The global Oxygen Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Form (Gas, Liquid, Solid), By Type (Medical, Industrial), By Application (Metals and Mining, Chemical Industry, Oil and Gas, Healthcare, Pharmaceutical, Others).
Oxygen, a fundamental element essential for sustaining life, finds multifaceted applications across various industries, including healthcare, metallurgy, and aerospace. In the medical field, oxygen is crucial for respiratory support, emergency treatment, and anesthesia. In metallurgical processes, it is utilized for oxidation and combustion, facilitating metal refining and welding operations. Additionally, the aerospace sector relies heavily on oxygen for propulsion and life support systems in spacecraft and aircraft. With the ongoing advancements in healthcare infrastructure, industrial manufacturing, and space exploration, the demand for oxygen s to grow steadily. Further, the increasing awareness regarding environmental conservation drives the development of sustainable oxygen production methods, such as electrolysis and air separation technologies, ensuring a reliable supply while minimizing carbon emissions.
The market report analyses the leading companies in the industry including Air Liquide, Air Products Inc, Bhuruka Gases Ltd, Daesung Group, Gulf Cryo, Inox-Air Products Inc, Koatsu Gas Kogyo Co. Ltd, Linde plc, Matheson Tri-Gas Inc, Messer North America Inc, Nippon Gases, SHOWA DENKO K.K, SOL Spa, Taiyo Nippon Sanso Corp, Yingde Gases Group, and others.
One prominent market trend in the oxygen industry is the growing demand for medical oxygen, driven by the increasing prevalence of respiratory diseases, advancements in healthcare infrastructure, and the global response to health crises such as the COVID-19 pandemic. Medical oxygen is essential for the treatment of patients suffering from respiratory conditions, including pneumonia, chronic obstructive pulmonary disease (COPD), and acute respiratory distress syndrome (ARDS). The trend is further amplified by the expanding elderly population, rising healthcare expenditures, and the need for oxygen therapy in emergency medical services and intensive care units, highlighting the critical role of oxygen in modern healthcare systems.
A key market driver for oxygen is its widespread use in various industrial applications across sectors such as steelmaking, chemicals, refining, and wastewater treatment. Oxygen is a vital feedstock in industrial processes such as oxygen steelmaking, oxyfuel combustion, and chemical synthesis, where it serves as a reactant, oxidizer, or carrier gas. Economic growth, industrialization, and infrastructure development drive the demand for industrial gases, including oxygen, as industries seek to optimize production efficiency, reduce emissions, and comply with environmental regulations. Additionally, the increasing adoption of oxygen-enriched combustion technologies and environmental remediation processes further sustains demand for industrial oxygen, underpinning its role as a fundamental industrial commodity.
An opportunity for market growth lies in the expansion of oxygen production and distribution infrastructure to meet the rising demand for medical and industrial oxygen worldwide. Companies operating in the industrial gas sector can capitalize on this opportunity by investing in the construction of new air separation plants, oxygen liquefaction facilities, and cylinder filling stations to enhance production capacity and supply chain efficiency. Furthermore, strategic partnerships, mergers, and acquisitions can facilitate market expansion and geographic diversification, enabling companies to access new markets, leverage economies of scale, and strengthen their competitive position in the global oxygen market. By addressing supply chain constraints, enhancing logistics capabilities, and investing in infrastructure development, industry players can unlock opportunities for sustainable growth and resilience in the oxygen sector.
Within the Oxygen Market, the largest segment is Gas. Oxygen gas is the most commonly utilized form of oxygen in various industries and applications, including healthcare, manufacturing, aerospace, and metallurgy. It is essential for sustaining life in medical settings, such as hospitals and clinics, where it is used for respiratory support and therapy. Additionally, oxygen gas is widely employed in industrial processes such as welding, cutting, and brazing, where it serves as a crucial oxidizing agent. Moreover, the aerospace industry relies on oxygen gas for life support systems in aircraft and spacecraft. The versatility, ease of transportation, and cost-effectiveness of oxygen gas contribute to its widespread usage across diverse sectors. As industries continue to expand and technological advancements drive innovation, the demand for oxygen gas is expected to remain strong, solidifying its position as the largest segment in the Oxygen Market.
Within the Oxygen Market, the fastest-growing segment is Medical. The medical sector represents a rapidly expanding market for oxygen, primarily due to the increasing prevalence of respiratory disorders and the growing aging population globally. Oxygen is a critical component in the treatment of various medical conditions, including chronic obstructive pulmonary disease (COPD), pneumonia, asthma, and respiratory distress syndrome. With advancements in healthcare infrastructure and technology, there is a rising demand for oxygen therapy equipment such as oxygen concentrators, cylinders, and ventilators in hospitals, clinics, and homecare settings. Moreover, the COVID-19 pandemic has further underscored the importance of oxygen in managing respiratory emergencies, leading to heightened awareness and investment in medical oxygen infrastructure worldwide. As healthcare systems strive to improve patient care, accessibility, and emergency preparedness, the demand for medical oxygen is expected to continue growing rapidly, positioning it as the fastest-growing segment in the Oxygen Market.
