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Global Industrial Oxygen Market was Valued at US$ 49.2 Bn in 2019 and it is Expected to Reach More than US$ XX Bn by 2028, Likely to Grow with the CAGR of 5.7% During the Forecast Period.
A steady rise in energy demand, along with a number of climate change mitigation measures, has ensured that the market has witnessed multiple revenue growth. The increased healthcare industry was also leading to the demand for high-grade industrial oxygen in both developed and developing countries. Rising urgency of energy efficiency and conservation in terms of consuming existing fuel, the market will grow in different industries to make the process eco-friendly and effective. Many governments have implemented strict industrial gas production, storage, and distribution laws to prevent pollution and accidents. A significant increase in the demand for steel, powered by infrastructure and construction projects, together with a huge demand for oxygen in the gas-to-liquids industry, will give the market potential for growth in years to come. The flexible use of oxygen as a catalyst and oxidizing agent in the chemical industry is leading to oxygen market growth.
Rising industries such as automobiles, chemicals, beverages, agriculture, glass, food, medicine, construction, and others require stable oxygen for processes that will further increase the demand for oxygen around the globe. Increased use of oxygen in mineral, mining and metal processing to improve process efficiency and reduce overall production cost will also help the market growth.
The global industrial oxygen market by product type was segmented into compressed oxygen gas, oxygen gas mixtures, and liquefied oxygen. The geography segment is analyzed into Asia-pacific, North America, Europe, Latin America, Middle East and Africa (MEA).
As Per Type, Liquefied Oxygen Expected To Grow At the Significant Rate
By type, liquefied oxygen is expected to witness the highest growth in the industrial oxygen market across the globe. It is expected to hold XX% of the total market. The liquefied oxygen segment dominates the market in 2019. The segment has its dominance due to the wide application of liquefied oxygen in the industries. Rising use of liquefied oxygen in the metal industry for metal welding, hardening, cutting, melting and cleaning is another factor for the segment growth. Liquefied oxygen is used in the propellant systems of missiles and rockets as an oxidant for liquid fuels which is further driving the segment growth. Liquefied oxygen is also used in medical and healthcare which will propel the market growth in years to come. Therefore, the segment will continue its dominance during the forecast period.
By End-Use, Metal & Metallurgy Are Estimated To Witness High Sales In Industrial Oxygen Market
Metal & metallurgy segment will show the fastest growth in the market during the forecast period owing to the rapid increase of the sector worldwide. Growing penetration of oxygen in the metal industry will also enhance the segment growth in years to come. Growing construction activities and rising need for metal in the developing nations of Asia Pacific will further propel the segment growth throughout the forecast period. As a result of the aforementioned factors, the segment will show the fastest growth in the upcoming years.
Asia Pacific Region To Be The Fastest-Growing Segment In The Overall Industrial Oxygen Market In Terms Of Revenue Share.
The rapid growth of industries in the Asia Pacific along with the rising penetration of oxygen in the region is the major factor for the fastest growth of the region. Growing manufacturing, healthcare, mineral & mining sector are some other factors for the market growth in the region. The market is expected to register a CAGR of XX% during the forecast period.
The industrial oxygen market will hold considerable market share in North America due to the rising consumption of oxygen in the region.
The Linde Plc., Air Liquide, Air Products and Chemicals, Inc., Matheson Tri-Gas Inc., Showa Denko K.K., SOL Spa, Noble Gas Solutions, Ellenbarrie Industrial Gases Ltd., Messer Group GmbH, Taiyo Nippon Sanso Corporation, and KOATSU GAS KOGYO CO., LTD. are few of the key players in the global industrial oxygen market.
Segmentation of Global Industrial Oxygen Market
Industrial Oxygen Market by Type
- Low Purity (90%-99%)
- High Purity (>99.5%)
Industrial Oxygen Market by Product Type
- Compressed Oxygen Gas
- Liquefied Oxygen
- Oxygen Gas Mixtures
Industrial Oxygen Market by Production Process
- Cryogenic Air Separation
- Non-Cryogenic Air Separation
- Pressure Swing Adsorption (PSA)
- Vacuum-Pressure Swing Adsorption (VPSA/VSA)
Industrial Oxygen Market by End-use
- Automotive & Aerospace
- Chemical Processing
- Fine/ Specialty Chemicals
- Oil & Gas
- Co-generative Power Plant
- Construction Material
- Lime & Cement
- Food & Beverages
- Water & Wastewater Treatment
- Medical & Healthcare
- Welding & Metal Fabrication
- Pharmaceutical & Biotechnology
- Others (Pulp & Paper, Electronics, and Diving)
Industrial Oxygen Market by Region
- North America
- South America
- Middle East & Africa