Rising Demand for Industrial Oxygen Creates Lucrative Opportunities: Asia-Pacific and North America Lead Infrastructure Investments Driving Growth to US$ 152,323.1 million by 2033

Industrial Oxygen Market
Industrial Oxygen Market

The global industrial oxygen market size is projected to grow from its 2023 valuation of US$ 70.54 Billion to its projected 2033 worth of US$ 158.02 Billion.

In terms of volume, oxygen is one of the world’s most in-demand gases. Oxygen and its compounds are used in a wide range of sectors, from steel manufacturing and metal cutting to petrochemical processing, water purification, oxyfuel combustion, pulp, and paper production, and many more.

Massive infrastructure investments in Asia-Pacific and North America are fueling a rise in steel industry applications. Increasing oxygen usage in industries like refining, petrochemicals, agrochemicals, polymers, pigments, oleochemicals, and gas-to-liquid projects is also predicted to boost the demand for industrial oxygen.

As a result of these drivers, it is predicted that the worldwide demand for industrial oxygen will increase at a growth rate of 8.4% over the next five years, with the United Kingdom, the United States, Germany, and Japan rising to prominence as major suppliers.

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Industrial oxygen market growth can be attributed to its widespread usefulness. Sales of industrial oxygen in metalworking and the gasification of municipal trash have also contributed to this growth. Many firms in the steel industry in emerging countries have joined together with suppliers of industrial oxygen to guarantee a consistent supply.

To close the gap between oxygen production and consumption, many different application sectors have explored various strategies. As a result, the industrial oxygen market now looks brighter than ever.

Demand for industrial oxygen might rise owing to technological improvements in oxygen production. Progress in the nuclear industry has also contributed to an increase in demand for industrial oxygen. The increasing adoption of industrial oxygen in semiconductor manufacturing has contributed to an expansion in demand for industrial oxygen in growing countries of the world.

Key Takeaways in Industrial Oxygen Market Research Report:

  • Expansion of the welding and cutting industries is hampered by the high cost of producing oxygen and other fuel gases.
  • Demand for industrial oxygen is expected to grow steadily over the next few years due to several causes, including rising industrial oxygen requirements in the medical and healthcare sectors and in the metals and mining industries.
  • Industrial oxygen market growth is expected to be most rapid in Asia-Pacific.
  • The industrial oxygen market is projected to expand as a result of the rising popularity of oxygen-based beauty treatments.

Competitive Landscape in the Industrial Oxygen Market

As of now, only a few companies control more than two-thirds of the global industrial oxygen industry. Industrial oxygen is currently supplied by industry leaders like:

  • Matheson Tri-Gas Inc
  • Air Products and Chemicals, Inc.
  • Noble Gas Solutions
  • Air Liquide
  • LINDE plc
  • Gulf Cryo
  • SOL Spa
  • Messer Group GmbH
  • Showa Denko K.K.
  • Air Water Inc.
  • Ellenbarrie Industrial Gases Ltd.

These industrial oxygen market key players have several organic and inorganic techniques to keep them at the top during evaluation time.

A merger between the Linde Group and Praxair, Inc. Due to this, Linde has surpassed all other competitors and is now the industry leader in industrial gases around the globe. Air Liquide and Gulf Coast Growth Ventures entered into a long-term agreement in 2019 that calls for the construction of a new air separation unit capable of producing 2 metric tons of oxygen per day.

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Industrial Oxygen Market Key Segments

By Product Type:

  • Compressed Oxygen Gas
  • Liquefied Oxygen

By End Use:

  • Automotive & Aerospace
  • Chemical Processing
  • Energy

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific (APAC)
  • Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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