Oxygen Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments | Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products and Chemicals Inc

"The oxygen market size has grown rapidly in recent years. It will grow from $39.28 billion in 2023 to $44.3 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, a rise in industrialization, an increased demand for medical oxygen due to covid-19, an increasing focus on home healthcare and an increasing demand from the aerospace industry.

The oxygen market size is expected to see rapid growth in the next few years. It will grow to $70.65 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to increasing government support, an increasing aging population, rising air pollution levels and an increasing demand for oxygen from the healthcare industry. Major trends in the forecast period include launch of iot (internet of things)-enabled medical oxygen plants, increasing investments, advancements in oxygen generators, the emergence of high-flow nasal therapy, launch of air separation plants and strategic shift to portable oxygen concentrators.

Market Overview -
Oxygen is a colorless, non-metallic gas that is highly reactive in nature. Oxygen forms oxides with many compounds and other elements. The oxygen is used in various applications, such as steel mills to oxidize unwanted impurities in steel. Oxygen is also used in the food industry, medical oxygen for respiration, and oxy-acetylene torches.

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Rising Prevalence Of Respiratory Diseases Drives Growth In The Oxygen Market
The increasing prevalence of various diseases related to breathing problems has contributed to the global oxygen market's growth by increasing the use of oxygen for medical purposes. Diseases such as Chronic obstructive pulmonary disease (COPD) are more prevalent in the geriatric population. COPD is a type of obstructive lung disease that results in long-term breathing problems. COPD requires the use of an oxygen concentrator, which is a device that improves the level of oxygen in the blood of patients and addresses their breathing problems. According to the World Health Organization (WHO), in 2022, the number of persons aged 80 years or older is expected to triple by 2050 to reach 426 million. Thus, the increased number of such cases has spurred the demand for portable oxygen concentrators, which is therefore driving the oxygen market's growth.

Competitive Landscape -
Major companies operating in the oxygen market report are Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products and Chemicals Inc, Yingde Gases, The BOC Group plc, Air Water Inc., Messer Group GmbH, Iwatani International Corporation, Guangdong Huate Gas Co., Ltd, ResMed, Nidek Medical industries, Praxair Inc, Core Industrial Gases, Taiyo Nippon Sanso, AMCS Corporation, Flogas Britain Ltd, NGK Spark Plug Co, Ltd, WIKA Alexander Wiegand SE & Co. KG, SOL SpA, Supagas, GRASYS, Invacare corporation, Inogen Inc, Drive deviibiss industries, Oxair, SAID Group, Matheson Tri-Gas, Messer Gases del Peru S.A., BOC Healthcare, Gulf Cryo, Buzwair, Gas Africa, Afrox

Innovative Oxygen Delivery Solutions Propel Growth In The Market
Companies involved in the market are developing innovative ways to utilize oxygen in various industries such as medical, chemical, etc. The rising need among patients across healthcare services acts as a driving force for companies to find new innovative ways to improve oxygen delivery. In order to improve the oxygen delivery and to monitor the oxygen dosage of patients in respiratory care facilities, Camcon Medical introduced Binary Actuation Technology (BAT). BAT is an innovative solution that aids in providing accurate dosage and reduces wastage by providing cost-effective solutions to patients who require oxygen therapy. It is through such innovative methods that entities involved in the oxygen market are able to improve the economic benefit of the products.

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Key Segments -
The oxygen market covered in this report is segmented -
1) By Product: Medical Oxygen, Industrial Oxygen, Other Product Types
2) By Form: Companion Animals, Livestock
3) By Application: Cosmetics, Pharmaceutical, Automobiles, Mining And Mineral Processing, Healthcare, Other Applications
4) By End-User Industry: Metallurgical Industry, Chemical Industry, Health Care Industry, Other End-User Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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