Due to increasing oxygen applications globally, the industrial oxygen market is expected to grow at a phenomenal CAGR of 7.9% over the next decade, Future Market Insights, Inc.
Industrial oxygen market players are prioritizing capacity investments in line with upcoming steel and infrastructure projects. North America is a leading market for industrial oxygen and will register a CAGR of 7.2% through the end of 2031
NEWARK, Del., October 13, 2022 /PRNewswire/ — The global industrial oxygen market is expected to bode well throughout the 2021-2031 projection period, growing 8.4% year-on-year (YoY) in 2021. Recently released data, the Global Industrial Oxygen Market is expected to be valued at US$60.03 billion by the end of the year. According to IMF projections, the industrial oxygen market is expected to grow at a phenomenal CAGR of 7.9% throughout the assessment period of 2021 to 2031.
The growth in water is attributed to the boom in the water treatment sector. In addition to this, the growing demand for liquid fuel or jet fuel in the aerospace sector has also contributed to the growth. Due to increased investment in the healthcare, construction and aerospace sectors, the demand for industrial oxygen is increasing exponentially around the world. Demand for liquefied oxygen is expected to be the highest of all, accounting for 56.7% of market sales in 2021.
During the historical period from 2016 to 2022, the global demand for industrial oxygen has increased by approximately 7% CAGR. The growth is driven by the expansion of the construction and infrastructure sector which has contributed to the growth of the market due to the increasing consumption of metals. Industrial oxygen demand is expected to remain high in the chemical industry, due to the requirements for oxygen as a raw material and as an oxidizing agent for the production of several chemicals.
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Key points to remember
Based on global volume demand, oxygen is a critical and vital gas. Several industries such as steel fabrication and metal cutting, chemical industry applications, include petrochemical industries, water treatment and oxy-fuel applications, pulp and paper processing, and d Others depend on oxygen and its compounds in small or bulk quantities.
Due to the massive infrastructure developments in Asia Pacific regions, the expansion of the steel industry is expected to propel the growth of the industrial oxygen market during the projection period.
Rising oxygen applications, including those in refined products, petrochemicals, agrochemicals, polymers, pigments, oleochemicals and gas-liquid projects, are also expected to support the growth of oxygen. industrial oxygen.
The increasing number of Covid-19 patients around the world has led to an increasing demand for oxygen in specific years from 2020 to 2021. Increased demand is associated with the first and second waves of the pandemic. In some regions, a third wave outbreak has also shaped a positive outlook for the industrial oxygen market.
Since Covid-19 is directly associated with respiratory syndrome, the constant demand for oxygen from the medical and healthcare sector has fueled the growth of the global market. It is estimated that several medical institutions and hospitals are investing heavily in technological advancements following the outbreak of the COVID-19 pandemic to increase industrial oxygen consumption in the coming years.
The major market players operating in the industrial oxygen sector are focusing on expanding production capacity by setting up new production units, especially in emerging economies. Leading key players are also targeting strategic mergers and acquisitions to strengthen their presence in the geographic market. Leading companies in the industry are focusing on technological advancements to increase their production capacity at minimal operating costs.
More information on the Industrial Oxygen Market
United States is expected to dominate the global industrial oxygen market as it accounted for approximately US$4.8 billion market share in 2021 and the global industrial oxygen market grew at a healthy pace of 8.9% year-over-year, countering initial skepticism about market performance during a global pandemic.
Significant growth in the automotive, aerospace, iron & steel, chemical, metal fabrication, and welding sectors and in the healthcare sector is expected to drive the growth of the market for industrial oxygen in Germany. Germany is expected to grow by 7.3% over the forecast period.
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Industrial Oxygen Market by Category
By product type:
Compressed oxygen gas
Oxygen gas mixture
By end use:
South Asia Pacific
Middle East and Africa
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1.1. Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Innovation / Development Trends
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SOURCE Future Market Outlook