in 2021, would rocket up to USD 125,031.34 million by 2029.  In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

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Industrial Oxygen Market Analysis and Size

Industrial oxygen has been widely used in many applications such as in medical, food, metal making, and pharmaceutical sectors and it is also been used in the manufacturing of pulp. A range of technologies is used to generate high-purity oxygen, including pressure swing adsorption, cryogenic separation, and membrane technology. The use of industrial oxygen in the glass sector has also a large part of the demand in the whole market. The key application areas of industrial oxygen are oxidation, combustion, and fermentation.

The market study endows with the details of market drivers and restraints for the Industrial Oxygen market with the help of SWOT analysis, along with the impact they have on the demand over the forecast period. By accomplishing motivation from the marketing strategies of rivals, businesses can set up inventive ideas and strike sales targets which in turn make them achieve a competitive advantage over their competitors. This market analysis report is a professional in-depth study of the current state of the market. It is supposed that granular information can help clients take efficient business decisions and the Industrial Oxygen report provides the same.

Industrial Oxygen Market Dynamics

Drivers

Growth of the end-user industry

The development of end-user sectors such as metalworking and welding, healthcare, chemistry and construction, and metallurgy, and the steel and iron industry is expected to drive the growth of the industrial oxygen market during the forecast period.

Rise the demand in the chemical sector

Industrial oxygen is high in demand because it is widely used in the chemical sector as raw material during chemical reactions. It is used as an oxidizing agent for the production of several chemicals. It is also used by mining companies to blast off the rocks. Also, gaseous oxygen is used to support rocket fuel combustion in spaceships and liquid industrial oxygen is used as a fuel bipropellant vehicle. The rising demand in the chemical sector is expected to drive the market's growth rate.

Rising demand in the healthcare sector

The constantly increasing demand for industrial oxygen after the purification process in the healthcare and medical sector has been increasing the sales of industrial oxygen which are expected to drive the revenue growth of the industrial oxygen market

Opportunities

Industrial Oxygen Manufacturers Adopting IoT Technology

Many industrial oxygen manufacturers are adopting IoT (Internet of Things) technologies to connect smart devices and equipment to locate gaps and garner real-time insights into the manufacturing process. The data obtained is analyzed, processed, and interpreted by the senior level management and plant managers to achieve optimum production levels and improve quality. For instance, smart systems give information on the performance of chemical reactors working conditions with embedded analytics tools and software to notify plant managers and operators of possible machine breakdowns.  Some of the key companies adopting IoT include Air Liquide and Linde Gases. 

Some of the major players operating in the industrial oxygen market are:
Air Liquide S.A. (France),
HangZhou Oxygen plant group (China)
Praxair Technology  Inc., (U.S.)
AIR WATER INC (Japan)
Linde Plc (Ireland),
Messer Group (Germany
SCG (Thailand)
Taiyo Nippon Sanso Corporation (Japan)
Air Products Inc. (U.S.)
Airgas Inc, (U.S.)
Gulf Cryo (U.A.E.)
Yingde Gases Group (China),
Air Products and Chemicals Inc. (U.S.)
Universal Industrial Gases Inc, (U.S.)
Axcel Gases (U.S.)
International Industrial Gases Ltd (India)
SOL Group (Italy)

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COVID-19 Impact on Industrial Oxygen Market

The rising number of COVID-19 patients has increased the demand for oxygen. The rising demand for industrial oxygen when it changes into medical oxygen is expected to increase the market's growth rate. The outbreak of this pandemic has also increased demand in the healthcare sector which has reimbursed the negative outlook of industrial oxygen demand in other sectors. The construction industry's negative outlook also has reduced the sales of industrial oxygen in the welding and steel industries.

Global Industrial Oxygen Market Scope

The industrial oxygen market is segmented on the basis of product, usage, and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product
Compressed Oxygen Gas
Liquefied Oxygen

Usage
Welding
Cutting
Flame Cleaning,
Steel Production
Others

End User
Automotive and Aerospace
Chemical Processing
Energy

Industrial Oxygen Market Regional Analysis/Insights

The industrial oxygen market is analyzed and market size insights and trends are provided by country, product, usage, and end-user as referenced above.

The countries covered in the industrial oxygen market report are the U.S., Canada, and Mexico in North America, Germany, France, the U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the industrial oxygen market due to the growing number of cancer patients and increasing demand for non-medical applications such as in the field of food security.

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2022-2029 due to the rising elderly population and growing healthcare expenditure in this region.

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