Press release
Emerging Growth Patterns Driving Rapid Expansion in the Oxygen Market
Oxygen Market
Projected Growth and Market Size of the Oxygen Industry
The oxygen market is anticipated to grow rapidly, reaching a value of $47.86 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 10.5%. Several factors contribute to this upward trajectory, including the rising need for medical oxygen, broader industrial gas applications, ongoing infrastructure projects, increased requirements from metallurgical industries, and technological improvements in oxygen generation. Key trends shaping this growth include expanding use of oxygen in steel production, greater adoption in healthcare settings, rising applications in mining and mineral processing, and a focus on producing high-purity oxygen.
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Leading Companies Influencing the Oxygen Market
Some of the top players dominating the oxygen market are Air Liquide, Linde plc, Air Products and Chemicals Inc., Praxair Inc., The BOC Group plc, Messer Group GmbH, Air Water Inc., Taiyo Nippon Sanso Corporation, Yingde Gases, SOL SpA, Matheson Tri-Gas, Iwatani Corporation, Supagas, Gulf Cryo, Buzwair Industrial Gases, Afrox, Gas Africa, Core Industrial Gases, SAID Group, and Messer Gases del Peru S.A.
Significant Acquisition Expanding Air Liquide's Presence in India
In October 2025, Air Liquide S.A., a French industrial gases company, acquired NovaAir, an India-based firm specializing in high-purity oxygen for industrial, medical, and laboratory use. Although the purchase price was undisclosed, this strategic acquisition enables Air Liquide to boost its geographic footprint and service capabilities, particularly in East and South India. This expansion positions Air Liquide to better supply oxygen and other industrial gases to sectors such as healthcare, automotive, metals, and electronics throughout the region.
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Innovative Developments Driving Market Opportunities in Oxygen
Key players in the oxygen market are emphasizing the development of advanced solutions like cryogenic oxygen tanks to improve storage efficiency and capacity. These tanks store oxygen in liquid form at extremely low temperatures, typically below -183 degrees Celsius. For example, in June 2024, Hypro, a US-based turnkey solutions provider, introduced a new series of cryogenic tanks designed for international markets. These tanks, ranging in capacity from 10 to 100 tons, are made from premium SS 304 stainless steel with vacuum insulation and comply with global safety standards such as U, CE, and PESO certifications. Their versatility suits various uses, including industrial manufacturing and breweries. This launch highlights Hypro's commitment to expanding its portfolio in gas storage technologies to meet growing worldwide demand for efficient cryogenic solutions.
Oxygen Market Segmentation by Product, Application, and Industry
The report segments the oxygen market into three broad product categories: Medical Oxygen, Industrial Oxygen, and Other Product Types. Application sectors include pharmaceuticals, automobiles, mining and mineral processing, healthcare, and additional uses. End-user industries cover metallurgical, chemical, healthcare, and other sectors.
Detailed Subcategories Within the Medical and Industrial Oxygen Markets
Within the Medical Oxygen segment, the subtypes are Compressed Medical Oxygen and Liquid Medical Oxygen. The Industrial Oxygen category includes Compressed Industrial Oxygen, Liquid Industrial Oxygen, and High-Purity Oxygen for specialty applications. The Other Product Types segment encompasses Aviator's Breathing Oxygen and Welding and Cutting Oxygen, among others.
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