Press release
Oxygen Market Growth to be Driven by Emerging Trends | $43.23 Billion by 2029
Oxygen
What is the Projected Market Size of the Oxygen Industry?
The size of the oxygen market has seen robust growth in the past few years. Its growth which stood at $26.95 billion in 2024, is projected to reach $29.39 billion by 2025, hiking at a compound annual growth rate (CAGR) of 9.1%. The notable expansion during the historic period was driven by solid economic acceleration in burgeoning markets, heightened industrialization, a surge in the need for medical oxygen induced by the COVID-19 pandemic, a growing emphasis on home healthcare, and a rising demand from the aerospace industry.
What Will Be the Size of the Oxygen Market by 2029?
Expectations are high for the oxygen market size to experience a significant surge in the coming years, reaching $43.23 billion by 2029 with a compound annual growth rate (CAGR) of 10.1%. Factors contributing to this predicted growth encompass increased government backing, a rising elderly population, escalating levels of air pollution, and a growing demand for oxygen within the healthcare sector. Key trends anticipated throughout this period include the introduction of IoT-enabled medical oxygen facilities, an uptick in investments, advancements in oxygen generating technology, the rise of high-flow nasal therapy, the establishment of air separation plants, and a tactical move towards portable oxygen concentrators.
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What Are the Key Drivers Accelerating Growth in the Oxygen Market?
The global oxygen market is experiencing growth due to the rising prevalence of respiratory-related diseases, which have significantly increased the medical use of oxygen. The elderly population most often suffers from conditions like Chronic Obstructive Pulmonary Disease (COPD), a type of lung disease that leads to long-standing respiratory issues. COPD patients typically require an oxygen concentrator, a device that enhances the oxygen levels in their blood and aids with breathing struggles. As per the World Health Organization (WHO), there is a prediction for 2022, that by 2050, The number of people aged 80 and above will potentially rise to 426 million, tripling the current statistics. Consequently, there is a heightened demand for portable oxygen concentrators, directly influencing the growth of the oxygen market.
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How Is the Oxygen Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Oxygen Market?
Existing companies within the oxygen market are concentrating on new inventive solutions such as cryogenic oxygen tanks to amplify the effectiveness and storage of oxygen supplies. Cryogenic oxygen tanks are storage receptacles specifically designed to keep oxygen in its liquid form at exceedingly low temperatures, mostly below -183 degrees Celsius. For example, in June 2024, Hypro, a U.S. firm offering turnkey solutions, introduced a new series of cryogenic tanks intended for global utilization, targeted especially for the transportation and storage of liquid oxygen (O2), carbon dioxide (CO2), and nitrogen (N2). Having capacities varying from 10 to 100 tons, these tanks are made of superior SS 304 stainless steel, vacuum insulated and comply with international safety standards such as U, CE, and PESO certifications. With diverse uses in sectors like industrial production and breweries, this product launch highlights Hypro's dedication to expanding its range in the gas storage field to match the increasing worldwide demand for effective cryogenic solutions.
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Who Are the Leading Companies Driving Growth in the Oxygen Market?
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
Which Is the Leading Region in the Global 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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