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Oxygen Market Emerging Trends, Demand, Growth by Key Players and Forecast 2030

Market Dynamics

In 2021, the global oxygen market demonstrated significant strength, and it is poised to exhibit a rapid revenue Compound Annual Growth Rate (CAGR) throughout the forecast period. The driving forces behind this growth include the expanding use of oxygen in the metallurgical industry, particularly in steel production, where its carbon-reducing properties are crucial. Additionally, its adoption in the medical sector for life support and neonatal care further contributes to the robust revenue growth of the market.

Oxygen (O2), known for its high reactivity and flammability, stands as the most abundant element on Earth. Commercial production involves fractional distillation of air, where it is distilled in its gaseous state. Electrolysis of water is another method used for production, splitting water into Hydrogen and O2. The material plays a pivotal role in various applications, such as steel smelting to reduce carbon content, welding in construction, plastic production for monomer formation, and bleaching agent in the paper industry. Petrochemical plants also use it to curb Sulfur vapor emissions in adherence to strict emission norms. Notably, its critical role in healthcare, for life resuscitation and ventilator use, highlights its indispensability. Moreover, the renewable energy and sustainability sector is increasingly adopting oxygen for electricity generation in fuel cells, presenting a significant growth opportunity in the coming years.

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Major Factors Driving Revenue Growth:

  1. Growing Metallurgical Industry: The rising materials research in the metallurgical industry, especially in steel making, propels the demand for oxygen. Its use in the basic oxygen process for purifying pig iron and running blast furnaces drives the overall demand.
  2. Steel Industry’s Response to Oxygen Shortages: Steel plants can manufacture liquid medical oxygen, addressing shortages as witnessed during the COVID-19 pandemic in India in 2021. This responsiveness further contributes to market revenue growth.

Major Factors Restraining Revenue Growth:

  1. Safe Storage Challenges: The safe storage of oxygen poses a significant challenge, especially in the medical sector. Strict guidelines on storage capacities, volumes, and quantities, along with the flammable nature of the substance, result in increased storage costs and safety measures, impacting the material’s cost efficiency.

Opportunities for Players:

The aviation and aerospace sector emerges as a significant opportunity for market players, given oxygen’s essential role in space exploration and aviation. Its usage in combination with propellants and as an oxidizer in rockets, exemplified by SpaceX’s Falcon 9X Rocket, underscores the potential growth in this sector.

Global Market Revenue Growth Driven by Segment Type:

  1. Medical Oxygen: The medical oxygen segment is expected to witness substantial growth, driven by its critical role in healthcare. Strict purity standards, especially during the COVID-19 pandemic, have emphasized its importance in life resuscitation, neonatal care, surgeries, and Intensive Care Units (ICUs).

Global Market Revenue Growth Driven by End-Use Segment:

  1. Chemical Industry: The chemical industry segment is anticipated to experience significant revenue growth. Oxygen’s essential role in promoting Oil & Gas (O&G) flow, reducing sulfur emissions, and contributing to various chemical processes in industries such as petroleum refining, metal production, and paper manufacturing, positions it as a key driver for this segment.

Regional Insights:

  1. European Region: Expected to account for the largest revenue share, driven by large manufacturing facilities, cheaper labor availability, and a concentration of chemical companies. The presence of key players like Air Liquide S.A. (France) and The Messer Group GmbH (Germany) further supports market revenue growth.
  2. North American Region: Expected to lead in terms of revenue CAGR, propelled by increasing nutrition research, significant biotechnology companies, and robust manufacturing facilities. The region’s focus on aviation, aerospace, and renewable energy research contributes to its growth.

Major Companies and Strategies:

  1. Air Liquide S.A. (France): Finalized the acquisition of the world’s largest O2 production site in South Africa in June 2021, aiming to optimize Air Separating Units and increase commercial O2 production.
  2. The Linde Group (Ireland): Confirmed the acquisition of HPS Gases Ltd. (India) in August 2021, enhancing its presence in the Indian industrial gases market.

Global Oxygen Market Segmentation:


  • Medical Oxygen
  • Industrial Oxygen
  • Others

Application/End Use:

  • Metallurgical Industry
  • Chemical Industry
  • Medical
  • Others

Regional Outlook:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of Middle East & Africa

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