Within the Oxygen Market, the largest segment is Healthcare. Oxygen plays a vital role in the healthcare sector, where it is essential for various medical applications, including respiratory therapy, anesthesia, emergency care, and surgical procedures. In hospitals, clinics, and other healthcare facilities, oxygen is administered to patients with respiratory conditions such as pneumonia, chronic obstructive pulmonary disease (COPD), and asthma to support breathing and improve oxygenation levels in the blood. Additionally, oxygen is used during surgeries and anesthesia to ensure patient safety and maintain vital functions. The COVID-19 pandemic has further highlighted the importance of oxygen in healthcare, with hospitals facing unprecedented demand for oxygen to treat patients with severe respiratory symptoms. As healthcare systems continue to expand, modernize, and prioritize patient care, the demand for medical oxygen is expected to remain robust, solidifying its position as the largest segment in the Oxygen Market.
By Form
Gas
Liquid
Solid
By Type
Medical
Industrial
By Application
Metals and Mining
Chemical Industry
Oil and Gas
Healthcare
Pharmaceutical
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Air Liquide
Air Products Inc
Bhuruka Gases Ltd
Daesung Group
Gulf Cryo
Inox-Air Products Inc
Koatsu Gas Kogyo Co. Ltd
Linde plc
Matheson Tri-Gas Inc
Messer North America Inc
Nippon Gases
SHOWA DENKO K.K
SOL Spa
Taiyo Nippon Sanso Corp
Yingde Gases Group
*- List Not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Oxygen Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Oxygen Market Size Outlook, $ Million, 2021 to 2032
3.2 Oxygen Market Outlook by Type, $ Million, 2021 to 2032
3.3 Oxygen Market Outlook by Product, $ Million, 2021 to 2032
3.4 Oxygen Market Outlook by Application, $ Million, 2021 to 2032
3.5 Oxygen Market Outlook by Key Countries, $ Million, 2021 to 2032
4 Market Dynamics
4.1 Key Driving Forces of Oxygen Industry
4.2 Key Market Trends in Oxygen Industry
4.3 Potential Opportunities in Oxygen Industry
4.4 Key Challenges in Oxygen Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Oxygen Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Oxygen Market Outlook by Segments
7.1 Oxygen Market Outlook by Segments, $ Million, 2021- 2032
By Form
Gas
Liquid
Solid
By Type
Medical
Industrial
By Application
Metals and Mining
Chemical Industry
Oil and Gas
Healthcare
Pharmaceutical
Others
8 North America Oxygen Market Analysis and Outlook To 2032
8.1 Introduction to North America Oxygen Markets in 2024
8.2 North America Oxygen Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Oxygen Market size Outlook by Segments, 2021-2032
By Form
Gas
Liquid
Solid
By Type
Medical
Industrial
By Application
Metals and Mining
Chemical Industry
Oil and Gas
Healthcare
Pharmaceutical
Others
9 Europe Oxygen Market Analysis and Outlook To 2032
9.1 Introduction to Europe Oxygen Markets in 2024
9.2 Europe Oxygen Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Oxygen Market Size Outlook by Segments, 2021-2032
By Form
Gas
Liquid
Solid
By Type
Medical
Industrial
By Application
Metals and Mining
Chemical Industry
Oil and Gas
Healthcare
Pharmaceutical
Others
10 Asia Pacific Oxygen Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Oxygen Markets in 2024
10.2 Asia Pacific Oxygen Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Oxygen Market size Outlook by Segments, 2021-2032
By Form
Gas
Liquid
Solid
By Type
Medical
Industrial
By Application
Metals and Mining
Chemical Industry
Oil and Gas
Healthcare
Pharmaceutical
Others
11 South America Oxygen Market Analysis and Outlook To 2032
11.1 Introduction to South America Oxygen Markets in 2024
11.2 South America Oxygen Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Oxygen Market size Outlook by Segments, 2021-2032
By Form
Gas
Liquid
Solid
By Type
Medical
Industrial
By Application
Metals and Mining
Chemical Industry
Oil and Gas
Healthcare
Pharmaceutical
Others
12 Middle East and Africa Oxygen Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Oxygen Markets in 2024
12.2 Middle East and Africa Oxygen Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Oxygen Market size Outlook by Segments, 2021-2032
By Form
Gas
Liquid
Solid
By Type
Medical
Industrial
By Application
Metals and Mining
Chemical Industry
Oil and Gas
Healthcare
Pharmaceutical
Others
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Air Liquide
Air Products Inc
Bhuruka Gases Ltd
Daesung Group
Gulf Cryo
Inox-Air Products Inc
Koatsu Gas Kogyo Co. Ltd
Linde plc
Matheson Tri-Gas Inc
Messer North America Inc
Nippon Gases
SHOWA DENKO K.K
SOL Spa
Taiyo Nippon Sanso Corp
Yingde Gases Group
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Form
Gas
Liquid
Solid
By Type
Medical
Industrial
By Application
Metals and Mining
Chemical Industry
Oil and Gas
Healthcare
Pharmaceutical
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Global Oxygen Market Size is valued at $38.5 Billion in 2024 and is forecast to register a growth rate (CAGR) of 8.1% to reach $71.8 Billion by 2032.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Air Liquide, Air Products Inc, Bhuruka Gases Ltd, Daesung Group, Gulf Cryo, Inox-Air Products Inc, Koatsu Gas Kogyo Co. Ltd, Linde plc, Matheson Tri-Gas Inc, Messer North America Inc, Nippon Gases, SHOWA DENKO K.K, SOL Spa, Taiyo Nippon Sanso Corp, Yingde Gases Group
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2032; Currency: Revenue (USD); Volume