Market Overview
The global oxygen market is set for robust growth, with its size valued at USD 28.25 billion in 2023 and projected to reach nearly USD 66.80 billion by 2030. This expansion reflects a compound annual growth rate (CAGR) of 12.8% from 2024 to 2030. Oxygen plays a critical role in respiration for living organisms and is crucial across various sectors, including healthcare, industrial applications, and steel manufacturing. This growth is driven by increased incidences of chronic respiratory diseases and rising demand for home healthcare solutions.
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Market Scope
The market encompasses industrial and medical-grade oxygen, both essential in numerous applications. Industrial oxygen, with a purity of 90 to 95%, is used in steel manufacturing and mining. Medical oxygen, often utilized for artificial respiration in hospitals, high-altitude activities, and emergency situations, represents a significant segment of the market. The diverse applications across sectors highlight the market’s expansive scope and growth potential.
Segmentation
The oxygen market is segmented based on:
- Form: Solid, Liquid, and Gaseous
- Application: Cosmetics, Pharmaceuticals, Automobiles, Mining and Mineral Processing
- End Users: Industrial, Medical, Scientific
In particular, the medical segment is experiencing rapid growth due to increased healthcare expenditures, advancements in technology, and a growing need for portable oxygen solutions. The demand for portable medical oxygen cylinders is expected to dominate, driven by their extensive use in hospitals, ambulances, and home care settings.
Key Players
Key players in the Oxygen Market include:
- Linde Group
- Praxair Technology Inc.
- Air Liquide
- Taiyo Nippon Sanso
- Yingde Gases
- Air Water Inc.
- Airgas Inc.
- Guangdong Haute Gas Co., Ltd
- Baosteel Metal Co., Ltd.
- Air Products and Chemicals, Inc.
- Mitsubishi Chemical Holdings Corporation
- Gulf Cryo
- Norco, Inc.
- SOL S.p.A.
- The Messer Group GmbH
- Getinge AB
- Hersill SL
- Koninklijke Philips N.V.
- Smiths Group plc
These companies are engaged in strategic activities like mergers, acquisitions, and product innovations to enhance their market positions and cater to increasing demand.
Regional Analysis
North America is leading the Oxygen Market, accounting for 27% of the market share. This growth is attributed to the rising prevalence of respiratory diseases, supportive healthcare policies, and increasing healthcare expenditures. The U.S., in particular, benefits from policies offering better reimbursement coverage for portable oxygen concentrators. The region is also bolstered by initiatives from organizations like the American Lung Association and the National Institute of Health, which promote awareness and treatment of respiratory conditions.
Key Questions Answered in the Market Report
- What segments are covered in the Oxygen Market report?
- The report covers segments based on Form, Application, and End Users.
- Which region is expected to hold the highest share in the Oxygen Market?
- The Asia-Pacific region is expected to hold the highest market share.
- What is the market size of the oxygen market by 2030?
- The market size is projected to reach USD 66.80 billion by 2030.
- What is the forecast period for the oxygen market?
- The forecast period is from 2024 to 2030.
Key Offerings
Maximize Market Research offers a comprehensive analysis of the oxygen market, including in-depth insights into market trends, key players, and regional dynamics. Our reports provide valuable information for stakeholders to make informed decisions and capitalize on emerging opportunities.
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