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Oxygen Global Market Report 2022

Oxygen Global Market Report 2022

  • May 2022
  • 175 pages
  • ID: 6281543
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the oxygen market are Linde Group, Praxair Technology Inc, Air Liquide, Taiyo Nippon Sanso, Yingde Gases, Air Water Inc, Airgas Inc, Guangdong Haute Gas Co.Ltd, and Baosteel Metal Co.

Ltd.

The global oxygen market is expected to grow from $30.24 billion in 2021 to $34.63 billion in 2022 at a compound annual growth rate (CAGR) of 14.5%. The market is expected to grow to $57.55 billion in 2026 at a CAGR of 13.5%.

The oxygen market consists of sales of oxygen and related services used in various applications such as steel mills to oxidize unwanted impurities in the steel.Oxygen is also used in the food industry, medical oxygen for respiration, and oxy-acetylene torches.

Oxygen is a colorless colorless non-metallic gas that is highly reactive in nature.Oxygen forms oxides with many compounds and other elements.

It is widely used for industrial, medical, and scientific applications as an oxidizing agent or as a catalyst. Oxygen is available in cylinders, spray cans, containers, etc.

The main product types of oxygen are medical oxygen, industrial oxygen, and other product types.Medical oxygen is high purity oxygen that has been used for medical treatments and is developed for use in the human body.

Medical oxygen cylinders consist of high purity of oxygen gas, no other types of gases are allowed in the cylinder to prevent contamination.The various applications are cosmetics, pharmaceuticals, automobiles, mining, mineral processing applications.

The various applications are metallurgical industry, chemical industry, health care industry, and other applications.

Asia Pacific was the largest region in the oxygen market in 2021.North America was the second-largest region in the oxygen market.

The regions covered in the oxygen report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The increasing prevalence of various diseases related to breathing problems contributed to the global Oxygen market’s growth by increasing the use of Oxygen for medical purposes.Diseases such as Chronic Obstructive Pulmonary Disease (COPD) are more prevalent in the geriatric population.

COPD is a type of obstructive lung disease that results in long-term breathing problems.COPD requires the use of an oxygen concentrator, which is a device that improves the level of oxygen in blood in patients and addresses their breathing problems.

According to the United Nations (UN), in 2020, there are an estimated 727 million persons aged 65 years or over worldwide and expected to reach 1.5 billion by 2050. Thus, the increased number of such cases has surged the demand for portable oxygen concentrators, therefore driving the Oxygen market’s growth.

Lack of safety measures adopted while handling Oxygen in industries such as manufacturing, mining, etc. limits the growth of the Oxygen market. Though oxygen is not flammable itself, it can cause other materials to catch fire. Excess contact with liquid oxygen can cause severe skin and eye irritation and burns as well as frostbite. Further, any leak in oxygen containers if kept in a poorly ventilated room can cause severe damage to life and property. For example, in June 2019, an air separation plant (ASU) in China exploded due to the leakage of Oxygen from its equipment. Therefore, lack of safety measures while handling Oxygen negatively affects the Oxygen market.

Companies involved in the market are developing innovative ways to utilize oxygen in various industries such as medical, chemical, etc.The rising need among patients across healthcare services acts as a driving force for the companies to find new innovating ways to improve oxygen delivery.

In order to improve the oxygen delivery and to monitor the oxygen dosage to patients in respiratory care facilities, Camcon Medical introduced Binary Actuation Technology (BAT).BAT is an innovative solution that aids in providing accurate dosage reduces wastage by providing cost-effective solutions to the patients who require oxygen therapy.

It is through such innovative methods that entities involved in the oxygen market are able to improve the economic benefit of the products.

In August 2021, Linde, an Ireland-based chemical company acquired HPS Gases for the amount of ?27.5 crores. This acquisition of HPS gases will strengthen its position and help to grow as an organization. HPS Gases is an India-based manufacturer of Industrial Gases.

The countries covered in the oxygen market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

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