LONDON, Oct. 21, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the oxygen market, the oxygen market is segmented by type into medical oxygen, industrial oxygen, and others. The industrial oxygen market was the largest segment of the oxygen market segmented by type, accounting for 73.0% of the total in 2020. Going forward, the others market is expected to be the fastest growing segment in the oxygen market segmented by type, at a CAGR of 9.4% during 2020-2025.
The industrial oxygen market consists of sales of industrial oxygen by entities that manufacture oxygen for industrial purpose. Industrial oxygen is used in multiple industries such as steel mills, automobile manufacturing, cosmetics, pharmaceuticals, and other industries.
The medical oxygen market consists of sales of medical oxygen by entities that manufacture oxygen for medical purposes. Medical oxygen is used to provide life support for artificially ventilated patients, to aid cardiovascular stability, as part of all modern anesthetic techniques and similar other medical necessities.
The demand for medical oxygen increased significantly globally due to the COVID-19 outbreak. The European Industrial Gases Association says members such as Air Liquide and Linde were experiencing 5–10 times the usual demand for medical oxygen. In Italy and Eastern France, Air Liquide had seen 4–6 times the normal demand for medical oxygen. On the other hand, the demand for industrial oxygen was impacted owing to the uncertain economic conditions due to the COVID-19 outbreak. Several steel plants had been closed during the lockdown period. In India, given the closure of operations in most industries, the nation’s steel demand in 2020-21 is expected to decline by about 15%, which is likely to negatively impact the growth of the industrial oxygen market.
The Business Research Company’s report titled Oxygen Market – By Type (Medical Oxygen, Industrial Oxygen, Others), By End-User Sector (Mineral Processing, Automobiles, Healthcare, Cosmetics, Mining, Pharmaceuticals, Others), And By Region, Opportunities And Strategies – Global Forecast To 2030 covers major oxygen companies, oxygen market share by company, oxygen manufacturers, oxygen market size, and oxygen market forecasts. The report also covers the global oxygen market and its segments.
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The oxygen market is highly concentrated, with a small number of large players dominating the market. The top ten competitors in the market made up to 53.65% of the total market in 2020. The market concentration can be attributed to the high entry barriers and high costs associated with expansion. Going forward the market is expected to experience further consolidation with the rising number of mergers and collaboration among players in the market. Air Liquide was the largest competitor with 18.64% share of the market, followed by The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products and Chemicals Inc., Yingde Gases, Taiyo Nippon Sanso, Air Water Inc., Messer Group GmbH, Iwatani International Corporation, and Guangdong Huate Gas Co., Ltd.
The global oxygen market is expected to grow from $26.15 billion in 2020 to $27.26 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $37.29 billion in 2025 at a CAGR of 8%.
Asia Pacific was the largest region in the oxygen market, accounting for 40.6% of the total in 2020. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the oxygen market will be South America and Eastern Europe where growth will be at CAGRs of 14.2% and 13.7% respectively. These will be followed by Africa and the Middle East, where the markets are expected to grow at CAGRs of 13.2% and 10.9% respectively.
Going forward, global population growth and urbanization, increasing demand for oxygen due to COVID-19, applications of oxygen in healthcare, growing demand from different industries and geriatric population will drive the growth of the market. Factors that could hinder the growth of the oxygen market in the future include uncertain demand from industry, alternative products for healthcare applications and transportation challenges.
Oxygen Global Market Report 2023 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide oxygen market overviews, oxygen market analyze and forecast market size and growth for the whole market, oxygen market segments and geographies, oxygen market trends, oxygen market drivers, oxygen market restraints, oxygen market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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