Oxygen Market Overview:
The global market for oxygen witnessed significant growth in 2021 and is anticipated to exhibit a rapid revenue CAGR during the forecast period. One of the primary drivers of market revenue growth is the increasing adoption of oxygen in various industries. For instance, in the metallurgical industry, oxygen is used in steelmaking to remove excess carbon content due to its carbon-reducing properties. In addition, the medical sector utilizes oxygen for life support and neonatal care.
Oxygen is an abundant and highly reactive gas that can be produced commercially through the fractional distillation of air or by electrolyzing water to produce hydrogen and oxygen. The product finds widespread application in several industries. For example, flames produced from oxygen compounds are used for welding in the construction industry, and it is a key ingredient in the production of plastics as a monomer. In addition, the paper industry requires oxygen as a bleaching agent, and petrochemical plants use it to reduce sulfur vapor emissions to comply with emission regulations.
Moreover, oxygen is an essential and lifesaving material used in the healthcare sector for life resuscitation and ventilator purposes. The product also presents an opportunity for growth in the renewable energy and sustainability sector, as it can be used in fuel cells to generate electricity. Overall, the versatility and importance of oxygen across several industries make it a valuable material with significant potential for continued growth and development in the coming years.
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Oxygen Market Segments:
The global Oxygen market is segmented into three categories based on type: Medical Oxygen, Industrial Oxygen, and Others. The market revenue of Medical Oxygen is expected to experience a significant growth rate during the forecast period due to its increasing demand in the healthcare sector, particularly for life support and neonatal care. Industrial Oxygen is used widely in the metallurgical industry, specifically in steelmaking to remove excess carbon content from pig iron, and it is also used in the chemical industry as a bleaching agent and a monomer in plastic production.
The market is further segmented based on application/end-use outlook, which includes Metallurgical Industry, Chemical Industry, Medical, and Others. The Metallurgical Industry is expected to dominate the market during the forecast period, as the use of oxygen in the industry increases due to its carbon content reducing properties. In the Chemical Industry, oxygen is used as a bleaching agent in paper production and as a monomer in plastic production. In addition, petrochemical plants use oxygen to reduce sulfur vapor emission.
The global Oxygen market is segmented based on regional outlook into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, Asia Pacific is expected to witness significant growth during the forecast period due to the rising demand for oxygen in the healthcare sector, increasing industrialization and urbanization, and the presence of major steelmaking and chemical industries. North America and Europe are expected to hold a significant market share due to the presence of major players in the region and the increasing demand for oxygen in the healthcare sector.
In summary, the global Oxygen market is expected to experience rapid revenue growth over the forecast period due to the increasing demand for oxygen in various industries such as metallurgy and healthcare. The market is segmented based on type, application/end-use outlook, and regional outlook, highlighting the major factors driving the growth of the market in each segment.
Oxygen Market Strategic Developments:
In June 2021, the acquisition of the largest production site of O2 located in South Africa was finalized by Air Liquide S.A. (France). This acquisition is expected to optimize Air Separating Units at the site, thereby increasing the production of commercial O2.
In August 2021, the Indian branch of The Linde Group (Ireland) announced the acquisition of HPS Gases Ltd. (India), a company that produces packaged gases. This move will allow The Linde Group to expand its reach into the Indian industrial gases market and improve its supply in this region.
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Oxygen Market Competitive landscape:
The Oxygen market is highly competitive with major players operating in the market. The market is dominated by global companies that have a strong regional presence. Air Liquide S.A. (France) is a key player in the market and has a significant global presence in the Oxygen market. The company provides industrial and medical gases, services and technologies to various industries and healthcare sectors. Air Liquide’s Oxygen is used in a range of applications such as chemical manufacturing, welding, steel making, medical treatment, and aerospace.
The Messer Group GmbH (Germany) is another major player in the Oxygen market. The company specializes in the production and distribution of industrial gases, including Oxygen. The company has a strong presence in the European market and also has operations in the Americas and Asia-Pacific. The company provides Oxygen for a variety of applications, including chemical manufacturing, steel production, food processing, and medical treatments.
Praxair Inc. (U.S.) is a leading supplier of industrial gases, including Oxygen. The company offers a range of Oxygen products for industrial and medical applications. Praxair’s Oxygen is used in the chemical, metals, healthcare, and electronics industries. The company has a strong presence in North America, South America, Europe, and Asia-Pacific.
Airgas Inc. (U.S.) is one of the largest suppliers of industrial, medical, and specialty gases in the United States. The company offers Oxygen for various applications such as welding, metal fabrication, and healthcare. Airgas has a strong distribution network across the United States, which enables it to provide reliable and timely delivery of Oxygen to its customers.
The Linde Group (Ireland) is a global supplier of industrial gases, including Oxygen. The company provides Oxygen for a range of applications, including healthcare, chemical manufacturing, food processing, and steel production. The company has a strong presence in Europe, Asia-Pacific, and the Americas.
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