The global industrial oxygen market is anticipated to reach a valuation of US$ 71,211.7 million in 2023, driven by ongoing research and development. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 7.9% between 2023 and 2033, and reaching a total valuation of approximately US$ 152,323.1 million by 2033.
One of the major factors contributing to the growth of the industrial oxygen market is the gasification and syngas production. Oxygen is essential in gasification processes to convert various feedstocks into synthesis gas, which can be used in chemical manufacturing and power generation. The development of sustainable energy and chemicals can drive growth in this area.
Industries are increasingly focused on improving energy efficiency, and oxygen is often used to enhance combustion processes, thereby reducing energy consumption. The trend can drive demand for oxygen in energy intensive sectors. The integration of digital technologies and automation in oxygen production and delivery systems can enhance efficiency, reduce costs, and provide better customer service.
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Industrial gas companies are offering customized gas supply solutions to cater to specific industry needs. The approach can lead to long term partnerships with customers and drive growth through tailored services. The focus on safety and environmental responsibility is increasing. Oxygen suppliers that can provide safe and sustainable solutions, including reducing emissions and enhancing workplace safety, may gain a competitive advantage.
There is growing interest in producing oxygen using sustainable and green technologies, such as electrolysis powered by renewable energy sources. The trend aligns with the broader sustainability goals and can be a growth driver. Investments in healthcare infrastructure, especially in developing countries, can boost the demand for medical oxygen and related healthcare services.
Industries are exploring ways to minimize waste and maximize resource utilization. Oxygen can play a role in various recycling and waste treatment processes, supporting circular economy initiatives. The industrial oxygen market can benefit from the growing interest in CCU technologies, which use oxygen for processes like oxy combustion and enhancing carbon capture efficiency.
Key Takeaways from the Market Study
Global industrial oxygen market was valued at US$ 65,301.1 million by 2023-end.
From 2019 to 2023, the market demand expanded at a CAGR of 6.9%.
The market in China is expected to expand at a CAGR of 9.0% through 2034.
By product, the liquefied oxygen segment to account for a share of 55.6% in 2024.
From 2024 to 2034, industrial oxygen market is expected to flourish at a CAGR of 7.9%.
By 2034, the market value of industrial oxygen is expected to reach US$ 152,323.1 million.
Oxygen is vital in biotechnology and pharmaceutical processes, including fermentation and cell culture. The demand for industrial oxygen in these sectors may rise, with advancements in biopharmaceuticals and personalized medicine, remarks an FMI analyst.
Competitive Landscape
Prominent players in the industrial oxygen market are Matheson Tri-Gas Inc, Air Products and Chemicals, Inc., Noble Gas Solutions, Air Liquide, LINDE plc, Gulf Cryo, SOL Spa, Messer Group GmbH, Showa Denko K.K., Air Water Inc., and Ellenbarrie Industrial Gases Ltd., among others.
Recent Developments
In 2023, Linde plc announced plans to acquire the industrial gas business of Messer Group for $3.7 billion. The acquisition will make Linde the largest industrial gas company in the world.
In 2022, Praxair Inc. announced plans to build a new ASU in India with a capacity of 3,000 TPD. The ASU will supply oxygen to a new steel mill in India.
In 2021, Air Liquide announced plans to invest €2.5 billion to develop and deploy CCS technology at its refinery in Port Arthur, Texas. The project will capture and store up to 5 million tons of carbon dioxide per year.
In 2021, Air Products and Chemicals Inc. announced plans to build a new ASU in the United States with a capacity of 2,000 TPD. The ASU will supply oxygen to a new semiconductor manufacturing plant in the United States.
In 2021, Praxair Inc. announced plans to build a new ASU in Canada with a capacity of 2,500 TPD. The ASU will supply oxygen to a new mining operation in Canada.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global industrial oxygen market, providing historical data for 2019 to 2023 and forecast statistics from 2023 to 2033.
To understand opportunities in the industrial oxygen market, the market is segmented on the basis of product type (compressed oxygen gas, and liquefied oxygen), and end use (automotive & aerospace, chemical processing, and energy) across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).