Press release
Key Factor Supporting Oxygen Market Development in 2025: Rising Prevalence Of Respiratory Diseases Drives Growth In The Oxygen Market
Oxygen Market
Oxygen Market Size Growth Forecast: What to Expect by 2025?
In recent years, the size of the oxygen market has experienced a swift expansion. The market, which is expected to jump from $44.45 billion in 2024 to $50.3 billion in 2025, is projected to exhibit a compound annual growth rate (CAGR) of 13.2%. Elements contributing to the growth during the historic period include substantial economic expansion in emerging markets, increased industrialization, a surge in medical oxygen demand triggered by COVID-19, an amplified emphasis on home healthcare, and increasing demand from the aerospace field.
How Will the Oxygen Market Size Evolve and Grow by 2029?
In the subsequent years, the oxygen market size is predicted to experience a rapid expansion. It is projected to reach $79.44 billion in 2029, with a compound annual growth rate (CAGR) of 12.1%. The forecasted growth could be a resultant effect of the amplified government aid, an escalating aging population, increasing levels of air pollution, and a surging demand for oxygen within the healthcare sector. Trends predicted for the forecast period involve the introduction of IoT (internet of things)-enabled medical oxygen plants, a rise in investments, improvements in oxygen generators, the rise of high-flow nasal therapy, the unveiling of air separation plants, and a strategic transition to portable oxygen concentrators.
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What Drivers Are Propelling the Growth of Oxygen Market Forward?
The global oxygen market has seen growth due to an increasing number of diseases associated with respiratory issues that have elevated the medical utilization of oxygen. Ailments like Chronic obstructive pulmonary disease (COPD), which often affect the elderly, have become more common. COPD is an obstructive lung disease that leads to long-term respiratory complications. Managing COPD often necessitates the use of an oxygen concentrator, a machine that enhances the oxygen levels in a patient's blood and aids in resolving their respiratory difficulties. As per the World Health Organization (WHO), the population of individuals aged 80 and above is projected to triple by 2050, reaching 426 million. This surge in potential patients has sparked an increase in demand for portable oxygen concentrators, thus fueling the growth of the oxygen market.
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Which Emerging Trends Are Transforming the Oxygen Market in 2025?
Leading businesses in the oxygen market are concentrating their efforts on creating cutting-edge solutions, such as cryogenic oxygen tanks, to improve the effectiveness and storage capabilities for oxygen. Cryogenic oxygen tanks are special storage vessels crafted to contain oxygen in liquid form at incredibly cold temperatures, typically below -183 degrees Celsius. For example, in June 2024, Hypro, an American turnkey solution company, unveiled a fresh line of cryogenic tanks intended for international use, particularly for storing and transporting liquid oxygen (O2), carbon dioxide (CO2), and nitrogen (N2). Capacities for these tanks vary from 10 to 100 tons, and they are built from top-notch SS 304 stainless steel with vacuum insulation, and comply with global safety norms, including U, CE, and PESO certifications. These tanks can be applied to various industries, such as industrial manufacturing and breweries, proving Hypro's dedication to expand its product range in the gas storage industry to fulfill the escalating global demand for efficient cryogenic solutions.
What Are the Key Segments in the Oxygen Market?
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
Subsegments:
1) By Medical Oxygen: Compressed Medical Oxygen, Liquid Medical Oxygen, Portable Oxygen Concentrators
2) By Industrial Oxygen: Compressed Industrial Oxygen, Liquid Industrial Oxygen, High-Purity Oxygen For Specialty Applications
3) By Other Product Types: Aviator's Breathing Oxygen, Recreational Oxygen, Welding And Cutting Oxygen
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Who Are the Key Players Shaping the Oxygen Market's Competitive Landscape?
Major companies operating in the oxygen market include 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
What Geographic Markets Are Powering Growth in the Oxygen Market?
Asia-Pacific was the largest region in the oxygen market in 2024. North America was the second-largest region in the global oxygen market. The regions covered in the oxygen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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